BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0064%/8h= −7.0% APRnext payment −$0.08 per $10,000 · paid last 24h −0.045%

Price spread now: Phoenix against Bulk+0.047%7-day average −0.013% · 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−$26as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on Bulk Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.159%−$16 on $10k

Price spread, last 3 days (all we have)+0.035%+$4 · spread now +0.047%, 7d avg −0.013%

Together, before fees−0.124%−$12 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.060% dearer against Bulk than usual: you sell high and buy low (spread +0.047% now, against its 7-day average of −0.013%): +$6 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.1 days. At the pace of the last 3 days (−0.159% in total) that is about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BNB-USD	798.83	0.0191	pay 0.0024% / 1h	9m 22s	$649K	$17K	10x
Short	Phoenix BNB	799.20	0.0127	get 0.0016% / 1h	9m 22s	$172K	$36K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bulk. 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 BulkbpFee PhoenixbpOrdersPrice spread, now +0.047%Rate

Funding earned: −$13.49
Price spread: +0.047% → −0.013%: $5.99
Slippage, 4 orders: −$17.92
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$39.42
Costs to cover: 0.319%
Break-even: never at this rate

Slippage from Bulk: live order book, 5 min ago; Phoenix: live order book, 62 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 Bulk live order book, 5 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	4.9 bp −$488	11.1 bp −$5,571
Sell Phoenix live order book, 62 min ago	1.00 bp	12.4 bp −$12	43.2 bp −$432	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	798.38	−0.055%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	798.89	+0.008%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	798.18	−0.080%	$2.5M	$974K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.45	−0.047%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	798.86	+0.004%	$863K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.41	−0.052%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0008%	8h	797.53	−0.162%	$4.0M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0033%	8h	798.43	−0.049%	—	$34.7M	—	as long as short
Bybit BNBUSDT	+0.0037%	8h	798.10	−0.091%	$138.5M	$76.8M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	798.14	−0.086%	$601K	$984K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0082%	8h	798.69	−0.017%	$6.2M	$19.1M	200x	as long as short
Lighter BNB	+0.0096%	1h	798.36	−0.058%	$2.8M	$4.1M	20x	as long as short
Phemex BNBUSDT	+0.0099%	8h	798.81	−0.002%	$69.9M	$50.6M	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	797.87	−0.119%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	798.36	−0.059%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.10	−0.091%	$54.3M	$112.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	798.40	−0.053%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	798.10	−0.091%	$35.7M	$58.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.11	−0.090%	$28.0M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	797.97	−0.107%	$79.0M	$27.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.97	+0.018%	$4.1M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.19	+0.046%	$161K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.20	−0.078%	$116K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.24	−0.073%	$386K	$494K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.45	−0.047%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	798.85	+0.003%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.50	−0.041%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.42	−0.051%	$8.2M	$8.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	798.68	−0.018%	$78K	$19K	50x	as long as short
Binance BNBUSDT	+0.0103%	8h	798.90	+0.009%	$497.6M	$817.8M	75x	as long as short
MEXC BNB_USDT	+0.0103%	8h	799.20	+0.047%	$83.0M	$13.6M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	797.66	−0.146%	$1.7M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.44	−0.048%	$384K	$40K	10x	as long as short
Phoenix BNBshort	+0.0127%	1h	799.20	+0.047%	$172K	$36K	10x
Kalshi KXBNBPERP	+0.0143%	8h	798.90	+0.009%	$90K	$2.9M	4.8x	as long as short
Hibachi BNB/USDT-P	+0.0160%	1h	798.59	−0.030%	$70K	$43K	12x	as long as short
Bulk BNB-USDlong	+0.0191%	1h	798.83	long leg	$649K	$17K	10x
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	798.80	−0.003%	$1.6M	$165K	25x	as long as short
BloFin BNB-USDT	+0.0224%	8h	798.50	−0.041%	$18.1M	$2.5M	75x	as long as short
Hyperliquid BNB	+0.0232%	1h	799.08	+0.032%	$52.4M	$20.8M	10x	as long as short
RISEx BNB/USDC	+0.0258%	1h	798.15	−0.084%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0272%	1h	798.61	−0.027%	$28K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.784%	$19K	$789K	30x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	797.79	−0.129%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0342%	1h	798.04	−0.099%	$161K	$63K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0343%	1h	799.09	+0.033%	$2.7M	$5.7M	40x	as long as short