Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0317%/8h= +34.7% APRpaid last 24h +0.070%

Price spread now: Reya against Phemex−0.196%46s7-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 Reya

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

Funding pays, the price is against you. Reya is 0.196% cheaper against Phemex than usual: you would sell low and buy high (spread −0.196% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$20 on $10k: about 2.1 days of funding at the current rate (+$10 a day). 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	Phemex BNBUSDT	795.81	0.0013	pay 0.0013% / 8h	7h 01m	$69.5M	$50.2M	50x
Short	Reya BNBRUSDPERP	794.25	0.0329	get 0.0041% / 1h	1m 28s	$6K	$3K	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now −0.196%Rate

Funding earned: $66.54
Price spread: −0.196% → 0.000%: −$19.58
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Reya: 3 bp × 2 orders: −$6
Net: $28.97
Costs to cover: 0.180%
Break-even: 4.0 days

Slippage unknown: Phemex: live order book, 3 min ago; Reya: 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, 3 min ago	4.52 bp	12.9 bp −$13	13.3 bp −$133	19.0 bp −$1,900	doesn't fit
Sell Reya no order-book sample	—	—	—	—	—

Reya: 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 −0.0159% / S +0.0335%	1h	794.49	−0.165%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	795.39	−0.052%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	795.13	−0.085%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0012%	8h	794.55	−0.158%	$35.6M	$57.5M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	797.56	+0.220%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	796.25	+0.055%	$860K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	794.50	−0.165%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0009%	8h	796.50	+0.087%	$4.1M	$5.1M	—	as long as short
Phemex BNBUSDTlong	+0.0013%	8h	795.81	long leg	$69.5M	$50.2M	50x
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.166%	$19K	$789K	30x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0042%	8h	795.00	−0.101%	$6.2M	$19.6M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	796.73	+0.116%	$610K	$1.1M	50x	as long as short
BingX BNB-USDT	+0.0055%	8h	794.65	−0.146%	—	$34.9M	—	as long as short
Binance BNBUSDT	+0.0067%	8h	794.91	−0.113%	$493.8M	$814.2M	75x	as long as short
MEXC BNB_USDT	+0.0068%	8h	795.60	−0.026%	$82.7M	$13.7M	200x	as long as short
Bybit BNBUSDT	+0.0071%	8h	794.01	−0.226%	$137.9M	$76.7M	75x	as long as short
Lighter BNB	+0.0096%	1h	795.04	−0.096%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	795.43	−0.048%	$171K	$36K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	794.35	−0.183%	$384K	$468K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	794.45	−0.171%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	795.04	−0.096%	$1.2M	$930K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	794.10	−0.215%	$53.5M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	795.10	−0.089%	$52K	$127K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	794.52	−0.162%	$27.8M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	794.38	−0.180%	$77.8M	$28.1M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	796.74	+0.117%	$4.1M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	797.11	+0.163%	$161K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	794.58	−0.155%	$113K	$889K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	795.71	−0.012%	$32K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	796.12	+0.039%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	795.60	−0.026%	$391K	$995K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	795.40	−0.051%	$8.2M	$8.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	795.44	−0.046%	$77K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	794.31	−0.189%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	795.62	−0.024%	$382K	$110K	10x	as long as short
Bulk BNB-USD	+0.0133%	1h	798.69	+0.362%	$649K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	794.94	−0.110%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0163%	8h	796.80	+0.124%	$104K	$2.8M	4.8x	as long as short
dYdX BNB-USD	+0.0182%	1h	794.66	−0.144%	$160K	$63K	10x	as long as short
BloFin BNB-USDT	+0.0188%	8h	796.80	+0.124%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	795.29	−0.065%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	795.99	+0.023%	$1.6M	$161K	25x	as long as short
Hyperliquid BNB	+0.0275%	1h	795.48	−0.041%	$52.9M	$20.1M	10x	as long as short
Reya BNBRUSDPERPshort	+0.0329%	1h	794.25	−0.196%	$6K	$3K	40x
Hibachi BNB/USDT-P	+0.0408%	1h	796.08	+0.034%	$68K	$38K	12x	as long as short
Backpack BNB_USDC_PERP	+0.0426%	1h	796.26	+0.057%	$2.7M	$5.7M	40x	as long as short