Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0027%/8h= +2.9% APRpaid last 24h +0.010%

Price spread now: Phoenix against SunX+0.151%7-day average +0.005% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$720.720% of the position

Long on SunX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.182%+$18 on $10k

Price spread, last 3 days (all we have)−0.074%−$7 · spread now +0.151%, 7d avg +0.005%

Together, before fees+0.108%+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.146% dearer against SunX than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BNB-USDT	798.92	0.0100	pay 0.0100% / 8h	24m 35s	$13K	$1.7M	50x
Short	Phoenix BNB	800.12	0.0127	get 0.0016% / 1h	24m 35s	$172K	$36K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against SunX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee SunXbpFee PhoenixbpOrdersPrice spread, now +0.151%Rate

Funding earned: $5.61
Price spread: +0.151% → +0.005%: $14.58
Slippage, 4 orders: −$57.01
Fee SunX: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$51.81
Costs to cover: 0.720%
Break-even: 71.6 days

Slippage from SunX: live order book, 11 min ago; Phoenix: live order book, 47 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy SunX live order book, 11 min ago	15.06 bp	23.7 bp −$24	39.0 bp −$390	doesn't fit	doesn't fit
Sell Phoenix live order book, 47 min ago	1.00 bp	12.4 bp −$12	43.2 bp −$432	doesn't fit	doesn't fit

BNB on 46 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GMX BNB/USD [WBTC.b-USDC]	L −0.0201% / S +0.0372%	1h	798.20	−0.090%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	798.26	−0.082%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	798.34	−0.073%	$2.5M	$972K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.10	+0.023%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.15	+0.029%	$864K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.20	−0.090%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0013%	8h	798.06	−0.107%	$4.1M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0038%	8h	798.06	−0.107%	—	$34.8M	—	as long as short
Bybit BNBUSDT	+0.0044%	8h	797.60	−0.165%	$138.4M	$77.0M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	799.89	+0.122%	$606K	$986K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0090%	8h	798.50	−0.053%	$6.3M	$18.9M	200x	as long as short
Lighter BNB	+0.0096%	1h	798.49	−0.053%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	797.65	−0.159%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	798.24	−0.085%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	797.70	−0.152%	$54.3M	$112.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	798.20	−0.090%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	797.80	−0.140%	$35.7M	$58.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.03	−0.111%	$27.9M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	797.52	−0.175%	$78.9M	$27.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.89	+0.122%	$4.2M	$76.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.17	+0.157%	$161K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	797.76	−0.145%	$116K	$875K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.23	−0.086%	$386K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.43	−0.060%	$32K	$5K	10x	as long as short
SunX BNB-USDTlong	+0.0100%	8h	798.92	long leg	$13K	$1.7M	50x
SoDEX BNB-USD	+0.0100%	1h	798.50	−0.052%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.52	−0.050%	$8.2M	$8.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	798.44	−0.060%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	797.44	−0.185%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.54	−0.047%	$384K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0111%	8h	798.93	+0.002%	$69.8M	$50.5M	50x	as long as short
Binance BNBUSDT	+0.0112%	8h	798.45	−0.058%	$498.6M	$817.2M	75x	as long as short
MEXC BNB_USDT	+0.0112%	8h	799.40	+0.060%	$83.0M	$13.5M	200x	as long as short
Kalshi KXBNBPERP	+0.0122%	8h	798.90	−0.002%	$108K	$2.9M	4.8x	as long as short
Phoenix BNBshort	+0.0127%	1h	800.12	+0.151%	$172K	$36K	10x
Hibachi BNB/USDT-P	+0.0176%	1h	798.45	−0.059%	$70K	$43K	12x	as long as short
Hyperliquid BNB	+0.0191%	1h	798.74	−0.022%	$52.1M	$21.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	798.69	−0.028%	$1.6M	$165K	25x	as long as short
BloFin BNB-USDT	+0.0232%	8h	798.94	+0.003%	$18.2M	$2.5M	75x	as long as short
Bulk BNB-USD	+0.0239%	1h	800.03	+0.140%	$650K	$19K	10x	as long as short
RISEx BNB/USDC	+0.0258%	1h	798.08	−0.104%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0296%	1h	798.48	−0.055%	$28K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.773%	$19K	$789K	30x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	797.53	−0.174%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0382%	1h	798.50	−0.052%	$161K	$62K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0399%	1h	799.14	+0.028%	$2.7M	$5.7M	40x	as long as short