Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0012%/8h= −1.4% APRpaid last 24h +0.009%

Price spread now: Phoenix against Paradex+0.066%46s7-day average — · you sell dearer than you buy

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

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

The price spread pays, funding is against you. Phoenix is 0.066% dearer against Paradex than usual: you sell high and buy low (spread +0.066% now, against zero (this spread has no 7-day history yet)): +$7 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 18 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	Paradex BNB-USD-PERP	792.50	0.0100	pay 0.0100% / 8h	6h 42m	$77K	$17K	50x
Short	Phoenix BNB	793.02	0.0088	get 0.0011% / 1h	42m 09s	$170K	$36K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now +0.066%Rate

Funding earned: −$2.61
Price spread: +0.066% → 0.000%: $6.57
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$7.03
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; Phoenix: live order book, 19 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 Paradex no order-book sample	—	—	—	—	—
Sell Phoenix live order book, 19 min ago	1.01 bp	12.4 bp −$12	43.2 bp −$432	doesn't fit	doesn't fit

Paradex: 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 −0.0167% / S +0.0335%	1h	791.95	−0.069%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0132%	1h	791.98	−0.066%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	792.38	−0.015%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0003%	8h	791.95	−0.069%	$35.3M	$55.5M	75x	as long as short
StandX BNB-USD	0.0000%	1h	794.21	+0.216%	$859K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	792.00	−0.062%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0010%	8h	792.53	+0.004%	$4.1M	$5.0M	—	as long as short
GRVT BNB_USDT_Perp	+0.0011%	8h	793.23	+0.092%	$3.0M	$28.4M	10x	as long as short
Phemex BNBUSDT	+0.0030%	8h	792.59	+0.011%	$69.3M	$50.3M	50x	as long as short
Aster BNBUSDT	+0.0033%	8h	792.72	+0.028%	$6.1M	$19.9M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.589%	$19K	$789K	30x	as long as short
dYdX BNB-USD	+0.0038%	1h	792.48	−0.002%	$160K	$63K	10x	as long as short
BingX BNB-USDC	+0.0050%	8h	792.68	+0.023%	—	$13.3M	—	as long as short
Coinbase International BNB-PERP-INTX	+0.0056%	1h	792.52	+0.003%	$608K	$1.1M	50x	as long as short
MEXC BNB_USDT	+0.0061%	8h	792.90	+0.051%	$82.2M	$12.7M	200x	as long as short
Binance BNBUSDT	+0.0061%	8h	792.56	+0.007%	$492.7M	$816.3M	75x	as long as short
Phoenix BNBshort	+0.0088%	1h	793.02	+0.066%	$170K	$36K	10x
Lighter BNB	+0.0096%	1h	792.17	−0.041%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	791.97	−0.067%	$383K	$409K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	791.95	−0.069%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	792.35	−0.019%	$1.2M	$932K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	792.07	−0.054%	$138.0M	$77.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	792.00	−0.063%	$53.1M	$111.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	792.30	−0.025%	$52K	$134K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	791.79	−0.089%	$27.7M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	792.03	−0.059%	$77.3M	$28.3M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	793.14	+0.081%	$4.1M	$76.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	793.32	+0.104%	$160K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	792.04	−0.058%	$111K	$889K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	792.13	−0.047%	$32K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	792.56	+0.007%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	792.20	−0.038%	$389K	$995K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	791.97	−0.067%	$8.1M	$8.7M	75x	as long as short
Paradex BNB-USD-PERPlong	+0.0100%	8h	792.50	long leg	$77K	$17K	50x
Extended BNB-USD	+0.0104%	1h	791.71	−0.100%	$1.7M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	792.08	−0.052%	$380K	$110K	10x	as long as short
Hyperliquid BNB	+0.0120%	1h	792.91	+0.052%	$52.5M	$19.9M	10x	as long as short
RISEx BNB/USDC	+0.0131%	1h	792.20	−0.038%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0161%	8h	792.60	+0.013%	$111K	$2.8M	4.8x	as long as short
Bulk BNB-USD	+0.0167%	1h	793.21	+0.090%	$644K	$10K	10x	as long as short
BloFin BNB-USDT	+0.0182%	8h	794.06	+0.197%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	792.58	+0.010%	$28K	$2K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	792.45	−0.007%	$1.6M	$161K	25x	as long as short
Reya BNBRUSDPERP	+0.0329%	1h	791.86	−0.081%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0383%	1h	793.05	+0.070%	$2.7M	$5.7M	40x	as long as short
Hibachi BNB/USDT-P	+0.0488%	1h	793.67	+0.148%	$68K	$38K	12x	as long as short