Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0056%/8h= −6.2% APRpaid last 24h +0.028%

Price spread now: BloFin against Phoenix+0.009%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$380.377% of the position

Long on Phoenix Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.164%−$16 · spread now +0.009%, 7d avg +0.007%

Together, before fees−0.167%−$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.007%, 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	Phoenix BNB	787.92	0.0120	pay 0.0015% / 1h	52m 57s	$158K	$45K	10x
Short	BloFin BNB-USDT	787.99	0.0063	get 0.0063% / 8h	5h 52m	$18.4M	$2.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Phoenix. 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 PhoenixbpFee BloFinbpOrdersPrice spread, now +0.009%Rate

Funding earned: −$11.83
Price spread: +0.009% → +0.007%: $0.22
Slippage, 4 orders: −$18.71
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$49.33
Costs to cover: 0.377%
Break-even: never at this rate

Slippage from Phoenix: live order book, 52 min ago; BloFin: live order book, 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 Phoenix live order book, 52 min ago	1.02 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell BloFin live order book, 4 min ago	0.06 bp	6.8 bp −$7	8.6 bp −$86	13.1 bp −$1,310	doesn't fit

BNB on 45 exchanges

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	787.13	−0.100%	$43K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0085%	1h	787.20	−0.092%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.09	+0.022%	$4K	—	25x	as long as short
Aster BNBUSDT	0.0000%	8h	787.80	−0.015%	$5.9M	$17.0M	200x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	787.82	−0.012%	$3.0M	$26.5M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	787.80	−0.015%	$139K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	788.22	+0.038%	$850K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.21	−0.090%	$9.5M	—	150x	as long as short
MEXC BNB_USDT	+0.0015%	8h	788.90	+0.124%	$83.4M	$11.7M	200x	as long as short
Binance BNBUSDT	+0.0015%	8h	787.87	−0.006%	$481.5M	$765.7M	75x	as long as short

Show all 45 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.179%	$19K	$789K	30x	as long as short
Bybit BNBUSDT	+0.0046%	8h	786.92	−0.127%	$138.5M	$67.0M	75x	as long as short
BloFin BNB-USDTshort	+0.0063%	8h	787.99	+0.009%	$18.4M	$2.2M	75x
Phemex BNBUSDT	+0.0089%	8h	787.89	−0.004%	$68.5M	$51.1M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.45	−0.059%	$2.7M	$3.3M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.02	−0.115%	$1.4M	$2.4M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.92	0.000%	$51.9M	$16.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.51	−0.052%	$1.2M	$932K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.00	−0.117%	$53.3M	$102.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.40	−0.066%	$57K	$122K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.20	−0.091%	$41.2M	$53.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.08	−0.107%	$28.2M	$9.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.98	−0.119%	$75.6M	$30.7M	75x	as long as short
BingX BNB-USDC	+0.0100%	8h	787.26	−0.084%	—	$13.4M	—	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.70	−0.028%	$2.2M	$6.0M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	786.85	−0.136%	$4.3M	$4.5M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.81	−0.014%	$4.1M	$74.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.94	+0.003%	$159K	$444K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.11	−0.103%	$130K	$905K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.34	−0.074%	$264K	$297K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.76	−0.020%	$12K	$1.3M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.50	−0.053%	$387K	$926K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	787.64	−0.035%	$1.5M	$157K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.57	−0.044%	$8.0M	$10.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.67	−0.032%	$88K	$371K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.77	−0.146%	$1.8M	$5.6M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.16	−0.096%	$378K	$110K	10x	as long as short
Phoenix BNBlong	+0.0120%	1h	787.92	long leg	$158K	$45K	10x
Coinbase International BNB-PERP-INTX	+0.0120%	1h	787.48	−0.056%	$545K	$1.9M	50x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	787.70	−0.028%	$28K	$3K	10x	as long as short
Bulk BNB-USD	+0.0282%	1h	788.09	+0.022%	$639K	$0	10x	as long as short
Reya BNBRUSDPERP	+0.0317%	1h	786.81	−0.140%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0320%	1h	787.45	−0.060%	$67K	$37K	12x	as long as short
RISEx BNB/USDC	+0.0393%	1h	787.52	−0.051%	$1.1M	$901K	20x	as long as short
dYdX BNB-USD	+0.1010%	1h	787.47	−0.057%	$158K	$34K	10x	as long as short