BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0120%/8h= −13.1% APRnext payment −$0.15 per $10,000 · paid last 24h +0.027%

Price spread now: Deribit against Phoenix−0.063%70s7-day average −0.035% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as 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−$400.398% of the position

Long on Phoenix Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.072%−$7 on $10k

Price spread, last 4 days (all we have)−0.100%−$10 · spread now −0.063%, 7d avg −0.035%

Together, before fees−0.171%−$17 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Deribit is 0.028% cheaper against Phoenix than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.035%). Swap the legs. The two prices were read 70 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	Phoenix BNB	787.92	0.0120	pay 0.0015% / 1h	51m 59s	$158K	$45K	10x
Short	Deribit BNB_USDC-PERPETUAL	787.43	0	get 0.0000% / 1h	51m 59s	$1.5M	$157K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.063%Rate

Funding earned: −$25.15
Price spread: −0.063% → −0.035%: −$2.8
Slippage, 4 orders: −$25.84
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$67.8
Costs to cover: 0.398%
Break-even: never at this rate

Slippage from Phoenix: live order book, 53 min ago; Deribit: live order book, 5 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, 53 min ago	1.02 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell Deribit live order book, 5 min ago	3.11 bp	6.6 bp −$7	14.9 bp −$149	doesn't fit	doesn't fit

BNB on 45 exchanges

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 −0.0166% / S +0.0336%	1h	787.06	−0.109%	$43K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0085%	1h	787.00	−0.117%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.09	+0.022%	$4K	—	25x	as long as short
Aster BNBUSDT	0.0000%	8h	787.72	−0.025%	$5.9M	$17.0M	200x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	787.82	−0.012%	$3.0M	$26.5M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	787.90	−0.003%	$139K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	788.22	+0.038%	$850K	$2.9M	30x	as long as short
Deribit BNB_USDC-PERPETUALshort	0.0000%	1h	787.43	−0.063%	$1.5M	$157K	25x
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.21	−0.090%	$9.5M	—	150x	as long as short
MEXC BNB_USDT	+0.0015%	8h	788.70	+0.099%	$83.3M	$11.7M	200x	as long as short

Show all 45 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0015%	8h	787.71	−0.027%	$481.4M	$765.3M	75x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.179%	$19K	$789K	30x	as long as short
Bybit BNBUSDT	+0.0043%	8h	786.80	−0.142%	$138.5M	$66.6M	75x	as long as short
BloFin BNB-USDT	+0.0063%	8h	787.99	+0.009%	$18.4M	$2.2M	75x	as long as short
Phemex BNBUSDT	+0.0093%	8h	787.76	−0.020%	$68.5M	$51.0M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.24	−0.086%	$2.7M	$3.3M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.85	−0.136%	$1.4M	$2.4M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.74	−0.023%	$51.9M	$16.8M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.29	−0.080%	$1.2M	$932K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.90	−0.129%	$53.3M	$102.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.40	−0.066%	$57K	$122K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.05	−0.110%	$41.2M	$53.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.87	−0.133%	$28.2M	$9.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.85	−0.136%	$75.6M	$30.7M	75x	as long as short
BingX BNB-USDC	+0.0100%	8h	787.14	−0.099%	—	$13.4M	—	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.53	−0.049%	$2.2M	$6.0M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	786.85	−0.136%	$4.3M	$4.5M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.81	−0.014%	$4.1M	$74.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.94	+0.003%	$159K	$444K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.02	−0.114%	$130K	$905K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.11	−0.103%	$264K	$297K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.67	−0.031%	$12K	$1.3M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.30	−0.079%	$387K	$926K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.41	−0.065%	$8.0M	$10.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.60	−0.041%	$78K	$386K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.63	−0.164%	$1.8M	$5.6M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.95	−0.123%	$378K	$110K	10x	as long as short
Phoenix BNBlong	+0.0120%	1h	787.92	long leg	$158K	$45K	10x
Coinbase International BNB-PERP-INTX	+0.0120%	1h	787.48	−0.056%	$545K	$1.9M	50x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	787.65	−0.034%	$28K	$3K	10x	as long as short
Bulk BNB-USD	+0.0282%	1h	788.09	+0.022%	$639K	$0	10x	as long as short
Reya BNBRUSDPERP	+0.0317%	1h	786.68	−0.158%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0320%	1h	787.44	−0.061%	$67K	$37K	12x	as long as short
RISEx BNB/USDC	+0.0393%	1h	787.41	−0.064%	$1.1M	$901K	20x	as long as short
dYdX BNB-USD	+0.1054%	1h	787.47	−0.057%	$158K	$34K	10x	as long as short