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 −0.003%

Price spread now: Phemex against Lighter+0.055%7-day average +0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$180.179% of the position

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.042%−$4 on $10k

Price spread, last 4 days (all we have)−0.038%−$4 · spread now +0.055%, 7d avg +0.044%

Together, before fees−0.080%+ Points / potential airdropLighter: Season 3 · farm board−$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.044%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BNB	785.28	0.0096	pay 0.0012% / 1h	13m 10s	$2.7M	$3.8M	20x
Short	Phemex BNBUSDT	785.71	0.0076	get 0.0076% / 8h	13m 10s	$68.6M	$51.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Lighter. 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 LighterbpFee PhemexbpOrdersPrice spread, now +0.055%Rate

Funding earned: −$4.25
Price spread: +0.055% → +0.044%: $1.06
Slippage, 4 orders: −$5.88
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$21.07
Costs to cover: 0.179%
Break-even: never at this rate

Slippage from Lighter: live order book, 9 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 Lighter live order book, 9 min ago	0.75 bp	1.9 bp −$2	4.2 bp −$42	14.9 bp −$1,487	70.7 bp −$35.4K
Sell Phemex live order book, 6 min ago	0.06 bp	8.1 bp −$8	8.3 bp −$83	12.2 bp −$1,220	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	784.52	−0.097%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	784.94	−0.043%	$4K	$42	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0050%	1h	785.05	−0.029%	$2.5M	$1.2M	50x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	785.70	+0.054%	$170K	$2.7M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	785.34	+0.008%	$847K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	785.16	−0.015%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0033%	8h	785.69	+0.052%	$6.0M	$18.7M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.523%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0038%	8h	785.36	+0.010%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0048%	8h	786.30	+0.130%	$80.9M	$12.0M	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	+0.0048%	8h	785.61	+0.042%	$488.4M	$814.1M	75x	as long as short
Phemex BNBUSDTshort	+0.0076%	8h	785.71	+0.055%	$68.6M	$51.0M	50x
Lighter BNBlong	+0.0096%	1h	785.28	long leg	$2.7M	$3.8M	20x
Phoenix BNB	+0.0100%	1h	785.66	+0.048%	$158K	$35K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	784.90	−0.048%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	785.73	+0.057%	$51.5M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	785.45	+0.021%	$1.2M	$938K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	784.83	−0.057%	$138.1M	$74.0M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	784.80	−0.061%	$53.4M	$111.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	785.40	+0.015%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	785.15	−0.016%	$38.3M	$58.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	784.83	−0.057%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	784.78	−0.064%	$75.3M	$32.5M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	785.52	+0.031%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	784.43	−0.108%	$4.0M	$4.7M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	785.04	−0.030%	$4.1M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	785.13	−0.019%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	785.07	−0.027%	$131K	$942K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	785.20	−0.010%	$264K	$388K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	785.17	−0.014%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	785.82	+0.069%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	785.30	+0.003%	$386K	$963K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	785.18	−0.013%	$8.0M	$10.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	785.72	+0.056%	$78K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	784.76	−0.066%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	785.29	+0.001%	$377K	$110K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0104%	1h	785.03	−0.032%	$545K	$1.9M	50x	as long as short
dYdX BNB-USD	+0.0117%	1h	784.99	−0.037%	$159K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0168%	8h	785.67	+0.050%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	785.59	+0.039%	$1.5M	$141K	25x	as long as short
GRVT BNB_USDT_Perp	+0.0216%	8h	785.20	−0.011%	$2.9M	$28.2M	10x	as long as short
Bulk BNB-USD	+0.0231%	1h	784.93	−0.044%	$636K	$831	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	785.82	+0.069%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0320%	1h	784.93	−0.045%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0350%	1h	785.44	+0.020%	$1.1M	$909K	20x	as long as short
Hibachi BNB/USDT-P	+0.0448%	1h	785.00	−0.036%	$67K	$39K	12x	as long as short