Funding you earn now, next payment 06:00 UTC−0.0070%/8h= −7.7% APRnext payment −$0.09 per $10,000 · paid last 24h +0.006%
Price spread now: Phoenix against Kraken Futures−0.121%49s7-day average +0.088% · you buy dearer than you sell
Net, funding: paid 7d − costs−$18as 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−$450.450% of the position
Funding, last 7 days+0.272%+$27 on $10k
+Price spread, last 4 days (all we have)+0.231%+$23 · spread now −0.121%, 7d avg +0.088%
=Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.209% cheaper against Kraken Futures than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of +0.088%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.272%, so the current rate has only just turned against you. The two prices were read 49 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 | 787.21 | 0.0205 | pay 0.0026% / 1h | 29m 30s | $2.5M | $1.2M | 50x |
| Short | Phoenix BNB | 786.26 | 0.0135 | get 0.0017% / 1h | 29m 30s | $169K | $35K | 10x |
Kraken Futures PF_BNBUSD
Phoenix BNBFunding 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 itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$14.8
- Price spread: −0.121% → +0.088%
- −$20.94
- Slippage, 4 orders
- −$28.01
- Fee Kraken Futures: 5 bp × 2 orders
- −$10
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$80.74
- Costs to cover
- 0.450%
- Break-even
- never at this rate
Slippage from Kraken Futures: live order book, 4 min ago; Phoenix: live order book, 7 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, 4 min ago | 2.29 bp | 8.9 bp −$9 | 14.2 bp −$142 | 35.7 bp −$3,568 | 96.5 bp −$48.3K |
| Sell Phoenix live order book, 7 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 −0.0170% / S +0.0337% | 1h | 786.45 | −0.097% | $43K | — | 200x | as long as short |
| Hotstuff BNB-PERP | −0.0080% | 1h | 787.67 | +0.058% | $4K | $42 | 25x | as long as short |
| StandX BNB-USD | 0.0000% | 1h | 787.37 | +0.020% | $849K | $2.8M | 30x | as long as short |
| gTrade (Gains Network) BNB/USD | L +0.0007% / S −0.0007% | 1h | 786.52 | −0.088% | $9.5M | — | 150x | as long as short |
| Injective BNB/USDC PERP | +0.0033% | 1h | 805.09 | +2.271% | $19K | $789K | 30x | as long as short |
| Aster BNBUSDT | +0.0051% | 8h | 787.98 | +0.098% | $6.1M | $18.8M | 200x | as long as short |
| BingX BNB-USDT | +0.0051% | 8h | 787.82 | +0.077% | — | $22.3M | — | as long as short |
| MEXC BNB_USDT | +0.0064% | 8h | 788.60 | +0.176% | $81.1M | $12.0M | 200x | as long as short |
| Binance BNBUSDT | +0.0065% | 8h | 787.98 | +0.098% | $490.9M | $816.6M | 75x | as long as short |
| dYdX BNB-USD | +0.0073% | 1h | 786.36 | −0.108% | $159K | $62K | 10x | as long as short |
GMX BNB/USD [WBTC.b-USDC]
Hotstuff BNB-PERP
StandX BNB-USD
gTrade (Gains Network) BNB/USD
Injective BNB/USDC PERP
Aster BNBUSDT
BingX BNB-USDT
MEXC BNB_USDT
Binance BNBUSDT
dYdX BNB-USDShow all 46 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Phemex BNBUSDT | +0.0077% | 8h | 787.70 | +0.062% | $68.9M | $51.0M | 50x | as long as short |
| Coinbase International BNB-PERP-INTX | +0.0080% | 1h | 787.00 | −0.027% | $569K | $1.9M | 50x | as long as short |
| Lighter BNB | +0.0096% | 1h | 787.52 | +0.039% | $2.7M | $3.8M | 20x | as long as short |
| Nado BNB-PERP | +0.0100% | 1h | 787.22 | +0.001% | $1.4M | $2.7M | 20x | as long as short |
| Hyperliquid BNB | +0.0100% | 1h | 787.75 | +0.068% | $51.6M | $17.7M | 10x | as long as short |
| Pacifica BNB | +0.0100% | 1h | 787.59 | +0.049% | $1.2M | $933K | 20x | as long as short |
