Funding you earn now, next payment 21:00 UTC−0.0025%/8h= −2.8% APRnext payment −$0.03 per $10,000 · paid last 24h −0.010%
Price spread now: Polymarket Perps against Phoenix−0.116%7-day average −0.085% · you buy dearer than you sell
Net, funding: paid 7d − costs−$60as in the Funding arb table
Net, price: spread back to 7d avg − costs−$42as in the Price arb table
costs, in and out, $10k−$390.394% of the position
Funding, last 7 days−0.207%−$21 on $10k
+Price spread, last 3 days (all we have)+0.023%+$2 · spread now −0.116%, 7d avg −0.085%
=Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Polymarket Perps is 0.031% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.085%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phoenix BNB | 803.11 | 0.0125 | pay 0.0016% / 1h | 48m 47s | $173K | $35K | 10x |
| Short | Polymarket Perps BNB-USD | 802.18 | 0.0100 | get 0.0013% / 1h | 48m 47s | $118K | $869K | 10x |
Phoenix BNB
Polymarket Perps BNB-USDFunding history
latest
Range statsloading…
Price spread between the two exchanges
Polymarket Perps 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
- −$5.28
- Price spread: −0.116% → −0.085%
- −$3.11
- Slippage, 4 orders
- −$24.39
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Fee Polymarket Perps: 4 bp × 2 orders
- −$8
- Net
- −$47.78
- Costs to cover
- 0.394%
- Break-even
- never at this rate
Slippage from Phoenix: live order book, 34 min ago; Polymarket Perps: live order book, 39 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, 34 min ago | 0.99 bp | 12.3 bp −$12 | 50.8 bp −$508 | doesn't fit | doesn't fit |
| Sell Polymarket Perps live order book, 39 min ago | 2.74 bp | 8.0 bp −$8 | 8.3 bp −$83 | 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 | 802.28 | −0.103% | $48K | — | 200x | as long as short |
| Hotstuff BNB-PERP | −0.0080% | 1h | 802.82 | −0.036% | $4K | $1K | 25x | as long as short |
| GRVT BNB_USDT_Perp | 0.0000% | 8h | 803.08 | −0.004% | $3.0M | $30.0M | 10x | as long as short |
| Kalshi KXBNBPERP | 0.0000% | 8h | 802.90 | −0.026% | $109K | $2.5M | 4.8x | as long as short |
| StandX BNB-USD | 0.0000% | 1h | 803.33 | +0.027% | $868K | $3.0M | 30x | as long as short |
| gTrade (Gains Network) BNB/USD | L +0.0008% / S −0.0007% | 1h | 802.22 | −0.111% | $9.7M | — | 150x | as long as short |
| Kraken Futures PF_BNBUSD | +0.0038% | 1h | 802.31 | −0.099% | $2.5M | $916K | 50x | as long as short |
| Variational Omni BNB | +0.0063% | 8h | 802.15 | −0.119% | $4.1M | $5.3M | — | as long as short |
| BingX BNB-USDC | +0.0070% | 8h | 802.36 | −0.093% | — | $13.3M | — | as long as short |
| Aster BNBUSDT | +0.0085% | 8h | 802.78 | −0.041% | $6.4M | $18.9M | 200x | as long as short |
GMX BNB/USD [WBTC.b-USDC]
Hotstuff BNB-PERP
GRVT BNB_USDT_Perp
Kalshi KXBNBPERP
StandX BNB-USD
gTrade (Gains Network) BNB/USD
Kraken Futures PF_BNBUSD
Variational Omni BNB
BingX BNB-USDC
Aster BNBUSDTShow all 46 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Coinbase International BNB-PERP-INTX | +0.0088% | 1h | 803.99 | +0.110% | $608K | $898K | 50x | as long as short |
| Bybit BNBUSDT | +0.0096% | 8h | 801.94 | −0.146% | $138.7M | $83.0M | 75x | as long as short |
| Lighter BNB | +0.0096% | 1h | 802.57 | −0.067% | $2.8M | $4.2M | 20x | as long as short |
| Nado BNB-PERP | +0.0100% | 1h | 801.89 | −0.152% | $1.4M | $2.8M | 20x | as long as short |
| Pacifica BNB | +0.0100% | 1h | 802.65 | −0.057% | $1.2M | $923K | 20x | as long as short |
| OKX BNB-USDT-SWAP | +0.0100% | 8h | 802.40 | −0.088% | $54.9M | $115.1M | 50x | as long as short |
