Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0006%/8h= −0.6% APRpaid last 24h +0.002%

Price spread now: Phemex against Coinbase International+0.009%59s7-day average +0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as 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−$310.305% of the position

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.010%+$1 on $10k

Price spread, last 4 days (all we have)+0.040%+$4 · spread now +0.009%, 7d avg +0.083%

Together, before fees+0.050%+$5 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.074% cheaper against Coinbase International than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of +0.083%. The two prices were read 59 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	Coinbase International BNB-PERP-INTX	789.45	0.0064	pay 0.0008% / 1h	17m 17s	$582K	$1.9M	50x
Short	Phemex BNBUSDT	789.52	0.0058	get 0.0058% / 8h	4h 17m	$69.1M	$50.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.009%Rate

Funding earned: −$1.23
Price spread: +0.009% → +0.083%: −$7.44
Slippage, 4 orders: −$8.5
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$39.17
Costs to cover: 0.305%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; Phemex: live order book, 2 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 Coinbase International live order book, 1 min ago	2.98 bp	9.0 bp −$9	14.1 bp −$141	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	0.19 bp	6.6 bp −$7	8.9 bp −$89	11.7 bp −$1,167	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 −0.0188% / S +0.0352%	1h	789.26	−0.024%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.41	−0.005%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.11	−0.043%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.23	−0.028%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.981%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0037%	8h	789.79	+0.043%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDC	+0.0051%	8h	789.19	−0.033%	—	$13.4M	—	as long as short
Phemex BNBUSDTshort	+0.0058%	8h	789.52	+0.009%	$69.1M	$50.0M	50x
Binance BNBUSDT	+0.0061%	8h	789.89	+0.055%	$492.9M	$789.6M	75x	as long as short
MEXC BNB_USDT	+0.0061%	8h	790.10	+0.082%	$80.2M	$12.4M	200x	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-INTXlong	+0.0064%	1h	789.45	long leg	$582K	$1.9M	50x
Lighter BNB	+0.0096%	1h	789.34	−0.014%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.35	−0.013%	$266K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.95	−0.063%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.77	+0.041%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.44	−0.001%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.18	−0.034%	$138.8M	$74.6M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.10	−0.044%	$53.4M	$111.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.40	−0.006%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.20	−0.032%	$35.5M	$57.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.14	−0.039%	$28.1M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	789.04	−0.052%	$76.3M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.55	+0.013%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.80	−0.082%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.65	+0.025%	$4.1M	$73.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.43	−0.003%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.07	−0.048%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.48	+0.004%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.89	+0.056%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.50	+0.006%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.11	−0.043%	$8.1M	$9.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	789.83	+0.048%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.89	−0.071%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.40	−0.006%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.49	+0.005%	$170K	$35K	10x	as long as short
dYdX BNB-USD	+0.0122%	1h	789.35	−0.013%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0150%	8h	790.01	+0.071%	$2.9M	$28.6M	10x	as long as short
Kalshi KXBNBPERP	+0.0176%	8h	789.50	+0.006%	$125K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0183%	8h	789.85	+0.051%	$18.2M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0222%	1h	790.13	+0.086%	$640K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	789.76	+0.039%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	789.32	−0.017%	$2.5M	$1.2M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.79	+0.044%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	788.90	−0.069%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0392%	1h	789.18	−0.034%	$67K	$38K	12x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.52	+0.009%	$1.1M	$967K	20x	as long as short