Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0243%/8h= −26.6% APRpaid last 24h −0.100%

Price spread now: Phemex against dYdX+0.064%7-day average +0.069% · you sell dearer than you buy

Net, funding: paid 7d − costs−$105as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$530.531% of the position

Long on dYdX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.520%−$52 on $10k

Price spread, last 3 days (all we have)−0.047%−$5 · spread now +0.064%, 7d avg +0.069%

Together, before fees−0.567%−$57 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.069%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BNB-USD	799.99	0.0359	pay 0.0045% / 1h	4m 16s	$161K	$62K	10x
Short	Phemex BNBUSDT	800.50	0.0116	get 0.0116% / 8h	1h 04m	$70.0M	$51.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against dYdX. 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 dYdXbpFee PhemexbpOrdersPrice spread, now +0.064%Rate

Funding earned: −$50.93
Price spread: +0.064% → +0.069%: −$0.47
Slippage, 4 orders: −$31.13
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$104.53
Costs to cover: 0.531%
Break-even: never at this rate

Slippage from dYdX: live order book, 15 min ago; Phemex: live order book, 5 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 dYdX live order book, 15 min ago	14.76 bp	19.8 bp −$20	19.8 bp −$198	24.5 bp −$2,453	132.9 bp −$66.5K
Sell Phemex live order book, 5 min ago	0.06 bp	6.2 bp −$6	6.5 bp −$65	10.8 bp −$1,084	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	799.85	−0.017%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.40	+0.052%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.27	+0.036%	$3.0M	$29.0M	10x	as long as short
StandX BNB-USD	0.0000%	1h	800.47	+0.060%	$865K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.94	−0.006%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0028%	8h	798.74	−0.156%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0052%	8h	800.04	+0.006%	—	$34.8M	—	as long as short
Bybit BNBUSDT	+0.0065%	8h	799.73	−0.032%	$139.0M	$78.7M	75x	as long as short
Lighter BNB	+0.0096%	1h	800.30	+0.039%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	799.17	−0.102%	$605K	$994K	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	+0.0097%	8h	800.66	+0.083%	$6.3M	$18.9M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.64	−0.043%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	800.12	+0.017%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.80	−0.024%	$54.6M	$113.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	800.40	+0.052%	$53K	$151K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	799.60	−0.049%	$35.7M	$59.0M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.94	−0.006%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	799.84	−0.019%	$80.7M	$26.6M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.61	−0.048%	$4.2M	$77.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.21	+0.028%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	799.83	−0.020%	$121K	$872K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.90	−0.011%	$387K	$489K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	800.14	+0.019%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	800.52	+0.067%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	800.10	+0.014%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.27	+0.035%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.58	+0.073%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	799.55	−0.055%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	800.08	+0.012%	$384K	$40K	10x	as long as short
Kalshi KXBNBPERP	+0.0107%	8h	800.50	+0.064%	$110K	$2.9M	4.8x	as long as short
MEXC BNB_USDT	+0.0116%	8h	801.00	+0.127%	$83.2M	$13.9M	200x	as long as short
Phemex BNBUSDTshort	+0.0116%	8h	800.50	+0.064%	$70.0M	$51.1M	50x
Binance BNBUSDT	+0.0117%	8h	800.71	+0.090%	$500.8M	$818.2M	75x	as long as short
Phoenix BNB	+0.0155%	1h	800.03	+0.005%	$172K	$35K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	800.39	+0.050%	$1.6M	$165K	25x	as long as short
Kraken Futures PF_BNBUSD	+0.0207%	1h	799.91	−0.010%	$2.6M	$965K	50x	as long as short
Hibachi BNB/USDT-P	+0.0232%	1h	799.88	−0.014%	$71K	$48K	12x	as long as short
BloFin BNB-USDT	+0.0237%	8h	800.44	+0.057%	$18.3M	$2.5M	75x	as long as short
Bulk BNB-USD	+0.0298%	1h	800.20	+0.027%	$650K	$21K	10x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.638%	$19K	$789K	30x	as long as short
Hyperliquid BNB	+0.0316%	1h	800.62	+0.078%	$51.8M	$21.6M	10x	as long as short
RISEx BNB/USDC	+0.0318%	1h	800.14	+0.018%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	800.82	+0.104%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	799.52	−0.059%	$6K	$3K	40x	as long as short
dYdX BNB-USDlong	+0.0359%	1h	799.99	long leg	$161K	$62K	10x
Backpack BNB_USDC_PERP	+0.0561%	1h	800.88	+0.112%	$2.7M	$5.7M	40x	as long as short