Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0190%/8h= +20.8% APRpaid last 24h −0.002%

Price spread now: Phemex against Injective−2.505%7-day average +0.178% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.020%+$2 on $10k

Price spread, last 4 days (all we have)+2.987%+$299 · spread now −2.505%, 7d avg +0.178%

Together, before fees+3.007%+$301 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 2.683% cheaper against Injective than usual: you would sell low and buy high (spread −2.505% now, against its 7-day average of +0.178%). If the spread goes back, that is −$268 on $10k: about 47 days of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.020% in total) that is about years.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.020% in total (about 1.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BNB/USDC PERP	805.09	0.0033	pay 0.0004% / 1h	26m 23s	$19K	$789K	30x
Short	Phemex BNBUSDT	784.92	0.0223	get 0.0223% / 8h	7h 26m	$68.3M	$51.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Injective. 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 InjectivebpFee PhemexbpOrdersPrice spread, now −2.505%Rate

Funding earned: $39.88
Price spread: −2.505% → +0.178%: −$268.34
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$240.48
Costs to cover: 0.120%
Break-even: 49.2 days

Slippage unknown: Injective: no order-book sample; Phemex: live order book, 3 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	0.76 bp	7.7 bp −$8	7.8 bp −$78	12.1 bp −$1,208	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0166% / S +0.0337%	1h	784.38	−2.572%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	784.72	−2.530%	$4K	—	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0021%	1h	784.20	−2.594%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	784.92	−2.506%	$3.0M	$27.3M	10x	as long as short
StandX BNB-USD	0.0000%	1h	785.05	−2.489%	$847K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	783.88	−2.635%	$9.4M	—	150x	as long as short
Aster BNBUSDT	+0.0018%	8h	784.50	−2.557%	$5.9M	$18.2M	200x	as long as short
BingX BNB-USDT	+0.0029%	8h	784.14	−2.602%	—	$22.1M	—	as long as short
Injective BNB/USDC PERPlong	+0.0033%	1h	805.09	long leg	$19K	$789K	30x
MEXC BNB_USDT	+0.0036%	8h	785.70	−2.408%	$82.3M	$12.2M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0036%	8h	784.43	−2.566%	$487.1M	$806.7M	75x	as long as short
Lighter BNB	+0.0096%	1h	784.34	−2.578%	$2.7M	$3.7M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	783.90	−2.632%	$1.4M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	784.39	−2.571%	$51.4M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	784.39	−2.571%	$1.2M	$937K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	783.82	−2.642%	$138.1M	$73.0M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	783.80	−2.644%	$53.3M	$109.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	784.20	−2.595%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	784.00	−2.620%	$39.4M	$55.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	783.74	−2.652%	$27.6M	$9.9M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	783.52	−2.679%	$75.1M	$32.3M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	784.74	−2.528%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	784.02	−2.617%	$4.2M	$5.0M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	784.76	−2.525%	$4.1M	$76.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	784.99	−2.497%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	784.15	−2.601%	$131K	$922K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	784.32	−2.580%	$264K	$358K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	784.27	−2.587%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	785.00	−2.495%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	784.40	−2.570%	$386K	$941K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	784.72	−2.530%	$1.5M	$141K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	784.54	−2.552%	$8.0M	$10.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	784.59	−2.547%	$88K	$42K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	783.67	−2.660%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.18	−2.598%	$377K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0107%	8h	785.00	−2.495%	$159K	$2.6M	4.8x	as long as short
Coinbase International BNB-PERP-INTX	+0.0120%	1h	785.76	−2.401%	$547K	$1.9M	50x	as long as short
Phoenix BNB	+0.0120%	1h	784.43	−2.566%	$158K	$38K	10x	as long as short
BloFin BNB-USDT	+0.0144%	8h	784.85	−2.514%	$17.8M	$2.2M	75x	as long as short
dYdX BNB-USD	+0.0161%	1h	784.13	−2.604%	$157K	$65K	10x	as long as short
Bulk BNB-USD	+0.0200%	1h	784.80	−2.520%	$636K	$630	10x	as long as short
Phemex BNBUSDTshort	+0.0223%	8h	784.92	−2.505%	$68.3M	$51.0M	50x
01 Exchange BNBUSD	+0.0232%	1h	784.48	−2.560%	$28K	$3K	10x	as long as short
Reya BNBRUSDPERP	+0.0319%	1h	783.80	−2.644%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0355%	1h	784.32	−2.580%	$1.1M	$905K	20x	as long as short
Hibachi BNB/USDT-P	+0.0416%	1h	784.66	−2.538%	$67K	$39K	12x	as long as short