Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0028%/8h= −3.0% APRpaid last 24h −0.027%

Price spread now: Phoenix against BloFin+0.129%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$370.372% of the position

Long on BloFin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%$0 on $10k

Price spread, last 4 days (all we have)+0.229%+$23 · spread now +0.129%, 7d avg −0.007%

Together, before fees+0.233%+$23 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.135% dearer against BloFin than usual: you sell high and buy low (spread +0.129% now, against its 7-day average of −0.007%): +$14 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 16 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BNB-USDT	784.83	0.0148	pay 0.0148% / 8h	7h 30m	$17.8M	$2.2M	75x
Short	Phoenix BNB	785.84	0.0120	get 0.0015% / 1h	30m 33s	$158K	$38K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against BloFin. 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 BloFinbpFee PhoenixbpOrdersPrice spread, now +0.129%Rate

Funding earned: −$5.78
Price spread: +0.129% → −0.007%: $13.54
Slippage, 4 orders: −$18.23
Fee BloFin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$29.47
Costs to cover: 0.372%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Phoenix: live order book, 61 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 BloFin live order book, 3 min ago	0.13 bp	6.3 bp −$6	7.9 bp −$79	17.9 bp −$1,789	doesn't fit
Sell Phoenix live order book, 61 min ago	1.02 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 −0.0166% / S +0.0337%	1h	784.31	−0.066%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	784.41	−0.054%	$4K	—	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0021%	1h	784.26	−0.072%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	786.06	+0.156%	$3.0M	$27.5M	10x	as long as short
StandX BNB-USD	0.0000%	1h	785.22	+0.050%	$847K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	784.17	−0.084%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0020%	8h	784.50	−0.042%	$5.9M	$18.3M	200x	as long as short
BingX BNB-USDT	+0.0031%	8h	784.26	−0.073%	—	$22.1M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.581%	$19K	$789K	30x	as long as short
MEXC BNB_USDT	+0.0036%	8h	785.70	+0.111%	$82.2M	$12.2M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0037%	8h	784.47	−0.046%	$487.6M	$808.0M	75x	as long as short
Lighter BNB	+0.0096%	1h	784.21	−0.080%	$2.7M	$3.6M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	784.15	−0.087%	$1.4M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	784.68	−0.019%	$51.5M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	784.31	−0.067%	$1.2M	$937K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	783.74	−0.139%	$138.0M	$73.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	783.80	−0.131%	$53.3M	$110.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	784.30	−0.068%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	784.10	−0.093%	$39.3M	$55.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	783.78	−0.134%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	783.76	−0.136%	$75.2M	$32.4M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	784.73	−0.013%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	784.02	−0.103%	$4.2M	$5.0M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	785.26	+0.055%	$4.1M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	785.29	+0.059%	$158K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	784.45	−0.048%	$131K	$924K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	784.28	−0.070%	$264K	$358K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	784.13	−0.090%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	784.88	+0.006%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	784.40	−0.055%	$386K	$942K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	784.22	−0.078%	$8.0M	$10.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	784.67	−0.020%	$78K	$37K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	783.65	−0.151%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.28	−0.070%	$377K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0109%	8h	785.00	+0.022%	$159K	$2.6M	4.8x	as long as short
Coinbase International BNB-PERP-INTX	+0.0120%	1h	785.76	+0.118%	$547K	$1.9M	50x	as long as short
Phoenix BNBshort	+0.0120%	1h	785.84	+0.129%	$158K	$38K	10x
BloFin BNB-USDTlong	+0.0148%	8h	784.83	long leg	$17.8M	$2.2M	75x
dYdX BNB-USD	+0.0150%	1h	784.84	+0.002%	$157K	$65K	10x	as long as short
Bulk BNB-USD	+0.0212%	1h	785.97	+0.145%	$637K	$831	10x	as long as short
Phemex BNBUSDT	+0.0220%	8h	784.99	+0.020%	$68.4M	$50.9M	50x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	784.59	−0.031%	$28K	$3K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	784.67	−0.021%	$1.5M	$141K	25x	as long as short
Reya BNBRUSDPERP	+0.0319%	1h	783.96	−0.111%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0355%	1h	784.36	−0.060%	$1.1M	$911K	20x	as long as short
Hibachi BNB/USDT-P	+0.0416%	1h	784.84	+0.001%	$67K	$39K	12x	as long as short