BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0007%/8h= +0.8% APRnext payment +$0.01 per $10,000 · paid last 24h −0.039%

Price spread now: Phoenix against Backpack+0.062%7-day average +0.029% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$360.359% of the position

Long on Backpack Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.065%+$7 on $10k

Price spread, last 4 days (all we have)+0.188%+$19 · spread now +0.062%, 7d avg +0.029%

Together, before fees+0.254%+$25 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phoenix is 0.033% dearer against Backpack than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of +0.029%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BNB_USDC_PERP	788.64	0.0100	pay 0.0013% / 1h	38m 30s	$2.2M	$6.1M	40x
Short	Phoenix BNB	789.13	0.0107	get 0.0013% / 1h	38m 30s	$170K	$35K	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 +0.062%Rate

Funding earned: $1.55
Price spread: +0.062% → +0.029%: $3.32
Slippage, 4 orders: −$18.88
Fee Backpack: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$31.01
Costs to cover: 0.359%
Break-even: 146.9 days

Slippage from Backpack: live order book, 1 min ago; Phoenix: live order book, 18 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, 1 min ago	0.06 bp	5.7 bp −$6	7.6 bp −$76	doesn't fit	doesn't fit
Sell Phoenix live order book, 18 min ago	1.01 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 −0.0167% / S +0.0335%	1h	788.15	−0.062%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.89	+0.032%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.21	+0.072%	$853K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	788.21	−0.055%	$9.6M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.086%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0042%	8h	788.89	+0.032%	$6.3M	$18.7M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	789.09	+0.057%	$618K	$1.8M	50x	as long as short
BingX BNB-USDT	+0.0058%	8h	788.68	+0.005%	—	$34.4M	—	as long as short
MEXC BNB_USDT	+0.0074%	8h	789.50	+0.109%	$80.3M	$12.4M	200x	as long as short
Binance BNBUSDT	+0.0075%	8h	788.77	+0.016%	$493.2M	$805.2M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0078%	8h	788.85	+0.027%	$69.1M	$51.0M	50x	as long as short
Variational Omni BNB	+0.0086%	8h	787.60	−0.132%	$4.1M	$4.6M	—	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	788.10	−0.068%	$2.5M	$1.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	788.80	+0.021%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.25	−0.049%	$265K	$497K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.05	−0.075%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.18	+0.068%	$51.7M	$18.1M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.71	+0.009%	$1.2M	$908K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.10	−0.068%	$138.6M	$77.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.00	−0.081%	$53.5M	$112.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.70	+0.008%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.40	−0.030%	$35.3M	$56.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.42	−0.028%	$27.7M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.27	−0.047%	$76.8M	$30.0M	75x	as long as short
Backpack BNB_USDC_PERPlong	+0.0100%	1h	788.64	long leg	$2.2M	$6.1M	40x
edgeX BNBUSDC	+0.0100%	4h	788.57	−0.009%	$4.1M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.87	+0.029%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.26	−0.048%	$137K	$946K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.45	−0.024%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.90	+0.033%	$12K	$1.6M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.42	−0.028%	$8.1M	$9.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0103%	8h	789.22	+0.074%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.18	−0.058%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.32	−0.040%	$379K	$110K	10x	as long as short
Phoenix BNBshort	+0.0107%	1h	789.13	+0.062%	$170K	$35K	10x
GRVT BNB_USDT_Perp	+0.0132%	8h	789.50	+0.109%	$2.9M	$28.2M	10x	as long as short
SoDEX BNB-USD	+0.0145%	1h	788.40	−0.030%	$388K	$1.0M	10x	as long as short
Kalshi KXBNBPERP	+0.0186%	8h	788.90	+0.033%	$95K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0195%	8h	788.79	+0.019%	$18.1M	$2.3M	75x	as long as short
dYdX BNB-USD	+0.0238%	1h	788.16	−0.061%	$159K	$63K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.68	+0.005%	$1.5M	$152K	25x	as long as short
01 Exchange BNBUSD	+0.0304%	1h	789.02	+0.048%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	788.15	−0.063%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0361%	1h	788.82	+0.023%	$1.1M	$1.0M	20x	as long as short
Bulk BNB-USD	+0.0373%	1h	788.05	−0.074%	$638K	$13K	10x	as long as short
Hibachi BNB/USDT-P	+0.0584%	1h	789.00	+0.045%	$67K	$38K	12x	as long as short