BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0038%/8h= +4.1% APRnext payment +$0.05 per $10,000 · paid last 24h +0.004%

Price spread now: Phoenix against Kraken Futures−0.086%71s7-day average +0.087% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as 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−$460.463% of the position

Long on Kraken Futures Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.272%+$27 on $10k

Price spread, last 4 days (all we have)+0.200%+$20 · spread now −0.086%, 7d avg +0.087%

Together, before fees+0.472%+$47 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phoenix is 0.173% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.086% now, against its 7-day average of +0.087%). If the spread goes back, that is −$17 on $10k: about 15 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.272% in total) that is about 4.5 days. The two prices were read 71 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BNBUSD	788.55	0.0069	pay 0.0009% / 1h	5m 36s	$2.5M	$1.2M	50x
Short	Phoenix BNB	787.87	0.0107	get 0.0013% / 1h	5m 36s	$169K	$35K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Kraken Futures. 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 Kraken FuturesbpFee PhoenixbpOrdersPrice spread, now −0.086%Rate

Funding earned: $7.91
Price spread: −0.086% → +0.087%: −$17.31
Slippage, 4 orders: −$29.29
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$55.69
Costs to cover: 0.463%
Break-even: 56.3 days

Slippage from Kraken Futures: live order book, 3 min ago; Phoenix: live order book, 36 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 Kraken Futures live order book, 3 min ago	4.57 bp	10.7 bp −$11	15.6 bp −$156	37.0 bp −$3,704	91.9 bp −$46.0K
Sell Phoenix live order book, 36 min ago	1.02 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 −0.0192% / S +0.0356%	1h	788.50	−0.006%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.19	+0.082%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.92	+0.048%	$851K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.52	−0.003%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.098%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0044%	8h	789.35	+0.102%	$6.1M	$19.1M	200x	as long as short
BingX BNB-USDT	+0.0050%	8h	788.78	+0.030%	—	$22.2M	—	as long as short
Phemex BNBUSDT	+0.0061%	8h	789.26	+0.091%	$69.1M	$50.8M	50x	as long as short
MEXC BNB_USDT	+0.0067%	8h	789.50	+0.121%	$81.1M	$12.1M	200x	as long as short
Binance BNBUSDT	+0.0067%	8h	789.17	+0.079%	$491.3M	$815.9M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSDlong	+0.0069%	1h	788.55	long leg	$2.5M	$1.2M	50x
Coinbase International BNB-PERP-INTX	+0.0080%	1h	788.38	−0.021%	$569K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	788.77	+0.028%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.67	+0.016%	$265K	$490K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.15	−0.050%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.43	+0.112%	$51.7M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.90	+0.045%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.60	+0.007%	$138.8M	$75.0M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.60	+0.007%	$53.6M	$113.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.80	+0.032%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.65	+0.013%	$36.9M	$59.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.42	−0.016%	$27.8M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.36	−0.024%	$76.3M	$31.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.09	+0.069%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.41	−0.017%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.22	−0.041%	$4.1M	$75.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.81	−0.093%	$159K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.44	−0.013%	$132K	$951K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.88	+0.043%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.13	+0.074%	$12K	$1.5M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.22	−0.041%	$8.0M	$10.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	789.01	+0.059%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.33	−0.028%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.68	+0.018%	$379K	$110K	10x	as long as short
Phoenix BNBshort	+0.0107%	1h	787.87	−0.086%	$169K	$35K	10x
SoDEX BNB-USD	+0.0122%	1h	788.80	+0.032%	$388K	$989K	10x	as long as short
dYdX BNB-USD	+0.0136%	1h	788.46	−0.011%	$160K	$62K	10x	as long as short
Kalshi KXBNBPERP	+0.0140%	8h	789.00	+0.058%	$163K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0187%	8h	788.82	+0.035%	$17.6M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	789.04	+0.063%	$1.5M	$143K	25x	as long as short
GRVT BNB_USDT_Perp	+0.0221%	8h	788.50	−0.006%	$2.9M	$29.5M	10x	as long as short
01 Exchange BNBUSD	+0.0312%	1h	789.16	+0.078%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	788.30	−0.031%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0378%	1h	788.15	−0.050%	$639K	$4K	10x	as long as short
RISEx BNB/USDC	+0.0432%	1h	788.84	+0.037%	$1.1M	$902K	20x	as long as short
Hibachi BNB/USDT-P	+0.0560%	1h	788.09	−0.058%	$67K	$39K	12x	as long as short