Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0098%/8h= +10.8% APRpaid last 24h −0.048%

Price spread now: Phemex against Hyperliquid−0.011%7-day average +0.021% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$270.270% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.114%−$11 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now −0.011%, 7d avg +0.021%

Together, before fees−0.147%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.032% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.011% now, against its 7-day average of +0.021%). If the spread goes back, that is −$3 on $10k: about 26 hours of funding at the current rate (+$3 a day). Mind the row above: over the last 7 days funding on this pair cost −0.114%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BNB	786.96	0.0100	pay 0.0013% / 1h	53m 02s	$51.6M	$17.5M	10x
Short	Phemex BNBUSDT	786.87	0.0198	get 0.0198% / 8h	7h 53m	$68.6M	$51.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hyperliquid. 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 HyperliquidbpFee PhemexbpOrdersPrice spread, now −0.011%Rate

Funding earned: $20.67
Price spread: −0.011% → +0.021%: −$3.22
Slippage, 4 orders: −$6.02
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$9.56
Costs to cover: 0.270%
Break-even: 10.2 days

Slippage from Hyperliquid: live order book, 10 min ago; Phemex: live order book, 6 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 Hyperliquid live order book, 10 min ago	0.06 bp	6.3 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	0.06 bp	9.3 bp −$9	10.1 bp −$101	14.7 bp −$1,473	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 −0.0168% / S +0.0337%	1h	786.15	−0.103%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	786.16	−0.102%	$4K	—	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0021%	1h	786.25	−0.090%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	785.91	−0.134%	$3.0M	$27.6M	10x	as long as short
StandX BNB-USD	0.0000%	1h	787.07	+0.014%	$849K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	785.79	−0.149%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0029%	8h	786.99	+0.003%	$6.0M	$18.5M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.304%	$19K	$789K	30x	as long as short
dYdX BNB-USD	+0.0036%	1h	785.65	−0.166%	$159K	$62K	10x	as long as short
BingX BNB-USDT	+0.0036%	8h	786.55	−0.052%	—	$22.1M	—	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BNB_USDT	+0.0045%	8h	787.80	+0.107%	$81.8M	$12.1M	200x	as long as short
Binance BNBUSDT	+0.0045%	8h	787.00	+0.005%	$489.5M	$812.7M	75x	as long as short
Lighter BNB	+0.0096%	1h	786.46	−0.064%	$2.7M	$3.6M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	785.85	−0.141%	$1.4M	$2.6M	20x	as long as short
Hyperliquid BNBlong	+0.0100%	1h	786.96	long leg	$51.6M	$17.5M	10x
Pacifica BNB	+0.0100%	1h	786.22	−0.094%	$1.2M	$937K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.40	−0.071%	$138.5M	$73.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.30	−0.084%	$53.5M	$111.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.30	−0.084%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.35	−0.078%	$39.0M	$55.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.14	−0.104%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.01	−0.121%	$75.4M	$32.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	786.82	−0.018%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	785.82	−0.145%	$4.1M	$4.7M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	785.95	−0.129%	$4.1M	$76.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	785.57	−0.177%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.30	−0.084%	$131K	$942K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.38	−0.074%	$264K	$358K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.49	−0.059%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	786.64	−0.041%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	786.40	−0.071%	$387K	$952K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.35	−0.078%	$8.0M	$10.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	786.51	−0.057%	$78K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.10	−0.109%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.38	−0.074%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0110%	8h	786.80	−0.020%	$171K	$2.6M	4.8x	as long as short
Coinbase International BNB-PERP-INTX	+0.0120%	1h	786.59	−0.047%	$548K	$1.9M	50x	as long as short
Phoenix BNB	+0.0120%	1h	786.53	−0.055%	$158K	$38K	10x	as long as short
BloFin BNB-USDT	+0.0165%	8h	786.74	−0.028%	$17.9M	$2.2M	75x	as long as short
Phemex BNBUSDTshort	+0.0198%	8h	786.87	−0.011%	$68.6M	$51.1M	50x
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	786.83	−0.016%	$1.5M	$141K	25x	as long as short
Bulk BNB-USD	+0.0208%	1h	785.85	−0.141%	$637K	$831	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	786.64	−0.041%	$28K	$3K	10x	as long as short
Reya BNBRUSDPERP	+0.0320%	1h	785.91	−0.134%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0355%	1h	786.37	−0.075%	$1.1M	$911K	20x	as long as short
Hibachi BNB/USDT-P	+0.0432%	1h	785.96	−0.127%	$67K	$39K	12x	as long as short