Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0027%/8h= −2.9% APRpaid last 24h −0.010%

Price spread now: KuCoin against Phoenix−0.071%7-day average −0.097% · you buy dearer than you sell

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$430.432% of the position

Long on Phoenix Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.215%−$21 on $10k

Price spread, last 3 days (all we have)−0.071%−$7 · spread now −0.071%, 7d avg −0.097%

Together, before fees−0.285%−$29 on $10k · with fees, hour by hour

The price spread pays, funding is against you. KuCoin is 0.026% dearer against Phoenix than usual: you sell high and buy low (spread −0.071% now, against its 7-day average of −0.097%): +$3 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 3.2 days. At the pace of the last 7 days (−0.215% in total) that is about 20 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BNB	803.09	0.0127	pay 0.0016% / 1h	44m 58s	$173K	$36K	10x
Short	KuCoin BNBUSDTM	802.52	0.0100	get 0.0100% / 8h	44m 58s	$28.1M	$10.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$5.61
Price spread: −0.071% → −0.097%: $2.6
Slippage, 4 orders: −$24.17
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$46.18
Costs to cover: 0.432%
Break-even: never at this rate

Slippage from Phoenix: live order book, 26 min ago; KuCoin: 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, 26 min ago	1.00 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell KuCoin live order book, 4 min ago	0.81 bp	8.4 bp −$8	21.4 bp −$214	doesn't fit	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 −0.0201% / S +0.0372%	1h	802.97	−0.015%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	803.50	+0.051%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	802.89	−0.025%	$2.6M	$969K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	803.05	−0.005%	$3.0M	$28.0M	10x	as long as short
StandX BNB-USD	0.0000%	1h	803.38	+0.036%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	803.06	−0.004%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0027%	8h	802.45	−0.080%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0052%	8h	802.74	−0.044%	—	$34.8M	—	as long as short
Bybit BNBUSDT	+0.0062%	8h	802.30	−0.098%	$139.3M	$78.6M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	−0.295%	$607K	$995K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	803.26	+0.021%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.71	−0.048%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	803.30	+0.026%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.30	−0.098%	$54.7M	$113.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	803.50	+0.051%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.70	−0.049%	$35.9M	$57.7M	75x	as long as short
KuCoin BNBUSDTMshort	+0.0100%	8h	802.52	−0.071%	$28.1M	$10.3M	75x
Bitget BNBUSDT	+0.0100%	8h	802.62	−0.059%	$79.6M	$27.4M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.19	+0.012%	$4.2M	$77.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	803.25	+0.020%	$162K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.91	−0.022%	$119K	$873K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	802.99	−0.012%	$388K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	803.24	+0.019%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	803.58	+0.061%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	803.23	+0.017%	$8.2M	$8.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	803.64	+0.069%	$78K	$19K	50x	as long as short
Aster BNBUSDT	+0.0104%	8h	803.65	+0.070%	$6.4M	$19.0M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	802.20	−0.110%	$1.9M	$6.4M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	803.06	−0.004%	$386K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0111%	8h	803.58	+0.061%	$70.2M	$51.0M	50x	as long as short
SoDEX BNB-USD	+0.0111%	1h	803.20	+0.014%	$395K	$1.0M	10x	as long as short
Kalshi KXBNBPERP	+0.0113%	8h	803.60	+0.064%	$110K	$2.9M	4.8x	as long as short
MEXC BNB_USDT	+0.0124%	8h	803.50	+0.051%	$83.6M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0125%	8h	803.28	+0.024%	$502.4M	$817.3M	75x	as long as short
Phoenix BNBlong	+0.0127%	1h	803.09	long leg	$173K	$36K	10x
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	803.40	+0.039%	$1.6M	$165K	25x	as long as short
Hibachi BNB/USDT-P	+0.0232%	1h	803.31	+0.028%	$71K	$43K	12x	as long as short
Hyperliquid BNB	+0.0234%	1h	803.63	+0.067%	$52.1M	$21.4M	10x	as long as short
BloFin BNB-USDT	+0.0245%	8h	803.67	+0.072%	$18.2M	$2.6M	75x	as long as short
RISEx BNB/USDC	+0.0258%	1h	803.22	+0.016%	$1.1M	$1.4M	20x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.249%	$19K	$789K	30x	as long as short
Bulk BNB-USD	+0.0309%	1h	803.58	+0.061%	$653K	$20K	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	802.58	−0.064%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0363%	1h	803.70	+0.076%	$2.7M	$5.7M	40x	as long as short
01 Exchange BNBUSD	+0.0368%	1h	803.68	+0.073%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0465%	1h	802.89	−0.025%	$162K	$62K	10x	as long as short