Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0145%/8h= −15.8% APRpaid last 24h −0.051%

Price spread now: Hotstuff against Phemex−0.022%7-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 Hotstuff

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 airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Hotstuff is 0.022% cheaper against Phemex than usual: you would sell low and buy high (−$2 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	788.04	0.0065	pay 0.0065% / 8h	6h 59m	$68.5M	$51.4M	50x
Short	Hotstuff BNB-PERP	787.87	−0.0080	pay 0.0010% / 1h	59m 24s	$4K	—	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$30.38
Price spread: −0.022% → 0.000%: −$2.16
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$49.54
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Hotstuff: 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, 5 min ago	0.06 bp	6.4 bp −$6	6.8 bp −$68	9.4 bp −$937	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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 45 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 −0.0166% / S +0.0336%	1h	787.50	−0.068%	$43K	—	200x	as long as short
Hotstuff BNB-PERPshort	−0.0080%	1h	787.87	−0.022%	$4K	—	25x
GRVT BNB_USDT_Perp	0.0000%	8h	788.33	+0.037%	$2.9M	$26.5M	10x	as long as short
StandX BNB-USD	0.0000%	1h	788.48	+0.056%	$850K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.53	−0.065%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0008%	8h	787.96	−0.010%	$6.0M	$17.7M	200x	as long as short
BingX BNB-USDC	+0.0023%	8h	787.69	−0.044%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0027%	8h	789.20	+0.147%	$83.0M	$11.7M	200x	as long as short
Binance BNBUSDT	+0.0027%	8h	787.96	−0.010%	$482.8M	$797.3M	75x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.164%	$19K	$789K	30x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0035%	1h	787.45	−0.074%	$2.5M	$1.2M	50x	as long as short
Phemex BNBUSDTlong	+0.0065%	8h	788.04	long leg	$68.5M	$51.4M	50x
Lighter BNB	+0.0096%	1h	787.71	−0.041%	$2.7M	$3.4M	20x	as long as short
Nado BNB-PERP	+0.0097%	1h	787.25	−0.100%	$1.4M	$2.5M	20x	as long as short
Pacifica BNB	+0.0100%	1h	787.87	−0.022%	$1.2M	$940K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.40	−0.081%	$138.8M	$70.8M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.30	−0.094%	$53.7M	$107.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.80	−0.030%	$52K	$124K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.45	−0.075%	$39.9M	$53.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.20	−0.107%	$27.8M	$9.7M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.18	−0.109%	$75.7M	$32.4M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.89	−0.019%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.30	−0.093%	$4.3M	$4.9M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.05	+0.002%	$4.1M	$77.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.09	+0.006%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.53	−0.065%	$130K	$916K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.42	−0.079%	$264K	$304K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.94	−0.013%	$12K	$1.4M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.60	−0.056%	$387K	$940K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.59	−0.057%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.01	−0.004%	$78K	$267K	50x	as long as short
Kalshi KXBNBPERP	+0.0103%	8h	788.10	+0.008%	$161K	$2.6M	4.8x	as long as short
Extended BNB-USD	+0.0104%	1h	787.13	−0.115%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.39	−0.083%	$378K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0112%	8h	788.42	+0.048%	$17.6M	$2.3M	75x	as long as short
Hyperliquid BNB	+0.0120%	1h	788.15	+0.014%	$51.8M	$17.3M	10x	as long as short
Phoenix BNB	+0.0120%	1h	788.35	+0.039%	$158K	$37K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0136%	1h	787.77	−0.034%	$550K	$1.9M	50x	as long as short
Bulk BNB-USD	+0.0150%	1h	788.74	+0.088%	$639K	$0	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.85	−0.024%	$1.5M	$138K	25x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	788.26	+0.028%	$28K	$3K	10x	as long as short
dYdX BNB-USD	+0.0315%	1h	787.36	−0.087%	$158K	$63K	10x	as long as short
Reya BNBRUSDPERP	+0.0318%	1h	787.19	−0.108%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0345%	1h	787.74	−0.038%	$1.1M	$895K	20x	as long as short
Hibachi BNB/USDT-P	+0.0424%	1h	787.78	−0.033%	$67K	$38K	12x	as long as short