| Bybit BNBUSDT | +0.0100% | 8h | 787.30 | +0.011% | $138.6M | $75.2M | 75x | as long as short |
| OKX BNB-USDT-SWAP | +0.0100% | 8h | 787.30 | +0.011% | $53.5M | $113.2M | 50x | as long as short |
| Arcus BNB-USD | +0.0100% | 1h | 787.80 | +0.075% | $52K | $129K | 10x | as long as short |
| Gate BNB_USDT | +0.0100% | 8h | 787.60 | +0.049% | $37.5M | $59.1M | 75x | as long as short |
| KuCoin BNBUSDTM | +0.0100% | 8h | 787.11 | −0.013% | $27.7M | $10.2M | 75x | as long as short |
| Bitget BNBUSDT | +0.0100% | 8h | 787.36 | +0.019% | $76.2M | $31.2M | 75x | as long as short |
| Backpack BNB_USDC_PERP | +0.0100% | 1h | 788.07 | +0.109% | $2.2M | $6.1M | 40x | as long as short |
| Variational Omni BNB | +0.0100% | 8h | 786.11 | −0.140% | $4.0M | $4.8M | — | as long as short |
| edgeX BNBUSDC | +0.0100% | 4h | 786.82 | −0.049% | $4.1M | $76.1M | 30x | as long as short |
| ApeX Omni BNBUSDT | +0.0100% | 1h | 786.63 | −0.074% | $158K | $436K | 50x | as long as short |
| Polymarket Perps BNB-USD | +0.0100% | 1h | 787.32 | +0.014% | $132K | $951K | 10x | as long as short |
| Orderly PERP_BNB_USDC | +0.0100% | 8h | 787.11 | −0.013% | $265K | $470K | 50x | as long as short |
| Derive BNB-PERP | +0.0100% | 1h | 786.03 | −0.150% | $31K | $12K | 10x | as long as short |
| SunX BNB-USDT | +0.0100% | 8h | 787.18 | −0.004% | $12K | $1.5M | 50x | as long as short |
| SoDEX BNB-USD | +0.0100% | 1h | 787.10 | −0.014% | $387K | $982K | 10x | as long as short |
| HTX BNB-USDT | +0.0100% | 8h | 787.50 | +0.037% | $8.0M | $10.2M | 75x | as long as short |
| Paradex BNB-USD-PERP | +0.0101% | 8h | 788.25 | +0.132% | $78K | $18K | 50x | as long as short |
| Extended BNB-USD | +0.0104% | 1h | 787.34 | +0.017% | $1.8M | $6.1M | 50x | as long as short |
| Aevo BNB-PERP | +0.0104% | 1h | 787.11 | −0.013% | $378K | $110K | 10x | as long as short |
| Phoenix BNBshort | +0.0135% | 1h | 786.26 | −0.121% | $169K | $35K | 10x | |
| Kalshi KXBNBPERP | +0.0137% | 8h | 787.20 | −0.002% | $170K | $2.7M | 4.8x | as long as short |
| BloFin BNB-USDT | +0.0185% | 8h | 787.15 | −0.008% | $17.7M | $2.2M | 75x | as long as short |
| Kraken Futures PF_BNBUSDlong | +0.0205% | 1h | 787.21 | long leg | $2.5M | $1.2M | 50x | |
| GRVT BNB_USDT_Perp | +0.0229% | 8h | 787.15 | −0.008% | $2.9M | $29.4M | 10x | as long as short |
| 01 Exchange BNBUSD | +0.0256% | 1h | 788.00 | +0.100% | $28K | $4K | 10x | as long as short |
| Bulk BNB-USD | +0.0291% | 1h | 787.29 | +0.010% | $638K | $4K | 10x | as long as short |
| Deribit BNB_USDC-PERPETUAL | +0.0300% | 1h | 787.49 | +0.035% | $1.5M | $145K | 25x | as long as short |
| Reya BNBRUSDPERP | +0.0322% | 1h | 786.31 | −0.115% | $6K | $3K | 40x | as long as short |
| RISEx BNB/USDC | +0.0438% | 1h | 786.84 | −0.048% | $1.1M | $915K | 20x | as long as short |
| Hibachi BNB/USDT-P | +0.0528% | 1h | 786.61 | −0.076% | $67K | $39K | 12x | as long as short |
Phemex BNBUSDT
Coinbase International BNB-PERP-INTX
Lighter BNB
Nado BNB-PERP
Hyperliquid BNB
Pacifica BNB
Bybit BNBUSDT
OKX BNB-USDT-SWAP
Arcus BNB-USD
Gate BNB_USDT
KuCoin BNBUSDTM
Bitget BNBUSDT
Backpack BNB_USDC_PERP
Variational Omni BNB
edgeX BNBUSDC
ApeX Omni BNBUSDT
Polymarket Perps BNB-USD
Orderly PERP_BNB_USDC
Derive BNB-PERP
SunX BNB-USDT
SoDEX BNB-USD
HTX BNB-USDT
Paradex BNB-USD-PERP
Extended BNB-USD
Aevo BNB-PERP
Kalshi KXBNBPERP
BloFin BNB-USDT
GRVT BNB_USDT_Perp
01 Exchange BNBUSD
Bulk BNB-USD
Deribit BNB_USDC-PERPETUAL
Reya BNBRUSDPERP
RISEx BNB/USDC
Hibachi BNB/USDT-P