Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.006%

Price spread now: Phoenix against edgeX+0.038%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$21as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$390.388% of the position

Long on edgeX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.175%+$18 on $10k

Price spread, last 4 days (all we have)−0.058%−$6 · spread now +0.038%, 7d avg +0.010%

Together, before fees+0.118%+ Points / potential airdropedgeX: Active · farm board+$12 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 0.027% dearer against edgeX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX BNBUSDC	788.05	0.0100	pay 0.0050% / 4h	2h 59m	$4.1M	$77.6M	30x
Short	Phoenix BNB	788.35	0.0120	get 0.0015% / 1h	59m 07s	$158K	$37K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against edgeX. 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 edgeXbpFee PhoenixbpOrdersPrice spread, now +0.038%Rate

Funding earned: $4.25
Price spread: +0.038% → +0.010%: $2.72
Slippage, 4 orders: −$22.82
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$31.85
Costs to cover: 0.388%
Break-even: 59.5 days

Slippage from edgeX: live order book, 5 min ago; Phoenix: live order book, 27 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 edgeX live order book, 5 min ago	2.54 bp	7.0 bp −$7	7.0 bp −$70	10.7 bp −$1,066	doesn't fit
Sell Phoenix live order book, 27 min ago	1.02 bp	12.4 bp −$12	43.1 bp −$431	doesn't fit	doesn't fit

BNB on 45 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 +0.0336%	1h	787.50	−0.070%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.87	−0.023%	$4K	—	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	788.33	+0.035%	$2.9M	$26.5M	10x	as long as short
StandX BNB-USD	0.0000%	1h	788.48	+0.054%	$850K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.53	−0.067%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0008%	8h	787.98	−0.010%	$6.0M	$17.7M	200x	as long as short
BingX BNB-USDT	+0.0022%	8h	787.67	−0.049%	—	$22.3M	—	as long as short
MEXC BNB_USDT	+0.0027%	8h	789.40	+0.171%	$83.1M	$11.7M	200x	as long as short
Binance BNBUSDT	+0.0027%	8h	787.95	−0.013%	$482.8M	$797.3M	75x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.162%	$19K	$789K	30x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0035%	1h	787.45	−0.076%	$2.5M	$1.2M	50x	as long as short
Phemex BNBUSDT	+0.0065%	8h	788.04	−0.002%	$68.5M	$51.4M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.55	−0.064%	$2.7M	$3.4M	20x	as long as short
Nado BNB-PERP	+0.0097%	1h	787.25	−0.102%	$1.4M	$2.5M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.16	+0.013%	$51.8M	$17.3M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.87	−0.024%	$1.2M	$940K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.40	−0.083%	$138.8M	$70.8M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.30	−0.096%	$53.7M	$107.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.80	−0.032%	$52K	$124K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.50	−0.070%	$39.9M	$53.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.17	−0.112%	$27.8M	$9.7M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.16	−0.113%	$75.7M	$32.4M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.91	−0.018%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.30	−0.095%	$4.3M	$4.9M	—	as long as short
edgeX BNBUSDClong	+0.0100%	4h	788.05	long leg	$4.1M	$77.6M	30x
ApeX Omni BNBUSDT	+0.0100%	1h	788.09	+0.005%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.53	−0.067%	$130K	$916K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.42	−0.080%	$264K	$304K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.94	−0.015%	$12K	$1.4M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.60	−0.058%	$387K	$940K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.59	−0.059%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.01	−0.006%	$78K	$267K	50x	as long as short
Kalshi KXBNBPERP	+0.0102%	8h	788.50	+0.057%	$161K	$2.5M	4.8x	as long as short
Extended BNB-USD	+0.0104%	1h	787.13	−0.117%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.39	−0.085%	$378K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0109%	8h	788.43	+0.048%	$17.6M	$2.3M	75x	as long as short
Phoenix BNBshort	+0.0120%	1h	788.35	+0.038%	$158K	$37K	10x
Coinbase International BNB-PERP-INTX	+0.0136%	1h	787.77	−0.036%	$550K	$1.9M	50x	as long as short
Bulk BNB-USD	+0.0150%	1h	788.74	+0.087%	$639K	$0	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.85	−0.026%	$1.5M	$138K	25x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	788.26	+0.026%	$28K	$3K	10x	as long as short
dYdX BNB-USD	+0.0315%	1h	787.36	−0.088%	$158K	$63K	10x	as long as short
Reya BNBRUSDPERP	+0.0318%	1h	787.19	−0.110%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0345%	1h	787.74	−0.040%	$1.1M	$895K	20x	as long as short
Hibachi BNB/USDT-P	+0.0424%	1h	787.78	−0.035%	$67K	$38K	12x	as long as short