| Arcus BNB-USD | +0.0100% | 1h | 802.50 | −0.076% | $52K | $191K | 10x | as long as short |
| Gate BNB_USDT | +0.0100% | 8h | 802.00 | −0.138% | $35.9M | $58.2M | 75x | as long as short |
| KuCoin BNBUSDTM | +0.0100% | 8h | 802.10 | −0.126% | $28.1M | $10.5M | 75x | as long as short |
| Bitget BNBUSDT | +0.0100% | 8h | 802.00 | −0.138% | $78.9M | $24.6M | 75x | as long as short |
| edgeX BNBUSDC | +0.0100% | 4h | 803.76 | +0.081% | $4.2M | $76.8M | 30x | as long as short |
| ApeX Omni BNBUSDT | +0.0100% | 1h | 803.32 | +0.026% | $158K | $437K | 50x | as long as short |
| Polymarket Perps BNB-USDshort | +0.0100% | 1h | 802.18 | −0.116% | $118K | $869K | 10x | |
| Orderly PERP_BNB_USDC | +0.0100% | 8h | 802.21 | −0.112% | $388K | $595K | 50x | as long as short |
| Derive BNB-PERP | +0.0100% | 1h | 802.42 | −0.086% | $32K | $5K | 10x | as long as short |
| SunX BNB-USDT | +0.0100% | 8h | 802.83 | −0.035% | $13K | $1.7M | 50x | as long as short |
| SoDEX BNB-USD | +0.0100% | 1h | 802.30 | −0.101% | $395K | $1.0M | 10x | as long as short |
| Deribit BNB_USDC-PERPETUAL | +0.0100% | 1h | 802.72 | −0.049% | $1.6M | $162K | 25x | as long as short |
| HTX BNB-USDT | +0.0100% | 8h | 802.58 | −0.066% | $8.2M | $7.4M | 75x | as long as short |
| Paradex BNB-USD-PERP | +0.0100% | 8h | 802.90 | −0.026% | $78K | $19K | 50x | as long as short |
| Binance BNBUSDT | +0.0102% | 8h | 803.10 | −0.001% | $518.0M | $807.3M | 75x | as long as short |
| MEXC BNB_USDT | +0.0102% | 8h | 803.30 | +0.024% | $84.3M | $13.5M | 200x | as long as short |
| Extended BNB-USD | +0.0104% | 1h | 801.85 | −0.157% | $1.9M | $6.1M | 50x | as long as short |
| Aevo BNB-PERP | +0.0104% | 1h | 802.35 | −0.095% | $385K | $40K | 10x | as long as short |
| Phemex BNBUSDT | +0.0123% | 8h | 802.78 | −0.041% | $70.1M | $51.6M | 50x | as long as short |
| Phoenix BNBlong | +0.0125% | 1h | 803.11 | long leg | $173K | $35K | 10x | |
| Bulk BNB-USD | +0.0161% | 1h | 803.45 | +0.042% | $649K | $11K | 10x | as long as short |
| Hyperliquid BNB | +0.0161% | 1h | 803.07 | −0.005% | $51.6M | $21.3M | 10x | as long as short |
| dYdX BNB-USD | +0.0207% | 1h | 802.35 | −0.095% | $170K | $55K | 10x | as long as short |
| RISEx BNB/USDC | +0.0209% | 1h | 802.63 | −0.060% | $1.1M | $1.4M | 20x | as long as short |
| BloFin BNB-USDT | +0.0222% | 8h | 802.79 | −0.040% | $18.8M | $3.1M | 75x | as long as short |
| Hibachi BNB/USDT-P | +0.0248% | 1h | 802.79 | −0.040% | $71K | $48K | 12x | as long as short |
| 01 Exchange BNBUSD | +0.0320% | 1h | 802.94 | −0.021% | $28K | $1K | 10x | as long as short |
| Reya BNBRUSDPERP | +0.0335% | 1h | 801.97 | −0.142% | $6K | $3K | 40x | as long as short |
| Injective BNB/USDC PERP | +0.0353% | 1h | 804.92 | +0.225% | $19K | $526K | 30x | as long as short |
| Backpack BNB_USDC_PERP | +0.0682% | 1h | 803.45 | +0.042% | $3.0M | $5.3M | 40x | as long as short |
Coinbase International BNB-PERP-INTX
Bybit BNBUSDT
Lighter BNB
Nado BNB-PERP
Pacifica BNB
OKX BNB-USDT-SWAP
Arcus BNB-USD
Gate BNB_USDT
KuCoin BNBUSDTM
Bitget BNBUSDT
edgeX BNBUSDC
ApeX Omni BNBUSDT
Orderly PERP_BNB_USDC
Derive BNB-PERP
SunX BNB-USDT
SoDEX BNB-USD
Deribit BNB_USDC-PERPETUAL
HTX BNB-USDT
Paradex BNB-USD-PERP
Binance BNBUSDT
MEXC BNB_USDT
Extended BNB-USD
Aevo BNB-PERP
Phemex BNBUSDT
Bulk BNB-USD
Hyperliquid BNB
dYdX BNB-USD
RISEx BNB/USDC
BloFin BNB-USDT
Hibachi BNB/USDT-P
01 Exchange BNBUSD
Reya BNBRUSDPERP
Injective BNB/USDC PERP
Backpack BNB_USDC_PERP