Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0125%/8h= −13.7% APRpaid last 24h −0.030%

Price spread now: gTrade (Gains Network) against Phemex−0.098%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$285as in the Price arb table

costs, in and out, $10k−$2832.827% of the position

Long on Phemex Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.044%−$4 on $10k

Price spread, last 3 days (all we have)+0.079%+$8 · spread now −0.098%, 7d avg −0.073%

Together, before fees+0.035%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and gTrade (Gains Network) is 0.025% cheaper against Phemex than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.073%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	806.33	0.0132	pay 0.0132% / 8h	1h 45m	$70.4M	$51.9M	50x
Short	gTrade (Gains Network) BNB/USD	805.54	L +0.0008% / S −0.0007%	get 0.0001% / 1h	45m 30s	$9.8M	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Phemex. 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 PhemexbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.098%Rate

Funding earned: −$26.22
Price spread: −0.098% → −0.073%: −$2.46
Slippage, 4 orders: −$260.66
Fee Phemex: 6 bp × 2 orders: −$12
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$311.34
Costs to cover: 2.827%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; gTrade (Gains Network): virtual book (oracle venue), 4 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 Phemex live order book, 4 min ago	0.06 bp	6.5 bp −$7	7.7 bp −$77	13.7 bp −$1,368	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 4 min ago	130.01 bp	135.0 bp −$135	135.0 bp −$1,350	484.2 bp −$48.4K	3301.4 bp −$1.65M

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 −0.0195% / S +0.0371%	1h	805.51	−0.102%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	806.24	−0.011%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	806.06	−0.033%	$3.0M	$29.2M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	806.10	−0.029%	$108K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	805.84	−0.061%	$871K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USDshort	L +0.0008% / S −0.0007%	1h	805.54	−0.098%	$9.8M	—	150x
Variational Omni BNB	+0.0047%	8h	804.38	−0.242%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0059%	8h	805.81	−0.064%	—	$13.3M	—	as long as short
Hibachi BNB/USDT-P	+0.0072%	1h	805.46	−0.108%	$71K	$48K	12x	as long as short
Bybit BNBUSDT	+0.0084%	8h	805.32	−0.125%	$139.5M	$81.9M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	806.03	−0.037%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	805.54	−0.098%	$608K	$882K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	805.48	−0.106%	$1.5M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	806.01	−0.040%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	805.50	−0.103%	$55.1M	$116.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	806.10	−0.029%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	805.55	−0.097%	$36.1M	$57.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	805.56	−0.095%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	805.41	−0.114%	$78.7M	$25.0M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	806.11	−0.027%	$4.2M	$76.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	805.91	−0.052%	$162K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	805.73	−0.074%	$116K	$870K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	805.75	−0.072%	$389K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	805.93	−0.050%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	806.34	+0.001%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	805.57	−0.094%	$8.2M	$7.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	806.44	+0.013%	$79K	$19K	50x	as long as short
Aster BNBUSDT	+0.0104%	8h	806.41	+0.010%	$6.4M	$18.8M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	805.29	−0.129%	$1.9M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	806.02	−0.039%	$387K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0119%	8h	806.70	+0.046%	$84.7M	$13.4M	200x	as long as short
Binance BNBUSDT	+0.0119%	8h	806.45	+0.015%	$520.9M	$803.9M	75x	as long as short
Phemex BNBUSDTlong	+0.0132%	8h	806.33	long leg	$70.4M	$51.9M	50x
Phoenix BNB	+0.0155%	1h	805.60	−0.091%	$173K	$35K	10x	as long as short
Hyperliquid BNB	+0.0179%	1h	806.34	+0.001%	$51.9M	$22.0M	10x	as long as short
SoDEX BNB-USD	+0.0182%	1h	805.90	−0.053%	$396K	$1.0M	10x	as long as short
dYdX BNB-USD	+0.0200%	1h	805.84	−0.061%	$162K	$63K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	805.81	−0.064%	$2.5M	$929K	50x	as long as short
BloFin BNB-USDT	+0.0238%	8h	806.34	+0.001%	$18.8M	$3.1M	75x	as long as short
Bulk BNB-USD	+0.0274%	1h	805.55	−0.097%	$651K	$14K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	806.29	−0.005%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	−0.154%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	806.00	−0.041%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	805.35	−0.121%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0352%	1h	806.65	+0.040%	$29K	$1K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0713%	1h	806.61	+0.035%	$3.0M	$5.5M	40x	as long as short