BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0349%/8h= −38.2% APRnext payment −$0.44 per $10,000 · paid last 24h −0.093%

Price spread now: Phoenix against dYdX+0.016%7-day average +0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$650.645% of the position

Long on dYdX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days−0.228%−$23 on $10k

Price spread, last 3 days (all we have)+0.176%+$18 · spread now +0.016%, 7d avg +0.086%

Together, before fees−0.053%−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Phoenix is 0.070% cheaper against dYdX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.086%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.228% in total (about -11.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.44 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	dYdX BNB-USD	802.23	0.0504	pay 0.0063% / 1h	55m 04s	$162K	$62K	10x
Short	Phoenix BNB	802.36	0.0155	get 0.0019% / 1h	55m 04s	$172K	$36K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against dYdX. 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 dYdXbpFee PhoenixbpOrdersPrice spread, now +0.016%Rate

Funding earned: −$73.33
Price spread: +0.016% → +0.086%: −$6.97
Slippage, 4 orders: −$47.52
Fee dYdX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$144.82
Costs to cover: 0.645%
Break-even: never at this rate

Slippage from dYdX: live order book, 24 min ago; Phoenix: live order book, 16 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 dYdX live order book, 24 min ago	14.76 bp	19.8 bp −$20	19.8 bp −$198	24.5 bp −$2,453	132.9 bp −$66.5K
Sell Phoenix live order book, 16 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	802.44	+0.026%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	802.80	+0.071%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	802.45	+0.027%	$2.6M	$969K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	802.50	+0.033%	$3.0M	$28.2M	10x	as long as short
StandX BNB-USD	0.0000%	1h	803.15	+0.115%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	802.46	+0.029%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0031%	8h	801.64	−0.073%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0053%	8h	802.56	+0.041%	—	$34.8M	—	as long as short
Bybit BNBUSDT	+0.0066%	8h	802.15	−0.010%	$139.4M	$78.6M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	−0.188%	$607K	$998K	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	802.82	+0.073%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.10	−0.016%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.62	+0.048%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.30	+0.009%	$54.8M	$113.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	802.80	+0.071%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.25	+0.003%	$35.8M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	802.34	+0.014%	$28.1M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	802.10	−0.016%	$79.6M	$27.4M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	802.60	+0.046%	$4.2M	$77.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	802.61	+0.047%	$162K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.39	+0.020%	$119K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	802.52	+0.036%	$388K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	802.72	+0.061%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	802.97	+0.092%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.22	−0.002%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	802.98	+0.093%	$78K	$19K	50x	as long as short
Aster BNBUSDT	+0.0103%	8h	803.24	+0.126%	$6.4M	$18.9M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	802.05	−0.022%	$1.9M	$6.4M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	802.87	+0.079%	$386K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0115%	8h	803.02	+0.099%	$70.2M	$51.1M	50x	as long as short
Kalshi KXBNBPERP	+0.0117%	8h	802.60	+0.046%	$109K	$2.9M	4.8x	as long as short
MEXC BNB_USDT	+0.0122%	8h	803.40	+0.146%	$83.6M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0123%	8h	803.25	+0.127%	$502.5M	$818.7M	75x	as long as short
Phoenix BNBshort	+0.0155%	1h	802.36	+0.016%	$172K	$36K	10x
SoDEX BNB-USD	+0.0223%	1h	802.60	+0.046%	$395K	$1.0M	10x	as long as short
BloFin BNB-USDT	+0.0243%	8h	803.22	+0.123%	$18.2M	$2.6M	75x	as long as short
Hibachi BNB/USDT-P	+0.0248%	1h	802.25	+0.003%	$71K	$48K	12x	as long as short
RISEx BNB/USDC	+0.0258%	1h	802.58	+0.044%	$1.1M	$1.4M	20x	as long as short
Backpack BNB_USDC_PERP	+0.0272%	1h	803.33	+0.137%	$2.7M	$5.7M	40x	as long as short
Bulk BNB-USD	+0.0289%	1h	801.15	−0.135%	$651K	$20K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	803.01	+0.097%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.357%	$19K	$789K	30x	as long as short
Hyperliquid BNB	+0.0328%	1h	803.32	+0.136%	$52.0M	$21.7M	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	802.03	−0.025%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0432%	1h	803.41	+0.147%	$28K	$1K	10x	as long as short
dYdX BNB-USDlong	+0.0504%	1h	802.23	long leg	$162K	$62K	10x