BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0059%/8h= +6.5% APRnext payment +$0.07 per $10,000 · paid last 24h +0.011%

Price spread now: Phoenix against Lighter−0.040%7-day average +0.064% · you buy dearer than you sell

Net, funding: paid 7d − costs−$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$38as in the Price arb table

costs, in and out, $10k−$270.273% of the position

Long on Lighter Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.251%+$25 on $10k

Price spread, last 3 days (all we have)+0.195%+$19 · spread now −0.040%, 7d avg +0.064%

Together, before fees+0.446%+ Points / potential airdropLighter: Season 3 · farm board+$45 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.104% cheaper against Lighter than usual: you would sell low and buy high (spread −0.040% now, against its 7-day average of +0.064%). If the spread goes back, that is −$10 on $10k: about 5.9 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.251% in total) that is about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BNB	806.54	0.0096	pay 0.0012% / 1h	42m 36s	$2.8M	$4.2M	20x
Short	Phoenix BNB	806.22	0.0155	get 0.0019% / 1h	42m 36s	$173K	$35K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Lighter. 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 LighterbpFee PhoenixbpOrdersPrice spread, now −0.040%Rate

Funding earned: $12.41
Price spread: −0.040% → +0.064%: −$10.4
Slippage, 4 orders: −$20.35
Fee Lighter: 0 bp × 2 orders: $0
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$25.34
Costs to cover: 0.273%
Break-even: 21.3 days

Slippage from Lighter: live order book, 5 min ago; Phoenix: live order book, 34 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 Lighter live order book, 5 min ago	0.71 bp	1.8 bp −$2	5.6 bp −$56	15.8 bp −$1,585	68.0 bp −$34.0K
Sell Phoenix live order book, 34 min ago	0.99 bp	12.4 bp −$12	43.1 bp −$431	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 −0.0195% / S +0.0371%	1h	805.65	−0.110%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	806.43	−0.014%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	806.21	−0.041%	$3.0M	$29.2M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	806.30	−0.030%	$108K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	805.76	−0.097%	$871K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	805.73	−0.101%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0048%	8h	804.97	−0.194%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0059%	8h	806.05	−0.061%	—	$13.3M	—	as long as short
Hibachi BNB/USDT-P	+0.0080%	1h	805.86	−0.084%	$71K	$48K	12x	as long as short
Bybit BNBUSDT	+0.0083%	8h	806.26	−0.035%	$139.7M	$81.1M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNBlong	+0.0096%	1h	806.54	long leg	$2.8M	$4.2M	20x
Coinbase International BNB-PERP-INTX	+0.0096%	1h	805.54	−0.124%	$608K	$881K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	806.45	−0.011%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	806.62	+0.010%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	806.40	−0.018%	$55.1M	$116.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	806.80	+0.032%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	806.15	−0.049%	$36.1M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	806.20	−0.042%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	806.46	−0.010%	$78.8M	$25.0M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	806.31	−0.029%	$4.2M	$76.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	806.49	−0.006%	$162K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	806.65	+0.013%	$116K	$870K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	805.67	−0.108%	$389K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	805.82	−0.089%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	806.36	−0.023%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	805.84	−0.087%	$8.2M	$7.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	807.01	+0.058%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	806.03	−0.064%	$1.9M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	805.85	−0.085%	$387K	$40K	10x	as long as short
Aster BNBUSDT	+0.0105%	8h	807.04	+0.062%	$6.4M	$18.8M	200x	as long as short
MEXC BNB_USDT	+0.0120%	8h	807.00	+0.057%	$84.7M	$13.4M	200x	as long as short
Binance BNBUSDT	+0.0121%	8h	807.41	+0.108%	$521.6M	$803.5M	75x	as long as short
Phemex BNBUSDT	+0.0131%	8h	806.42	−0.015%	$70.4M	$51.8M	50x	as long as short
Phoenix BNBshort	+0.0155%	1h	806.22	−0.040%	$173K	$35K	10x
SoDEX BNB-USD	+0.0177%	1h	805.80	−0.092%	$396K	$1.0M	10x	as long as short
Hyperliquid BNB	+0.0193%	1h	807.21	+0.083%	$52.0M	$22.1M	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	805.74	−0.099%	$2.5M	$929K	50x	as long as short
dYdX BNB-USD	+0.0205%	1h	805.84	−0.087%	$162K	$63K	10x	as long as short
BloFin BNB-USDT	+0.0241%	8h	806.53	−0.001%	$18.8M	$3.1M	75x	as long as short
Bulk BNB-USD	+0.0274%	1h	805.55	−0.123%	$651K	$14K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	806.12	−0.052%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	−0.180%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	806.89	+0.044%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	806.42	−0.015%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0352%	1h	807.43	+0.110%	$29K	$1K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0715%	1h	806.97	+0.053%	$3.0M	$5.5M	40x	as long as short