BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0162%/8h= −17.7% APRnext payment −$0.20 per $10,000 · paid last 24h −0.049%

Price spread now: Phoenix against Hyperliquid−0.131%81s7-day average +0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$370.367% of the position

Long on Hyperliquid Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.177%+$18 on $10k

Price spread, last 3 days (all we have)+0.226%+$23 · spread now −0.131%, 7d avg +0.044%

Together, before fees+0.403%+ Points / potential airdropHyperliquid: Season 2 · farm board+$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Phoenix is 0.175% cheaper against Hyperliquid than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of +0.044%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.177%, so the current rate has only just turned against you. The two prices were read 81 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	Hyperliquid BNB	801.08	0.0317	pay 0.0040% / 1h	2m 02s	$51.8M	$21.6M	10x
Short	Phoenix BNB	800.03	0.0155	get 0.0019% / 1h	2m 02s	$172K	$35K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Hyperliquid. 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 HyperliquidbpFee PhoenixbpOrdersPrice spread, now −0.131%Rate

Funding earned: −$33.98
Price spread: −0.131% → +0.044%: −$17.54
Slippage, 4 orders: −$20.66
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$88.18
Costs to cover: 0.367%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Phoenix: live order book, 9 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 Hyperliquid live order book, 11 min ago	0.31 bp	5.4 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Phoenix live order book, 9 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	800.28	−0.099%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.72	−0.045%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.22	−0.107%	$3.0M	$28.5M	10x	as long as short
StandX BNB-USD	0.0000%	1h	800.94	−0.017%	$866K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	800.25	−0.103%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0028%	8h	798.74	−0.292%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0052%	8h	800.36	−0.090%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0066%	8h	800.01	−0.134%	$139.0M	$78.7M	75x	as long as short
Lighter BNB	+0.0096%	1h	800.68	−0.050%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	800.11	−0.121%	$607K	$996K	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	+0.0098%	8h	800.98	−0.012%	$6.4M	$18.9M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.89	−0.148%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	800.49	−0.074%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	800.10	−0.122%	$54.7M	$113.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	800.60	−0.060%	$53K	$151K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	800.00	−0.135%	$35.8M	$59.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	800.21	−0.109%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	800.06	−0.127%	$80.8M	$26.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	800.20	−0.110%	$4.2M	$77.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.21	−0.109%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.13	−0.119%	$121K	$872K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	800.32	−0.095%	$387K	$489K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	800.53	−0.069%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	800.86	−0.027%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	800.40	−0.085%	$394K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.23	−0.106%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.91	−0.022%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	799.91	−0.146%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	800.48	−0.075%	$385K	$40K	10x	as long as short
Kalshi KXBNBPERP	+0.0112%	8h	800.50	−0.072%	$110K	$2.9M	4.8x	as long as short
Phemex BNBUSDT	+0.0114%	8h	800.84	−0.030%	$70.0M	$51.1M	50x	as long as short
MEXC BNB_USDT	+0.0117%	8h	801.30	+0.027%	$83.2M	$13.9M	200x	as long as short
Binance BNBUSDT	+0.0119%	8h	801.06	−0.002%	$501.1M	$818.4M	75x	as long as short
Phoenix BNBshort	+0.0155%	1h	800.03	−0.131%	$172K	$35K	10x
Kraken Futures PF_BNBUSD	+0.0207%	1h	800.17	−0.114%	$2.6M	$965K	50x	as long as short
BloFin BNB-USDT	+0.0238%	8h	800.91	−0.021%	$18.3M	$2.5M	75x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	800.00	−0.135%	$71K	$48K	12x	as long as short
Bulk BNB-USD	+0.0298%	1h	800.20	−0.109%	$650K	$21K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	800.82	−0.032%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.501%	$19K	$789K	30x	as long as short
Hyperliquid BNBlong	+0.0317%	1h	801.08	long leg	$51.8M	$21.6M	10x
RISEx BNB/USDC	+0.0318%	1h	800.46	−0.077%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	801.04	−0.005%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	799.77	−0.164%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0364%	1h	799.99	−0.136%	$161K	$62K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0558%	1h	801.13	+0.006%	$2.7M	$5.7M	40x	as long as short