Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h −0.010%

Price spread now: Orderly against Phoenix−0.214%66s7-day average −0.049% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Phoenix Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.182%−$18 on $10k

Price spread, last 3 days (all we have)+0.087%+$9 · spread now −0.214%, 7d avg −0.049%

Together, before fees−0.095%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Orderly is 0.166% cheaper against Phoenix than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.049%). Swap the legs. The two prices were read 66 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	Phoenix BNB	802.83	0.0155	pay 0.0019% / 1h	17m 48s	$173K	$35K	10x
Short	Orderly PERP_BNB_USDC	801.11	0.0100	get 0.0100% / 8h	1h 17m	$387K	$528K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.214%Rate

Funding earned: −$11.57
Price spread: −0.214% → −0.049%: −$16.55
Slippage, 4 orders: no order book: not counted
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$41.12
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Phoenix: live order book, 58 min ago; Orderly: 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 Phoenix live order book, 58 min ago	0.99 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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 −0.0201% / S +0.0372%	1h	801.16	−0.208%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	801.60	−0.153%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	802.84	+0.001%	$3.0M	$29.6M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	801.90	−0.116%	$158K	$2.9M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	802.75	−0.010%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	801.17	−0.207%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0038%	8h	801.85	−0.122%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDT	+0.0060%	8h	800.84	−0.248%	—	$34.8M	—	as long as short
Bybit BNBUSDT	+0.0073%	8h	800.30	−0.315%	$139.3M	$81.1M	75x	as long as short
Lighter BNB	+0.0096%	1h	800.96	−0.233%	$2.8M	$4.2M	20x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0096%	1h	801.17	−0.207%	$610K	$997K	50x	as long as short
Aster BNBUSDT	+0.0098%	8h	801.41	−0.177%	$6.3M	$19.0M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	800.84	−0.248%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	800.88	−0.243%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	800.40	−0.303%	$54.7M	$115.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	801.40	−0.178%	$53K	$151K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	800.60	−0.278%	$35.8M	$58.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	800.65	−0.272%	$28.0M	$10.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	800.51	−0.289%	$80.9M	$26.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.01	+0.023%	$4.2M	$77.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	802.69	−0.017%	$162K	$443K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	801.01	−0.227%	$121K	$877K	10x	as long as short
Orderly PERP_BNB_USDCshort	+0.0100%	8h	801.11	−0.214%	$387K	$528K	50x
Derive BNB-PERP	+0.0100%	1h	801.32	−0.188%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	801.89	−0.117%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	801.30	−0.191%	$394K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	801.37	−0.181%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	801.30	−0.190%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	800.38	−0.306%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	801.20	−0.203%	$385K	$40K	10x	as long as short
Binance BNBUSDT	+0.0118%	8h	801.30	−0.191%	$503.3M	$819.9M	75x	as long as short
MEXC BNB_USDT	+0.0118%	8h	801.70	−0.141%	$83.4M	$13.8M	200x	as long as short
Phemex BNBUSDT	+0.0120%	8h	801.59	−0.154%	$70.0M	$51.8M	50x	as long as short
Phoenix BNBlong	+0.0155%	1h	802.83	long leg	$173K	$35K	10x
Hibachi BNB/USDT-P	+0.0184%	1h	801.62	−0.151%	$71K	$48K	12x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	801.10	−0.215%	$2.6M	$975K	50x	as long as short
BloFin BNB-USDT	+0.0238%	8h	802.00	−0.103%	$18.3M	$2.5M	75x	as long as short
dYdX BNB-USD	+0.0291%	1h	801.29	−0.191%	$162K	$62K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	801.61	−0.152%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.282%	$19K	$789K	30x	as long as short
Hyperliquid BNB	+0.0311%	1h	801.70	−0.141%	$51.9M	$21.9M	10x	as long as short
Bulk BNB-USD	+0.0314%	1h	802.70	−0.017%	$652K	$21K	10x	as long as short
RISEx BNB/USDC	+0.0318%	1h	801.23	−0.199%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	801.43	−0.174%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	800.70	−0.266%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0597%	1h	801.69	−0.142%	$2.7M	$5.7M	40x	as long as short