Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0053%/8h= +5.8% APRpaid last 24h +0.008%

Price spread now: SoDEX against Phemex−0.063%7-day average −0.049% · 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−$27as in the Price arb table

costs, in and out, $10k−$250.253% of the position

Long on Phemex Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.052%+$5 on $10k

Price spread, last 4 days (all we have)+0.017%+$2 · spread now −0.063%, 7d avg −0.049%

Together, before fees+0.069%+$7 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.049%, so right now this pair is about funding alone: +$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	789.10	0.0063	pay 0.0063% / 8h	2h 03m	$69.0M	$50.8M	50x
Short	SoDEX BNB-USD	788.60	0.0116	get 0.0014% / 1h	3m 58s	$388K	$989K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.063%Rate

Funding earned: $11.04
Price spread: −0.063% → −0.049%: −$1.42
Slippage, 4 orders: −$5.3
Fee Phemex: 6 bp × 2 orders: −$12
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$15.69
Costs to cover: 0.253%
Break-even: 16.9 days

Slippage from Phemex: live order book, 5 min ago; SoDEX: live order book, 55 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, 5 min ago	1.27 bp	7.4 bp −$7	7.4 bp −$74	15.7 bp −$1,574	doesn't fit
Sell SoDEX live order book, 55 min ago	0.64 bp	4.6 bp −$5	8.5 bp −$85	82.0 bp −$8,199	doesn't fit

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 −0.0192% / S +0.0356%	1h	788.48	−0.078%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.88	−0.028%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.04	−0.008%	$851K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.51	−0.075%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.026%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0045%	8h	788.98	−0.015%	$6.1M	$19.1M	200x	as long as short
BingX BNB-USDT	+0.0053%	8h	788.51	−0.075%	—	$22.2M	—	as long as short
Phemex BNBUSDTlong	+0.0063%	8h	789.10	long leg	$69.0M	$50.8M	50x
MEXC BNB_USDT	+0.0067%	8h	789.40	+0.038%	$81.0M	$12.1M	200x	as long as short
Binance BNBUSDT	+0.0067%	8h	788.80	−0.038%	$491.0M	$816.1M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0069%	1h	788.22	−0.111%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	788.38	−0.091%	$569K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	788.58	−0.065%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.61	−0.062%	$265K	$475K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.35	−0.095%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.12	+0.002%	$51.7M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.76	−0.043%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.20	−0.114%	$138.7M	$75.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.20	−0.114%	$53.6M	$113.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.80	−0.038%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.45	−0.082%	$36.9M	$59.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.30	−0.101%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.97	−0.143%	$76.3M	$31.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.80	−0.038%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.41	−0.087%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.54	−0.072%	$4.1M	$75.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.44	−0.084%	$159K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.48	−0.079%	$132K	$951K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.78	−0.040%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.10	0.000%	$12K	$1.5M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.68	−0.053%	$8.1M	$10.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	788.87	−0.029%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.23	−0.111%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.64	−0.059%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	787.87	−0.156%	$169K	$35K	10x	as long as short
SoDEX BNB-USDshort	+0.0116%	1h	788.60	−0.063%	$388K	$989K	10x
dYdX BNB-USD	+0.0133%	1h	788.46	−0.081%	$160K	$62K	10x	as long as short
Kalshi KXBNBPERP	+0.0144%	8h	789.50	+0.051%	$163K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0187%	8h	789.06	−0.005%	$17.6M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0224%	8h	788.87	−0.029%	$2.9M	$29.5M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.00	−0.012%	$1.5M	$143K	25x	as long as short
01 Exchange BNBUSD	+0.0312%	1h	789.26	+0.020%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	788.29	−0.102%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0378%	1h	788.15	−0.120%	$639K	$4K	10x	as long as short
RISEx BNB/USDC	+0.0432%	1h	788.84	−0.033%	$1.1M	$902K	20x	as long as short
Hibachi BNB/USDT-P	+0.0560%	1h	788.94	−0.020%	$68K	$39K	12x	as long as short