Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.008%

Price spread now: Phemex against SoDEX+0.055%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$24as in the Price arb table

costs, in and out, $10k−$250.246% of the position

Long on SoDEX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.053%−$5 on $10k

Price spread, last 4 days (all we have)−0.005%$0 · spread now +0.055%, 7d avg +0.049%

Together, before fees−0.058%−$6 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: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BNB-USD	787.40	0.0100	pay 0.0013% / 1h	14m 22s	$387K	$979K	10x
Short	Phemex BNBUSDT	787.83	0.0076	get 0.0076% / 8h	1h 14m	$68.8M	$51.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against SoDEX. 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 SoDEXbpFee PhemexbpOrdersPrice spread, now +0.055%Rate

Funding earned: −$5.05
Price spread: +0.055% → +0.049%: $0.54
Slippage, 4 orders: −$4.59
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$29.11
Costs to cover: 0.246%
Break-even: never at this rate

Slippage from SoDEX: live order book, 39 min ago; Phemex: live order book, 5 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 SoDEX live order book, 39 min ago	0.63 bp	4.6 bp −$5	8.6 bp −$86	75.0 bp −$7,497	doesn't fit
Sell Phemex live order book, 5 min ago	0.57 bp	7.8 bp −$8	9.0 bp −$90	12.1 bp −$1,209	doesn't fit

BNB on 45 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 −0.0170% / S +0.0337%	1h	787.24	−0.020%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.59	+0.024%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.18	+0.099%	$850K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.33	−0.009%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.247%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0050%	8h	787.41	+0.001%	—	$13.4M	—	as long as short
Aster BNBUSDT	+0.0051%	8h	787.76	+0.046%	$6.1M	$18.8M	200x	as long as short
Binance BNBUSDT	+0.0061%	8h	787.69	+0.037%	$490.3M	$820.5M	75x	as long as short
MEXC BNB_USDT	+0.0061%	8h	788.20	+0.102%	$81.1M	$12.1M	200x	as long as short
dYdX BNB-USD	+0.0066%	1h	787.28	−0.015%	$160K	$62K	10x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDTshort	+0.0076%	8h	787.83	+0.055%	$68.8M	$51.2M	50x
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.30	−0.013%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.53	+0.016%	$2.7M	$3.9M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.25	−0.019%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.87	+0.060%	$51.6M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.54	+0.018%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.10	−0.038%	$138.6M	$74.9M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.10	−0.038%	$53.6M	$113.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.40	0.000%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.15	−0.032%	$37.7M	$59.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.84	−0.071%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.22	−0.023%	$76.2M	$31.2M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.92	+0.066%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.11	−0.037%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.90	+0.063%	$4.1M	$76.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.54	+0.018%	$159K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.11	−0.037%	$132K	$951K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.25	−0.019%	$265K	$470K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.81	+0.052%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USDlong	+0.0100%	1h	787.40	long leg	$387K	$979K	10x
HTX BNB-USDT	+0.0100%	8h	787.55	+0.019%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.06	+0.084%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.82	−0.073%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.26	−0.018%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0123%	8h	787.80	+0.051%	$170K	$2.7M	4.8x	as long as short
Phoenix BNB	+0.0135%	1h	788.01	+0.077%	$169K	$35K	10x	as long as short
BloFin BNB-USDT	+0.0181%	8h	787.93	+0.067%	$17.7M	$2.2M	75x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	787.18	−0.027%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0230%	8h	788.28	+0.112%	$2.9M	$29.4M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	787.79	+0.050%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0262%	1h	788.32	+0.117%	$639K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	787.65	+0.031%	$1.5M	$145K	25x	as long as short
Reya BNBRUSDPERP	+0.0321%	1h	786.90	−0.064%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0438%	1h	787.52	+0.016%	$1.1M	$915K	20x	as long as short
Hibachi BNB/USDT-P	+0.0496%	1h	787.78	+0.048%	$67K	$39K	12x	as long as short