Funding you earn now, next payment 03:00 UTC−0.0021%/8h= −2.3% APRnext payment −$0.03 per $10,000 · paid last 24h −0.009%
Price spread now: Lighter against Phoenix+0.058%7-day average −0.062% · you sell dearer than you buy
Net, funding: paid 7d − costs−$53as in the Funding arb table
Net, price: spread back to 7d avg − costs−$17as in the Price arb table
costs, in and out, $10k−$290.286% of the position
Funding, last 7 days−0.240%−$24 on $10k
+Price spread, last 4 days (all we have)−0.239%−$24 · spread now +0.058%, 7d avg −0.062%
=Together, before fees−0.480%+ Points / potential airdropLighter: Season 3 · farm board−$48 on $10k · with fees, hour by hour
The price spread pays, funding is against you. Lighter is 0.120% dearer against Phoenix than usual: you sell high and buy low (spread +0.058% now, against its 7-day average of −0.062%): +$12 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 19 days. At the pace of the last 7 days (−0.240% in total) that is about 3.5 days.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix BNB | 789.25 | 0.0117 | pay 0.0015% / 1h | 1m 17s | $170K | $35K | 10x |
| Short | Lighter BNB | 789.71 | 0.0096 | get 0.0012% / 1h | 1m 17s | $2.8M | $3.9M | 20x |
Phoenix BNB
Lighter BNBFunding history
latest
Range statsloading…
Price spread between the two exchanges
Lighter against Phoenix. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$4.47
- Price spread: +0.058% → −0.062%
- $12.01
- Slippage, 4 orders
- −$21.6
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Lighter: 0 bp × 2 orders
- $0
- Net
- −$21.06
- Costs to cover
- 0.286%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 50 min ago; Lighter: live order book, 6 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, 50 min ago | 1.01 bp | 12.4 bp −$12 | 50.9 bp −$509 | doesn't fit | doesn't fit |
| Sell Lighter live order book, 6 min ago | 0.72 bp | 2.0 bp −$2 | 4.2 bp −$42 | 10.6 bp −$1,058 | 68.2 bp −$34.1K |
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 −0.0190% / S +0.0354% | 1h | 789.29 | +0.005% | $46K | — | 200x | as long as short |
| Hotstuff BNB-PERP | −0.0080% | 1h | 789.39 | +0.018% | $4K | $42 | 25x | as long as short |
| StandX BNB-USD | 0.0000% | 1h | 789.04 | −0.027% | $851K | $3.2M | 30x | as long as short |
| gTrade (Gains Network) BNB/USD | L +0.0007% / S −0.0007% | 1h | 789.39 | +0.017% | $9.5M | — | 150x | as long as short |
| Injective BNB/USDC PERP | +0.0033% | 1h | 805.09 | +2.007% | $19K | $789K | 30x | as long as short |
| Aster BNBUSDT | +0.0036% | 8h | 790.12 | +0.110% | $6.1M | $18.7M | 200x | as long as short |
| BingX BNB-USDC | +0.0047% | 8h | 788.99 | −0.033% | — | $13.4M | — | as long as short |
| MEXC BNB_USDT | +0.0057% | 8h | 790.50 | +0.158% | $80.2M | $12.4M | 200x | as long as short |
| Phemex BNBUSDT | +0.0058% | 8h | 790.08 | +0.105% | $69.1M | $50.3M | 50x | as long as short |
| Binance BNBUSDT | +0.0058% | 8h | 790.23 | +0.124% | $493.2M | $791.5M | 75x | as long as short |
GMX BNB/USD [WBTC.b-USDC]
Hotstuff BNB-PERP
StandX BNB-USD
gTrade (Gains Network) BNB/USD
Injective BNB/USDC PERP
Aster BNBUSDT
BingX BNB-USDC
MEXC BNB_USDT
Phemex BNBUSDT
Binance BNBUSDTShow all 46 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International BNB-PERP-INTX | +0.0064% | 1h | 788.26 | −0.125% | $579K | $1.9M | 50x | as long as short |
| Lighter BNBshort | +0.0096% | 1h | 789.71 | +0.058% | $2.8M | $3.9M | 20x | |
| Orderly PERP_BNB_USDC | +0.0100% | 8h | 789.50 | +0.032% | $266K | $492K | 50x | as long as short |
| Nado BNB-PERP | +0.0100% | 1h | 788.95 | −0.038% | $1.5M | $2.5M | 20x | as long as short |
