BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0020%/8h= +2.2% APRnext payment +$0.02 per $10,000 · paid last 24h +0.005%

Price spread now: Phoenix against Polymarket Perps+0.114%59s7-day average +0.082% · 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−$510.508% of the position

Long on Polymarket Perps Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.197%+$20 on $10k

Price spread, last 4 days (all we have)−0.046%−$5 · spread now +0.114%, 7d avg +0.082%

Together, before fees+0.152%+$15 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phoenix is 0.032% dearer against Polymarket Perps than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.082%. The two prices were read 59 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	Polymarket Perps BNB-USD	787.02	0.0100	pay 0.0013% / 1h	52m 27s	$130K	$905K	10x
Short	Phoenix BNB	787.92	0.0120	get 0.0015% / 1h	52m 27s	$158K	$45K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Polymarket Perps. 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 Polymarket PerpsbpFee PhoenixbpOrdersPrice spread, now +0.114%Rate

Funding earned: $4.15
Price spread: +0.114% → +0.082%: $3.21
Slippage, 4 orders: −$35.84
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$43.47
Costs to cover: 0.508%
Break-even: 80.3 days

Slippage from Polymarket Perps: live order book, 58 min ago; Phoenix: live order book, 53 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 Polymarket Perps live order book, 58 min ago	4.59 bp	9.0 bp −$9	11.9 bp −$119	doesn't fit	doesn't fit
Sell Phoenix live order book, 53 min ago	1.02 bp	12.4 bp −$12	43.2 bp −$432	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	787.13	+0.014%	$43K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0085%	1h	787.20	+0.022%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.09	+0.136%	$4K	—	25x	as long as short
Aster BNBUSDT	0.0000%	8h	787.65	+0.080%	$5.9M	$17.0M	200x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	787.82	+0.102%	$3.0M	$26.5M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	787.80	+0.099%	$139K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	788.22	+0.152%	$850K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.21	+0.024%	$9.5M	—	150x	as long as short
MEXC BNB_USDT	+0.0015%	8h	788.70	+0.213%	$83.3M	$11.7M	200x	as long as short
Binance BNBUSDT	+0.0015%	8h	787.68	+0.084%	$481.4M	$765.5M	75x	as long as short

Show all 45 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.296%	$19K	$789K	30x	as long as short
Bybit BNBUSDT	+0.0043%	8h	786.80	−0.028%	$138.5M	$67.0M	75x	as long as short
BloFin BNB-USDT	+0.0063%	8h	787.99	+0.123%	$18.4M	$2.2M	75x	as long as short
Phemex BNBUSDT	+0.0089%	8h	787.89	+0.111%	$68.5M	$51.1M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.23	+0.026%	$2.7M	$3.3M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.85	−0.022%	$1.4M	$2.4M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.74	+0.091%	$51.9M	$16.8M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.29	+0.035%	$1.2M	$932K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.90	−0.015%	$53.3M	$102.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.40	+0.048%	$57K	$122K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.10	+0.010%	$41.2M	$53.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.99	−0.004%	$28.2M	$9.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.80	−0.028%	$75.6M	$30.7M	75x	as long as short
BingX BNB-USDC	+0.0100%	8h	787.14	+0.015%	—	$13.4M	—	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.70	+0.086%	$2.2M	$6.0M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	786.85	−0.022%	$4.3M	$4.5M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.81	+0.101%	$4.1M	$74.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.94	+0.117%	$159K	$444K	50x	as long as short
Polymarket Perps BNB-USDlong	+0.0100%	1h	787.02	long leg	$130K	$905K	10x
Orderly PERP_BNB_USDC	+0.0100%	8h	787.11	+0.011%	$264K	$297K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.76	+0.094%	$12K	$1.3M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.50	+0.061%	$387K	$926K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	787.64	+0.079%	$1.5M	$157K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.57	+0.070%	$8.0M	$10.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.60	+0.074%	$78K	$386K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.63	−0.050%	$1.8M	$5.6M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.16	+0.018%	$378K	$110K	10x	as long as short
Phoenix BNBshort	+0.0120%	1h	787.92	+0.114%	$158K	$45K	10x
Coinbase International BNB-PERP-INTX	+0.0120%	1h	787.48	+0.058%	$545K	$1.9M	50x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	787.65	+0.080%	$28K	$3K	10x	as long as short
Bulk BNB-USD	+0.0282%	1h	788.09	+0.136%	$639K	$0	10x	as long as short
Reya BNBRUSDPERP	+0.0317%	1h	786.68	−0.043%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0320%	1h	787.44	+0.054%	$67K	$37K	12x	as long as short
RISEx BNB/USDC	+0.0393%	1h	787.41	+0.050%	$1.1M	$901K	20x	as long as short
dYdX BNB-USD	+0.1054%	1h	787.47	+0.058%	$158K	$34K	10x	as long as short