Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0037%/8h= +4.0% APRpaid last 24h −0.001%

Price spread now: Phoenix against Binance+0.060%75s7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$350.349% of the position

Long on Binance Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.251%+$25 on $10k

Price spread, last 3 days (all we have)+0.027%+$3 · spread now +0.060%, 7d avg +0.004%

Together, before fees+0.278%+$28 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 0.056% dearer against Binance than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.004%. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BNBUSDT	801.20	0.0119	pay 0.0119% / 8h	1h 26m	$503.6M	$829.4M	75x
Short	Phoenix BNB	801.68	0.0155	get 0.0019% / 1h	26m 16s	$172K	$35K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Binance. 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 BinancebpFee PhoenixbpOrdersPrice spread, now +0.060%Rate

Funding earned: $7.68
Price spread: +0.060% → +0.004%: $5.56
Slippage, 4 orders: −$17.91
Fee Binance: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$21.68
Costs to cover: 0.349%
Break-even: 26.8 days

Slippage from Binance: live order book, 3 min ago; Phoenix: live order book, 50 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 Binance live order book, 3 min ago	0.06 bp	5.1 bp −$5	6.0 bp −$60	14.4 bp −$1,441	doesn't fit
Sell Phoenix live order book, 50 min ago	0.99 bp	12.4 bp −$12	43.1 bp −$431	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	800.81	−0.048%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	801.35	+0.019%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	801.71	+0.064%	$3.0M	$29.6M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	801.50	+0.037%	$158K	$2.9M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	801.64	+0.055%	$866K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	800.86	−0.042%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0040%	8h	800.85	−0.044%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0066%	8h	801.15	−0.006%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0079%	8h	800.20	−0.125%	$139.4M	$83.1M	75x	as long as short
Lighter BNB	+0.0096%	1h	800.92	−0.035%	$2.8M	$4.2M	20x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0096%	1h	801.17	−0.004%	$610K	$1.0M	50x	as long as short
Aster BNBUSDT	+0.0099%	8h	801.43	+0.029%	$6.4M	$19.2M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	800.67	−0.066%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	800.95	−0.031%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	800.40	−0.100%	$54.8M	$117.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	801.10	−0.012%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	800.65	−0.069%	$35.7M	$58.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	800.68	−0.065%	$28.0M	$10.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	800.24	−0.120%	$80.9M	$26.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	801.89	+0.086%	$4.2M	$77.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	801.93	+0.091%	$161K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.77	−0.054%	$121K	$880K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	800.82	−0.047%	$387K	$568K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	801.10	−0.012%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	801.57	+0.046%	$12K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.84	−0.045%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	801.25	+0.006%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	800.28	−0.115%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	800.84	−0.045%	$385K	$40K	10x	as long as short
SoDEX BNB-USD	+0.0114%	1h	800.90	−0.037%	$394K	$1.0M	10x	as long as short
MEXC BNB_USDT	+0.0118%	8h	801.60	+0.050%	$83.4M	$13.8M	200x	as long as short
Binance BNBUSDTlong	+0.0119%	8h	801.20	long leg	$503.6M	$829.4M	75x
Phemex BNBUSDT	+0.0124%	8h	801.19	−0.001%	$70.0M	$51.7M	50x	as long as short
Phoenix BNBshort	+0.0155%	1h	801.68	+0.060%	$172K	$35K	10x
Hibachi BNB/USDT-P	+0.0160%	1h	801.15	−0.006%	$71K	$48K	12x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	801.19	−0.001%	$1.6M	$165K	25x	as long as short
dYdX BNB-USD	+0.0201%	1h	800.59	−0.077%	$161K	$62K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0207%	1h	800.62	−0.073%	$2.6M	$983K	50x	as long as short
BloFin BNB-USDT	+0.0239%	8h	801.70	+0.062%	$18.4M	$2.6M	75x	as long as short
Hyperliquid BNB	+0.0289%	1h	801.87	+0.084%	$51.9M	$22.3M	10x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.486%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	800.88	−0.039%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0328%	1h	801.35	+0.019%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	800.46	−0.092%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0354%	1h	801.59	+0.048%	$651K	$21K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0657%	1h	801.81	+0.076%	$2.7M	$5.7M	40x	as long as short