| Hyperliquid BNB | +0.0100% | 1h | 790.05 | +0.101% | $51.8M | $17.5M | 10x | as long as short |
| Pacifica BNB | +0.0100% | 1h | 789.58 | +0.042% | $1.2M | $931K | 20x | as long as short |
| Bybit BNBUSDT | +0.0100% | 8h | 789.27 | +0.003% | $138.9M | $74.0M | 75x | as long as short |
| OKX BNB-USDT-SWAP | +0.0100% | 8h | 789.40 | +0.019% | $53.5M | $111.3M | 50x | as long as short |
| Arcus BNB-USD | +0.0100% | 1h | 789.40 | +0.019% | $52K | $130K | 10x | as long as short |
| Gate BNB_USDT | +0.0100% | 8h | 789.40 | +0.019% | $35.5M | $57.7M | 75x | as long as short |
| KuCoin BNBUSDTM | +0.0100% | 8h | 789.33 | +0.010% | $28.1M | $10.4M | 75x | as long as short |
| Bitget BNBUSDT | +0.0100% | 8h | 789.15 | −0.013% | $76.4M | $30.2M | 75x | as long as short |
| Backpack BNB_USDC_PERP | +0.0100% | 1h | 789.46 | +0.027% | $2.2M | $6.1M | 40x | as long as short |
| Variational Omni BNB | +0.0100% | 8h | 787.71 | −0.195% | $4.1M | $4.7M | — | as long as short |
| edgeX BNBUSDC | +0.0100% | 4h | 789.18 | −0.009% | $4.1M | $73.3M | 30x | as long as short |
| ApeX Omni BNBUSDT | +0.0100% | 1h | 789.32 | +0.009% | $159K | $440K | 50x | as long as short |
| Polymarket Perps BNB-USD | +0.0100% | 1h | 789.36 | +0.014% | $133K | $950K | 10x | as long as short |
| Derive BNB-PERP | +0.0100% | 1h | 789.52 | +0.035% | $31K | $12K | 10x | as long as short |
| SunX BNB-USDT | +0.0100% | 8h | 790.07 | +0.104% | $12K | $1.5M | 50x | as long as short |
| SoDEX BNB-USD | +0.0100% | 1h | 789.50 | +0.032% | $388K | $1.0M | 10x | as long as short |
| HTX BNB-USDT | +0.0100% | 8h | 789.25 | 0.000% | $8.1M | $9.5M | 75x | as long as short |
| Paradex BNB-USD-PERP | +0.0100% | 8h | 789.68 | +0.055% | $77K | $17K | 50x | as long as short |
| Extended BNB-USD | +0.0104% | 1h | 789.08 | −0.022% | $1.8M | $6.1M | 50x | as long as short |
| Aevo BNB-PERP | +0.0104% | 1h | 789.47 | +0.028% | $379K | $110K | 10x | as long as short |
| Phoenix BNBlong | +0.0117% | 1h | 789.25 | long leg | $170K | $35K | 10x | |
| dYdX BNB-USD | +0.0122% | 1h | 789.25 | 0.000% | $160K | $64K | 10x | as long as short |
| GRVT BNB_USDT_Perp | +0.0157% | 8h | 789.58 | +0.042% | $2.9M | $28.5M | 10x | as long as short |
| Kalshi KXBNBPERP | +0.0177% | 8h | 789.80 | +0.070% | $133K | $2.7M | 4.8x | as long as short |
| BloFin BNB-USDT | +0.0178% | 8h | 790.06 | +0.103% | $18.1M | $2.2M | 75x | as long as short |
| Bulk BNB-USD | +0.0216% | 1h | 788.57 | −0.086% | $639K | $9K | 10x | as long as short |
| 01 Exchange BNBUSD | +0.0232% | 1h | 790.09 | +0.106% | $28K | $4K | 10x | as long as short |
| Kraken Futures PF_BNBUSD | +0.0263% | 1h | 789.41 | +0.020% | $2.5M | $1.2M | 50x | as long as short |
| Deribit BNB_USDC-PERPETUAL | +0.0300% | 1h | 789.88 | +0.080% | $1.5M | $143K | 25x | as long as short |
| Reya BNBRUSDPERP | +0.0325% | 1h | 789.15 | −0.012% | $6K | $3K | 40x | as long as short |
| Hibachi BNB/USDT-P | +0.0360% | 1h | 789.07 | −0.023% | $67K | $38K | 12x | as long as short |
| RISEx BNB/USDC | +0.0461% | 1h | 789.75 | +0.063% | $1.1M | $903K | 20x | as long as short |
Coinbase International BNB-PERP-INTX
Orderly PERP_BNB_USDC
Nado BNB-PERP
Hyperliquid BNB
Pacifica BNB
Bybit BNBUSDT
OKX BNB-USDT-SWAP
Arcus BNB-USD
Gate BNB_USDT
KuCoin BNBUSDTM
Bitget BNBUSDT
Backpack BNB_USDC_PERP
Variational Omni BNB
edgeX BNBUSDC
ApeX Omni BNBUSDT
Polymarket Perps BNB-USD
Derive BNB-PERP
SunX BNB-USDT
SoDEX BNB-USD
HTX BNB-USDT
Paradex BNB-USD-PERP
Extended BNB-USD
Aevo BNB-PERP
dYdX BNB-USD
GRVT BNB_USDT_Perp
Kalshi KXBNBPERP
BloFin BNB-USDT
Bulk BNB-USD
01 Exchange BNBUSD
Kraken Futures PF_BNBUSD
Deribit BNB_USDC-PERPETUAL
Reya BNBRUSDPERP
Hibachi BNB/USDT-P
RISEx BNB/USDC