Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h +0.008%

Price spread now: Phoenix against OKX+0.011%46s7-day average +0.110% · you sell dearer than you buy

Net, funding: paid 7d − costs−$14as 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−$370.370% of the position

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.229%+$23 on $10k

Price spread, last 4 days (all we have)+0.216%+$22 · spread now +0.011%, 7d avg +0.110%

Together, before fees+0.445%+$44 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.098% cheaper against OKX than usual: you would sell low and buy high (spread +0.011% now, against its 7-day average of +0.110%). If the spread goes back, that is −$10 on $10k: about 19 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.229% in total) that is about 3.0 days. The two prices were read 46 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	OKX BNB-USDT-SWAP	789.40	0.0100	pay 0.0100% / 8h	4h 20m	$53.4M	$111.3M	50x
Short	Phoenix BNB	789.49	0.0117	get 0.0015% / 1h	20m 40s	$170K	$35K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against OKX. 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 OKXbpFee PhoenixbpOrdersPrice spread, now +0.011%Rate

Funding earned: $3.63
Price spread: +0.011% → +0.110%: −$9.82
Slippage, 4 orders: −$20
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$43.19
Costs to cover: 0.370%
Break-even: 90.3 days

Slippage from OKX: live order book, 3 min ago; Phoenix: live order book, 31 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 OKX live order book, 3 min ago	0.63 bp	5.6 bp −$6	7.4 bp −$74	20.6 bp −$2,060	doesn't fit
Sell Phoenix live order book, 31 min ago	1.01 bp	12.4 bp −$12	43.2 bp −$432	doesn't fit	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 −0.0187% / S +0.0352%	1h	789.12	−0.035%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.71	+0.039%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.55	+0.019%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.18	−0.028%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.988%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0039%	8h	789.88	+0.061%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDC	+0.0052%	8h	789.27	−0.016%	—	$13.4M	—	as long as short
Phemex BNBUSDT	+0.0063%	8h	789.81	+0.052%	$69.1M	$50.0M	50x	as long as short
Binance BNBUSDT	+0.0063%	8h	790.03	+0.080%	$493.0M	$789.8M	75x	as long as short
MEXC BNB_USDT	+0.0063%	8h	790.20	+0.101%	$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	+0.006%	$582K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	789.56	+0.020%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.23	−0.022%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	789.20	−0.025%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	790.02	+0.079%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.67	+0.034%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.40	0.000%	$138.9M	$74.6M	75x	as long as short
OKX BNB-USDT-SWAPlong	+0.0100%	8h	789.40	long leg	$53.4M	$111.3M	50x
Arcus BNB-USD	+0.0100%	1h	789.30	−0.013%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.35	−0.006%	$35.5M	$57.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.13	−0.034%	$27.9M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	789.12	−0.035%	$76.3M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.57	+0.022%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.80	−0.075%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.71	+0.039%	$4.1M	$73.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	790.13	+0.092%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.97	−0.054%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.31	−0.011%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.70	+0.038%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.40	0.000%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.38	−0.003%	$8.1M	$9.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	789.83	+0.054%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.94	−0.058%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.23	−0.021%	$379K	$110K	10x	as long as short
Phoenix BNBshort	+0.0117%	1h	789.49	+0.011%	$170K	$35K	10x
dYdX BNB-USD	+0.0127%	1h	789.35	−0.006%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0148%	8h	789.97	+0.072%	$2.9M	$28.6M	10x	as long as short
Kalshi KXBNBPERP	+0.0176%	8h	789.70	+0.038%	$126K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0183%	8h	789.68	+0.035%	$18.1M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0222%	1h	790.13	+0.092%	$640K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	789.63	+0.029%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	789.05	−0.044%	$2.5M	$1.2M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.61	+0.026%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	788.90	−0.064%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0408%	1h	789.50	+0.013%	$67K	$38K	12x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.42	+0.003%	$1.1M	$967K	20x	as long as short