Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0064%/8h= +7.0% APRpaid last 24h +0.023%

Price spread now: Phoenix against BingX+0.208%79s7-day average +0.074% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as 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−$390.391% of the position

Long on BingX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.228%+$23 on $10k

Price spread, last 3 days (all we have)−0.087%−$9 · spread now +0.208%, 7d avg +0.074%

Together, before fees+0.141%+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Phoenix is 0.134% dearer against BingX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.074%. The two prices were read 79 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	BingX BNB-USDC	797.36	0.0035	pay 0.0035% / 8h	7h 06m	—	$13.4M	—
Short	Phoenix BNB	799.02	0.0099	get 0.0012% / 1h	6m 03s	$172K	$36K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BingX. 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 BingXbpFee PhoenixbpOrdersPrice spread, now +0.208%Rate

Funding earned: $13.45
Price spread: +0.208% → +0.074%: $13.4
Slippage, 4 orders: −$22.15
Fee BingX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$12.29
Costs to cover: 0.391%
Break-even: 13.4 days

Slippage from BingX: live order book, 2 min ago; Phoenix: live order book, 60 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 BingX live order book, 2 min ago	0.69 bp	7.8 bp −$8	10.7 bp −$107	20.6 bp −$2,062	63.8 bp −$31.9K
Sell Phoenix live order book, 60 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 −0.0159% / S +0.0335%	1h	796.96	−0.051%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	797.29	−0.009%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	797.44	+0.010%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0010%	8h	796.85	−0.064%	$35.8M	$57.1M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.15	+0.224%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	797.80	+0.055%	$862K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	796.93	−0.054%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0009%	8h	796.50	−0.108%	$4.1M	$5.1M	—	as long as short
Phemex BNBUSDT	+0.0020%	8h	797.53	+0.021%	$69.6M	$50.2M	50x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.969%	$19K	$789K	30x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BNB-USDClong	+0.0035%	8h	797.36	long leg	—	$13.4M	—
Aster BNBUSDT	+0.0046%	8h	797.41	+0.006%	$6.1M	$19.5M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	797.60	+0.030%	$610K	$1.1M	50x	as long as short
MEXC BNB_USDT	+0.0071%	8h	798.10	+0.093%	$83.0M	$13.7M	200x	as long as short
Binance BNBUSDT	+0.0071%	8h	797.72	+0.045%	$496.5M	$811.0M	75x	as long as short
Bybit BNBUSDT	+0.0071%	8h	796.94	−0.053%	$138.4M	$76.2M	75x	as long as short
Lighter BNB	+0.0096%	1h	797.37	+0.001%	$2.8M	$4.0M	20x	as long as short
Phoenix BNBshort	+0.0099%	1h	799.02	+0.208%	$172K	$36K	10x
Nado BNB-PERP	+0.0100%	1h	796.95	−0.051%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	797.24	−0.015%	$1.2M	$930K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	796.90	−0.058%	$54.2M	$110.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	797.20	−0.020%	$52K	$127K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	796.83	−0.066%	$27.9M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	796.68	−0.085%	$78.1M	$28.0M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.04	+0.211%	$4.2M	$76.0M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.32	+0.246%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	796.73	−0.079%	$113K	$885K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	796.86	−0.063%	$385K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	797.05	−0.039%	$32K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	797.67	+0.039%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	797.20	−0.020%	$392K	$995K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	796.83	−0.066%	$8.2M	$8.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	797.49	+0.016%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	796.50	−0.108%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	796.95	−0.052%	$383K	$110K	10x	as long as short
Bulk BNB-USD	+0.0133%	1h	798.69	+0.167%	$649K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	796.98	−0.048%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0162%	8h	797.60	+0.030%	$89K	$2.8M	4.8x	as long as short
dYdX BNB-USD	+0.0187%	1h	797.59	+0.029%	$161K	$63K	10x	as long as short
BloFin BNB-USDT	+0.0191%	8h	797.85	+0.061%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	797.12	−0.030%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	797.40	+0.006%	$1.6M	$161K	25x	as long as short
Hyperliquid BNB	+0.0284%	1h	797.97	+0.077%	$53.0M	$20.1M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	796.48	−0.110%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0368%	1h	797.68	+0.041%	$68K	$38K	12x	as long as short
Backpack BNB_USDC_PERP	+0.0427%	1h	797.89	+0.066%	$2.7M	$5.7M	40x	as long as short