BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0331%/8h= −36.2% APRnext payment −$0.41 per $10,000 · paid last 24h −0.030%

Price spread now: Phoenix against Backpack+0.083%80s7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as 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−$390.387% of the position

Long on Backpack Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.075%+$7 on $10k

Price spread, last 3 days (all we have)−0.008%−$1 · spread now +0.083%, 7d avg +0.030%

Together, before fees+0.067%+$7 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Phoenix is 0.053% dearer against Backpack than usual: you sell high and buy low (spread +0.083% now, against its 7-day average of +0.030%): +$5 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 13 hours. Mind the row above: over the last 7 days funding on this pair paid +0.075%, so the current rate has only just turned against you. The two prices were read 80 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.075% in total (about 3.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.41 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BNB_USDC_PERP	799.38	0.0430	pay 0.0054% / 1h	10m 13s	$2.7M	$5.7M	40x
Short	Phoenix BNB	800.04	0.0099	get 0.0012% / 1h	10m 13s	$172K	$36K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Backpack. 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 BackpackbpFee PhoenixbpOrdersPrice spread, now +0.083%Rate

Funding earned: −$69.45
Price spread: +0.083% → +0.030%: $5.3
Slippage, 4 orders: −$21.74
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$102.89
Costs to cover: 0.387%
Break-even: never at this rate

Slippage from Backpack: live order book, 4 min ago; Phoenix: live order book, 56 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 Backpack live order book, 4 min ago	0.31 bp	5.7 bp −$6	8.5 bp −$85	doesn't fit	doesn't fit
Sell Phoenix live order book, 56 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 −0.0159% / S +0.0335%	1h	798.71	−0.084%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	798.26	−0.141%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.13	−0.031%	$4K	$239	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.74	+0.045%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.03	−0.044%	$863K	$2.9M	30x	as long as short
Phemex BNBUSDT	+0.0002%	8h	798.97	−0.051%	$69.8M	$50.1M	50x	as long as short
Gate BNB_USDT	+0.0007%	8h	798.15	−0.154%	$35.9M	$57.0M	75x	as long as short
Variational Omni BNB	+0.0008%	8h	797.92	−0.183%	$4.1M	$5.1M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.72	−0.083%	$9.7M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.714%	$19K	$789K	30x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BNB-USDT	+0.0035%	8h	798.67	−0.089%	—	$35.0M	—	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	799.07	−0.039%	$615K	$1.1M	50x	as long as short
Aster BNBUSDT	+0.0049%	8h	798.98	−0.050%	$6.1M	$19.4M	200x	as long as short
Bybit BNBUSDT	+0.0069%	8h	798.29	−0.136%	$138.6M	$76.0M	75x	as long as short
MEXC BNB_USDT	+0.0072%	8h	799.30	−0.010%	$83.1M	$13.7M	200x	as long as short
Binance BNBUSDT	+0.0072%	8h	798.96	−0.053%	$496.3M	$808.6M	75x	as long as short
Lighter BNB	+0.0096%	1h	798.51	−0.109%	$2.8M	$4.0M	20x	as long as short
Phoenix BNBshort	+0.0099%	1h	800.04	+0.083%	$172K	$36K	10x
Nado BNB-PERP	+0.0100%	1h	798.50	−0.110%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.06	−0.040%	$1.2M	$937K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.30	−0.135%	$54.2M	$110.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.10	−0.035%	$53K	$127K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.58	−0.100%	$27.9M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.05	−0.166%	$78.2M	$28.0M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.52	+0.018%	$4.2M	$76.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.37	−0.001%	$161K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.64	−0.093%	$113K	$884K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.61	−0.096%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.74	−0.080%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.36	−0.003%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.50	−0.110%	$393K	$996K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.40	−0.122%	$8.2M	$8.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.43	+0.006%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	797.97	−0.177%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.57	−0.101%	$384K	$110K	10x	as long as short
Bulk BNB-USD	+0.0138%	1h	797.80	−0.198%	$648K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	798.80	−0.073%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0162%	8h	798.60	−0.098%	$90K	$2.8M	4.8x	as long as short
dYdX BNB-USD	+0.0190%	1h	798.50	−0.110%	$161K	$63K	10x	as long as short
BloFin BNB-USDT	+0.0193%	8h	798.69	−0.086%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	799.32	−0.008%	$28K	$1K	10x	as long as short
Hyperliquid BNB	+0.0288%	1h	799.31	−0.009%	$53.1M	$20.3M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	799.04	−0.042%	$1.6M	$161K	25x	as long as short
Hibachi BNB/USDT-P	+0.0320%	1h	799.02	−0.045%	$68K	$38K	12x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	798.46	−0.115%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERPlong	+0.0430%	1h	799.38	long leg	$2.7M	$5.7M	40x