Funding you earn now, next payment 01:00 UTC−0.0008%/8h= −0.9% APRnext payment −$0.01 per $10,000 · paid last 24h +0.010%
Price spread now: Phoenix against Lighter−0.177%74s7-day average +0.064% · you buy dearer than you sell
Net, funding: paid 7d − costs−$2as 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−$260.264% of the position
Funding, last 7 days+0.245%+$24 on $10k
+Price spread, last 4 days (all we have)+0.580%+$58 · spread now −0.177%, 7d avg +0.064%
=Together, before fees+0.824%+ Points / potential airdropLighter: Season 3 · farm board+$82 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 0.241% cheaper against Lighter than usual: you would sell low and buy high, −$24 on $10k if it goes back to its 7-day average of +0.064%. The two prices were read 74 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 | Lighter BNB | 793.49 | 0.0096 | pay 0.0012% / 1h | 44m 05s | $2.8M | $3.9M | 20x |
| Short | Phoenix BNB | 792.08 | 0.0088 | get 0.0011% / 1h | 44m 05s | $170K | $36K | 10x |
Lighter BNB
Phoenix BNBFunding history
latest
Range statsloading…
Price spread between the two exchanges
Phoenix against Lighter. 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
- −$1.76
- Price spread: −0.177% → +0.064%
- −$24.07
- Slippage, 4 orders
- −$19.42
- Fee Lighter: 0 bp × 2 orders
- $0
- Fee Phoenix: 3.5 bp × 2 orders
- −$7
- Net
- −$52.26
- Costs to cover
- 0.264%
- Break-even
- never at this rate
Slippage from Lighter: live order book, 8 min ago; Phoenix: live order book, 17 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 Lighter live order book, 8 min ago | 0.67 bp | 1.0 bp −$1 | 4.2 bp −$42 | 13.5 bp −$1,349 | 64.9 bp −$32.4K |
| Sell Phoenix live order book, 17 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 −0.0161% / S +0.0335% | 1h | 793.04 | −0.057% | $47K | — | 200x | as long as short |
| Kraken Futures PF_BNBUSD | −0.0132% | 1h | 793.33 | −0.020% | $2.5M | $1.0M | 50x | as long as short |
| Hotstuff BNB-PERP | −0.0080% | 1h | 792.99 | −0.062% | $4K | $239 | 25x | as long as short |
| Gate BNB_USDT | −0.0015% | 8h | 793.15 | −0.042% | $35.4M | $55.4M | 75x | as long as short |
| StandX BNB-USD | 0.0000% | 1h | 793.49 | +0.001% | $858K | $3.1M | 30x | as long as short |
| GRVT BNB_USDT_Perp | +0.0002% | 8h | 793.91 | +0.053% | $3.0M | $28.4M | 10x | as long as short |
| gTrade (Gains Network) BNB/USD | L +0.0008% / S −0.0007% | 1h | 793.11 | −0.047% | $9.7M | — | 150x | as long as short |
| Variational Omni BNB | +0.0010% | 8h | 792.53 | −0.121% | $4.1M | $5.0M | — | as long as short |
| Phemex BNBUSDT | +0.0024% | 8h | 793.91 | +0.054% | $69.4M | $50.3M | 50x | as long as short |
| Aster BNBUSDT | +0.0031% | 8h | 793.88 | +0.050% | $6.1M | $19.9M | 200x | as long as short |
GMX BNB/USD [WBTC.b-USDC]
Kraken Futures PF_BNBUSD
Hotstuff BNB-PERP
Gate BNB_USDT
StandX BNB-USD
GRVT BNB_USDT_Perp
gTrade (Gains Network) BNB/USD
Variational Omni BNB
Phemex BNBUSDT
Aster BNBUSDTShow all 46 venues
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Injective BNB/USDC PERP | +0.0033% | 1h | 805.09 | +1.463% | $19K | $789K | 30x | as long as short |
| dYdX BNB-USD | +0.0036% | 1h | 792.49 | −0.125% | $160K | $63K | 10x | as long as short |
| BingX BNB-USDT | +0.0050% | 8h | 793.46 | −0.003% | — | $35.0M | — | as long as short |
| Coinbase International BNB-PERP-INTX | +0.0056% | 1h | 792.52 | −0.122% | $608K | $1.1M | 50x | as long as short |
| Binance BNBUSDT | +0.0061% | 8h | 794.08 | +0.076% | $493.7M | $816.1M | 75x | as long as short |
