Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0412%/8h= −45.1% APRpaid last 24h −0.115%

Price spread now: GMX against Phemex−0.152%128s7-day average — · you buy dearer than you sell

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and GMX is 0.152% cheaper against Phemex than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 128 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	Phemex BNBUSDT	785.71	0.0076	pay 0.0076% / 8h	13m 04s	$68.6M	$51.0M	50x
Short	GMX BNB/USD [WBTC.b-USDC]	784.52	L −0.0168% / S +0.0337%	pay 0.0042% / 1h	13m 04s	$43K	—	200x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.152%Rate

Funding earned: −$86.58
Price spread: −0.152% → 0.000%: −$15.18
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$125.76
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 6 min ago; GMX: no order-book sample. 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 Phemex live order book, 6 min ago	0.06 bp	6.1 bp −$6	6.2 bp −$62	13.5 bp −$1,354	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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]short	L −0.0168% / S +0.0337%	1h	784.52	−0.152%	$43K	—	200x
Hotstuff BNB-PERP	−0.0080%	1h	784.94	−0.098%	$4K	$42	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0050%	1h	785.05	−0.084%	$2.5M	$1.2M	50x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	785.70	−0.001%	$170K	$2.7M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	785.34	−0.047%	$847K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	785.16	−0.070%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0033%	8h	785.64	−0.009%	$6.0M	$18.7M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.467%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0038%	8h	785.16	−0.070%	—	$22.1M	—	as long as short
MEXC BNB_USDT	+0.0048%	8h	786.30	+0.075%	$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	785.63	−0.010%	$488.4M	$814.3M	75x	as long as short
Phemex BNBUSDTlong	+0.0076%	8h	785.71	long leg	$68.6M	$51.0M	50x
Lighter BNB	+0.0096%	1h	785.28	−0.055%	$2.7M	$3.8M	20x	as long as short
Phoenix BNB	+0.0100%	1h	785.66	−0.006%	$158K	$35K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	784.90	−0.103%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	785.48	−0.029%	$51.5M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	785.45	−0.033%	$1.2M	$938K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	784.89	−0.104%	$138.1M	$74.0M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	784.90	−0.103%	$53.4M	$111.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	785.40	−0.039%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	785.00	−0.090%	$38.3M	$58.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	784.83	−0.112%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	784.75	−0.122%	$75.3M	$32.5M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	785.31	−0.051%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	784.43	−0.163%	$4.0M	$4.7M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	785.04	−0.085%	$4.1M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	785.13	−0.074%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	785.07	−0.081%	$131K	$942K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	785.20	−0.065%	$264K	$388K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	785.04	−0.085%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	785.82	+0.014%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	785.30	−0.052%	$386K	$963K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	785.18	−0.067%	$8.0M	$10.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	785.72	+0.002%	$78K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	784.76	−0.121%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	785.29	−0.054%	$377K	$110K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0104%	1h	785.03	−0.087%	$545K	$1.9M	50x	as long as short
dYdX BNB-USD	+0.0117%	1h	784.99	−0.092%	$159K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0168%	8h	785.67	−0.005%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	785.59	−0.016%	$1.5M	$141K	25x	as long as short
GRVT BNB_USDT_Perp	+0.0216%	8h	785.20	−0.065%	$2.9M	$28.2M	10x	as long as short
Bulk BNB-USD	+0.0231%	1h	784.93	−0.099%	$636K	$831	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	785.82	+0.014%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0320%	1h	784.93	−0.100%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0350%	1h	785.44	−0.035%	$1.1M	$909K	20x	as long as short
Hibachi BNB/USDT-P	+0.0448%	1h	785.00	−0.091%	$67K	$39K	12x	as long as short