BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0196%/8h= −21.5% APRnext payment −$0.25 per $10,000 · paid last 24h +0.010%

Price spread now: Kraken Futures against Coinbase International+0.031%7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$380.382% of the position

Long on Coinbase International Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 4 days (all we have)−0.051%−$5 · spread now +0.031%, 7d avg +0.007%

Together, before fees−0.033%−$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.024% dearer against Coinbase International than usual: you sell high and buy low (spread +0.031% now, against its 7-day average of +0.007%): +$2 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 10 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.018% in total (about 1.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.25 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BNB-PERP-INTX	789.35	0.0072	pay 0.0009% / 1h	55m 25s	$580K	$1.9M	50x
Short	Kraken Futures PF_BNBUSD	789.60	−0.0124	pay 0.0016% / 1h	55m 25s	$2.5M	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Coinbase International. 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 Coinbase InternationalbpFee Kraken FuturesbpOrdersPrice spread, now +0.031%Rate

Funding earned: −$41.16
Price spread: +0.031% → +0.007%: $2.42
Slippage, 4 orders: −$18.24
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$76.98
Costs to cover: 0.382%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Kraken Futures: live order book, 3 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 Coinbase International live order book, 3 min ago	2.54 bp	8.9 bp −$9	15.3 bp −$153	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 3 min ago	3.23 bp	10.0 bp −$10	14.0 bp −$140	31.7 bp −$3,166	109.5 bp −$54.7K

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 −0.0191% / S +0.0355%	1h	789.84	+0.063%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSDshort	−0.0124%	1h	789.60	+0.031%	$2.5M	$1.2M	50x
Hotstuff BNB-PERP	−0.0080%	1h	790.13	+0.099%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.04	−0.039%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.89	+0.069%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.994%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0036%	8h	790.36	+0.127%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDT	+0.0046%	8h	790.11	+0.096%	—	$34.4M	—	as long as short
MEXC BNB_USDT	+0.0057%	8h	790.70	+0.171%	$80.2M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0057%	8h	790.53	+0.149%	$493.5M	$793.5M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0060%	8h	789.74	+0.049%	$69.1M	$50.2M	50x	as long as short
Coinbase International BNB-PERP-INTXlong	+0.0072%	1h	789.35	long leg	$580K	$1.9M	50x
Lighter BNB	+0.0096%	1h	790.02	+0.085%	$2.8M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	790.01	+0.084%	$266K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	789.40	+0.006%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	790.43	+0.137%	$51.9M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.94	+0.074%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.89	+0.068%	$139.0M	$74.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	790.00	+0.082%	$53.4M	$111.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	790.00	+0.082%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.80	+0.057%	$35.6M	$56.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.76	+0.052%	$28.1M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	789.77	+0.053%	$76.4M	$30.3M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	790.04	+0.087%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	789.31	−0.005%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.35	−0.001%	$4.1M	$73.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.05	−0.038%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.76	+0.052%	$130K	$954K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	790.10	+0.095%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.42	+0.009%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.70	+0.044%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.23	−0.015%	$8.1M	$9.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	790.02	+0.085%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	789.43	+0.010%	$1.9M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.92	+0.073%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.35	0.000%	$170K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0163%	8h	789.64	+0.036%	$2.9M	$28.5M	10x	as long as short
dYdX BNB-USD	+0.0167%	1h	789.25	−0.013%	$160K	$64K	10x	as long as short
BloFin BNB-USDT	+0.0177%	8h	789.40	+0.006%	$18.1M	$2.2M	75x	as long as short
Kalshi KXBNBPERP	+0.0190%	8h	789.50	+0.019%	$135K	$2.7M	4.8x	as long as short
Bulk BNB-USD	+0.0216%	1h	788.57	−0.099%	$639K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0272%	1h	790.38	+0.130%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0325%	1h	789.75	+0.051%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0376%	1h	789.48	+0.016%	$67K	$39K	12x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	789.98	+0.080%	$1.5M	$143K	25x	as long as short
RISEx BNB/USDC	+0.0431%	1h	790.17	+0.105%	$1.1M	$902K	20x	as long as short