BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0193%/8h= +21.1% APRnext payment +$0.24 per $10,000 · paid last 24h +0.038%

Price spread now: Bulk against Phoenix+0.066%7-day average +0.016% · 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−$27as in the Price arb table

costs, in and out, $10k−$320.320% of the position

Long on Phoenix Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.172%+$17 on $10k

Price spread, last 4 days (all we have)−0.130%−$13 · spread now +0.066%, 7d avg +0.016%

Together, before fees+0.042%+$4 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bulk is 0.050% dearer against Phoenix than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.016%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BNB	786.68	0.0135	pay 0.0017% / 1h	43m 15s	$169K	$35K	10x
Short	Bulk BNB-USD	787.20	0.0328	get 0.0041% / 1h	43m 15s	$638K	$4K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk against Phoenix. 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 PhoenixbpFee BulkbpOrdersPrice spread, now +0.066%Rate

Funding earned: $40.55
Price spread: +0.066% → +0.016%: $5.05
Slippage, 4 orders: −$17.98
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: $13.61
Costs to cover: 0.320%
Break-even: 4.6 days

Slippage from Phoenix: live order book, 58 min ago; Bulk: live order book, 1 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 Phoenix live order book, 58 min ago	1.02 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell Bulk live order book, 1 min ago	0.06 bp	3.6 bp −$4	4.5 bp −$45	7.1 bp −$714	14.2 bp −$7,112

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 −0.0170% / S +0.0337%	1h	786.72	+0.005%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.13	+0.057%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.59	+0.116%	$849K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.72	+0.005%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.340%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0049%	8h	787.18	+0.063%	$6.1M	$19.0M	200x	as long as short
BingX BNB-USDC	+0.0054%	8h	786.83	+0.019%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0066%	8h	787.90	+0.155%	$81.0M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0067%	8h	787.10	+0.053%	$490.3M	$816.7M	75x	as long as short
dYdX BNB-USD	+0.0068%	1h	786.47	−0.027%	$159K	$62K	10x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0076%	8h	787.24	+0.071%	$68.9M	$50.9M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	786.88	+0.025%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	786.70	+0.002%	$2.7M	$3.8M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.50	−0.023%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	786.68	0.000%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.41	−0.034%	$138.4M	$75.3M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.50	−0.023%	$53.5M	$113.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.00	+0.041%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.80	+0.015%	$37.2M	$58.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.53	−0.019%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.43	−0.032%	$76.1M	$31.1M	75x	as long as short
Variational Omni BNB	+0.0100%	8h	785.91	−0.098%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	786.84	+0.020%	$4.1M	$76.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	786.27	−0.052%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.64	−0.005%	$131K	$949K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.76	+0.010%	$265K	$470K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.95	+0.034%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.35	+0.085%	$13K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	786.80	+0.015%	$387K	$984K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.79	+0.014%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	786.99	+0.040%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.48	−0.026%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.73	+0.006%	$378K	$110K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0116%	1h	786.92	+0.031%	$2.2M	$6.1M	40x	as long as short
Hyperliquid BNB	+0.0118%	1h	787.32	+0.081%	$51.5M	$17.7M	10x	as long as short
Phoenix BNBlong	+0.0135%	1h	786.68	long leg	$169K	$35K	10x
Kalshi KXBNBPERP	+0.0140%	8h	787.10	+0.053%	$170K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0187%	8h	787.15	+0.060%	$17.8M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.14	+0.058%	$1.5M	$143K	25x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	786.45	−0.029%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0227%	8h	787.04	+0.046%	$2.9M	$29.5M	10x	as long as short
01 Exchange BNBUSD	+0.0264%	1h	787.34	+0.084%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0322%	1h	786.51	−0.022%	$6K	$3K	40x	as long as short
Bulk BNB-USDshort	+0.0328%	1h	787.20	+0.066%	$638K	$4K	10x
RISEx BNB/USDC	+0.0438%	1h	787.04	+0.046%	$1.1M	$914K	20x	as long as short
Hibachi BNB/USDT-P	+0.0552%	1h	787.00	+0.040%	$67K	$39K	12x	as long as short