Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0035%/8h= +3.8% APRpaid last 24h +0.006%

Price spread now: Phoenix against KuCoin+0.105%93s7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$25as 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−$460.463% of the position

Long on KuCoin Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.209%+$21 on $10k

Price spread, last 4 days (all we have)+0.027%+$3 · spread now +0.105%, 7d avg +0.096%

Together, before fees+0.237%+$24 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.096%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 93 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	KuCoin BNBUSDTM	786.97	0.0100	pay 0.0100% / 8h	1h 12m	$27.7M	$10.2M	75x
Short	Phoenix BNB	787.80	0.0135	get 0.0017% / 1h	12m 01s	$169K	$35K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against KuCoin. 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 KuCoinbpFee PhoenixbpOrdersPrice spread, now +0.105%Rate

Funding earned: $7.36
Price spread: +0.105% → +0.096%: $0.98
Slippage, 4 orders: −$27.32
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$37.98
Costs to cover: 0.463%
Break-even: 43.1 days

Slippage from KuCoin: live order book, 2 min ago; Phoenix: live order book, 24 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 KuCoin live order book, 2 min ago	0.44 bp	11.0 bp −$11	19.1 bp −$191	doesn't fit	doesn't fit
Sell Phoenix live order book, 24 min ago	1.02 bp	12.4 bp −$12	43.2 bp −$432	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 −0.0170% / S +0.0337%	1h	787.24	+0.035%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.59	+0.079%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.21	+0.158%	$850K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.34	+0.047%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.303%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0049%	8h	787.47	+0.064%	—	$22.3M	—	as long as short
Aster BNBUSDT	+0.0050%	8h	787.89	+0.116%	$6.1M	$18.8M	200x	as long as short
MEXC BNB_USDT	+0.0060%	8h	788.40	+0.182%	$81.1M	$12.1M	200x	as long as short
Binance BNBUSDT	+0.0060%	8h	787.88	+0.116%	$490.4M	$819.7M	75x	as long as short
dYdX BNB-USD	+0.0063%	1h	787.28	+0.040%	$160K	$62K	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0076%	8h	787.94	+0.123%	$68.9M	$51.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.30	+0.042%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.52	+0.070%	$2.7M	$3.9M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.15	+0.023%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.98	+0.128%	$51.6M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.55	+0.074%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.20	+0.029%	$138.6M	$74.9M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.20	+0.029%	$53.6M	$113.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.40	+0.055%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.35	+0.048%	$37.8M	$59.5M	75x	as long as short
KuCoin BNBUSDTMlong	+0.0100%	8h	786.97	long leg	$27.7M	$10.2M	75x
Bitget BNBUSDT	+0.0100%	8h	787.21	+0.030%	$76.2M	$31.2M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.78	+0.103%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.11	+0.018%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.77	+0.102%	$4.1M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.72	+0.095%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.17	+0.025%	$132K	$951K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.32	+0.044%	$265K	$470K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.83	+0.109%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.50	+0.067%	$387K	$979K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.55	+0.073%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.99	+0.129%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.98	+0.002%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.35	+0.049%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0120%	8h	787.70	+0.093%	$170K	$2.7M	4.8x	as long as short
Phoenix BNBshort	+0.0135%	1h	787.80	+0.105%	$169K	$35K	10x
BloFin BNB-USDT	+0.0180%	8h	787.92	+0.121%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.76	+0.101%	$1.5M	$145K	25x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	787.34	+0.047%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0229%	8h	788.06	+0.139%	$2.9M	$29.3M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	787.83	+0.109%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0262%	1h	788.32	+0.171%	$639K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0321%	1h	787.10	+0.016%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0438%	1h	787.58	+0.078%	$1.1M	$915K	20x	as long as short
Hibachi BNB/USDT-P	+0.0496%	1h	787.44	+0.059%	$67K	$39K	12x	as long as short