Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0046%/8h= −5.0% APRpaid last 24h −0.005%

Price spread now: Phemex against Extended+0.080%55s7-day average +0.125% · you sell dearer than you buy

Net, funding: paid 7d − costs−$28as 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−$200.201% of the position

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)−0.106%−$11 · spread now +0.080%, 7d avg +0.125%

Together, before fees−0.190%+ Points / potential airdropExtended: Active · farm board−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.045% cheaper against Extended than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.125%). Swap the legs. The two prices were read 55 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	Extended BNB-USD	788.89	0.0104	pay 0.0013% / 1h	17m 22s	$1.8M	$5.9M	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 Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now +0.080%Rate

Funding earned: −$9.63
Price spread: +0.080% → +0.125%: −$4.51
Slippage, 4 orders: −$3.09
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$34.22
Costs to cover: 0.201%
Break-even: never at this rate

Slippage from Extended: live order book, 2 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 Extended live order book, 2 min ago	0.06 bp	3.6 bp −$4	4.6 bp −$46	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	+0.047%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.41	+0.066%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.11	+0.028%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.23	+0.043%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.053%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0037%	8h	789.79	+0.114%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDC	+0.0051%	8h	789.19	+0.038%	—	$13.4M	—	as long as short
Phemex BNBUSDTshort	+0.0058%	8h	789.52	+0.080%	$69.1M	$50.0M	50x
Binance BNBUSDT	+0.0061%	8h	789.89	+0.126%	$492.9M	$789.6M	75x	as long as short
MEXC BNB_USDT	+0.0061%	8h	790.10	+0.153%	$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-INTX	+0.0064%	1h	789.45	+0.071%	$582K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	789.34	+0.056%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.35	+0.058%	$266K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.95	+0.007%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.77	+0.111%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.44	+0.070%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.18	+0.037%	$138.8M	$74.6M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.10	+0.027%	$53.4M	$111.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.40	+0.065%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.20	+0.039%	$35.5M	$57.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.14	+0.032%	$28.1M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	789.04	+0.019%	$76.3M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.55	+0.084%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.80	−0.011%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.65	+0.096%	$4.1M	$73.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.43	+0.068%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.07	+0.023%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.48	+0.075%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.89	+0.127%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.50	+0.077%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.11	+0.028%	$8.1M	$9.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	789.83	+0.119%	$77K	$17K	50x	as long as short
Extended BNB-USDlong	+0.0104%	1h	788.89	long leg	$1.8M	$5.9M	50x
Aevo BNB-PERP	+0.0104%	1h	789.40	+0.065%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.49	+0.076%	$170K	$35K	10x	as long as short
dYdX BNB-USD	+0.0122%	1h	789.35	+0.058%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0150%	8h	790.01	+0.142%	$2.9M	$28.6M	10x	as long as short
Kalshi KXBNBPERP	+0.0176%	8h	789.50	+0.077%	$125K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0183%	8h	789.85	+0.122%	$18.2M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0222%	1h	790.13	+0.157%	$640K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	789.76	+0.110%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	789.32	+0.054%	$2.5M	$1.2M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.79	+0.115%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	788.90	+0.002%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0392%	1h	789.18	+0.036%	$67K	$38K	12x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.52	+0.080%	$1.1M	$967K	20x	as long as short