| MEXC BNB_USDT | +0.0062% | 8h | 794.10 | +0.077% | $82.4M | $12.7M | 200x | as long as short |
| Phoenix BNBshort | +0.0088% | 1h | 792.08 | −0.177% | $170K | $36K | 10x | |
| Lighter BNBlong | +0.0096% | 1h | 793.49 | long leg | $2.8M | $3.9M | 20x | |
| Orderly PERP_BNB_USDC | +0.0100% | 8h | 793.19 | −0.037% | $383K | $409K | 50x | as long as short |
| Nado BNB-PERP | +0.0100% | 1h | 792.90 | −0.074% | $1.4M | $2.7M | 20x | as long as short |
| Pacifica BNB | +0.0100% | 1h | 792.80 | −0.086% | $1.2M | $932K | 20x | as long as short |
| Bybit BNBUSDT | +0.0100% | 8h | 793.38 | −0.013% | $138.2M | $77.0M | 75x | as long as short |
| OKX BNB-USDT-SWAP | +0.0100% | 8h | 793.30 | −0.023% | $53.2M | $111.2M | 50x | as long as short |
| Arcus BNB-USD | +0.0100% | 1h | 793.00 | −0.061% | $52K | $134K | 10x | as long as short |
| KuCoin BNBUSDTM | +0.0100% | 8h | 793.14 | −0.044% | $27.7M | $10.0M | 75x | as long as short |
| Bitget BNBUSDT | +0.0100% | 8h | 793.26 | −0.028% | $77.4M | $28.3M | 75x | as long as short |
| edgeX BNBUSDC | +0.0100% | 4h | 793.14 | −0.043% | $4.1M | $76.9M | 30x | as long as short |
| ApeX Omni BNBUSDT | +0.0100% | 1h | 793.32 | −0.021% | $160K | $435K | 50x | as long as short |
| Polymarket Perps BNB-USD | +0.0100% | 1h | 793.00 | −0.061% | $111K | $889K | 10x | as long as short |
| Derive BNB-PERP | +0.0100% | 1h | 793.43 | −0.007% | $32K | $9K | 10x | as long as short |
| SunX BNB-USDT | +0.0100% | 8h | 793.35 | −0.017% | $13K | $1.6M | 50x | as long as short |
| SoDEX BNB-USD | +0.0100% | 1h | 793.50 | +0.002% | $390K | $995K | 10x | as long as short |
| HTX BNB-USDT | +0.0100% | 8h | 793.02 | −0.059% | $8.1M | $8.7M | 75x | as long as short |
| Paradex BNB-USD-PERP | +0.0100% | 8h | 793.02 | −0.059% | $77K | $17K | 50x | as long as short |
| Extended BNB-USD | +0.0104% | 1h | 793.15 | −0.042% | $1.7M | $6.0M | 50x | as long as short |
| Aevo BNB-PERP | +0.0104% | 1h | 793.46 | −0.003% | $381K | $110K | 10x | as long as short |
| Hyperliquid BNB | +0.0122% | 1h | 793.99 | +0.064% | $52.6M | $19.8M | 10x | as long as short |
| RISEx BNB/USDC | +0.0131% | 1h | 792.98 | −0.063% | $1.1M | $1.4M | 20x | as long as short |
| Kalshi KXBNBPERP | +0.0160% | 8h | 793.40 | −0.011% | $110K | $2.8M | 4.8x | as long as short |
| Bulk BNB-USD | +0.0167% | 1h | 793.21 | −0.035% | $644K | $10K | 10x | as long as short |
| BloFin BNB-USDT | +0.0182% | 8h | 794.06 | +0.072% | $18.1M | $2.5M | 75x | as long as short |
| 01 Exchange BNBUSD | +0.0240% | 1h | 793.40 | −0.011% | $28K | $2K | 10x | as long as short |
| Reya BNBRUSDPERP | +0.0329% | 1h | 792.66 | −0.104% | $6K | $3K | 40x | as long as short |
| Backpack BNB_USDC_PERP | +0.0376% | 1h | 794.24 | +0.095% | $2.7M | $5.7M | 40x | as long as short |
| Deribit BNB_USDC-PERPETUAL | +0.0400% | 1h | 793.78 | +0.037% | $1.6M | $161K | 25x | as long as short |
| Hibachi BNB/USDT-P | +0.0480% | 1h | 792.90 | −0.074% | $68K | $38K | 12x | as long as short |
Injective BNB/USDC PERP
dYdX BNB-USD
BingX BNB-USDT
Coinbase International BNB-PERP-INTX
Binance BNBUSDT
MEXC BNB_USDT
Orderly PERP_BNB_USDC
Nado BNB-PERP
Pacifica BNB
Bybit BNBUSDT
OKX BNB-USDT-SWAP
Arcus BNB-USD
KuCoin BNBUSDTM
Bitget BNBUSDT
edgeX BNBUSDC
ApeX Omni BNBUSDT
Polymarket Perps BNB-USD
Derive BNB-PERP
SunX BNB-USDT
SoDEX BNB-USD
HTX BNB-USDT
Paradex BNB-USD-PERP
Extended BNB-USD
Aevo BNB-PERP
Hyperliquid BNB
RISEx BNB/USDC
Kalshi KXBNBPERP
Bulk BNB-USD
BloFin BNB-USDT
01 Exchange BNBUSD
Reya BNBRUSDPERP
Backpack BNB_USDC_PERP
Deribit BNB_USDC-PERPETUAL
Hibachi BNB/USDT-P