BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0021%/8h= +2.3% APRnext payment +$0.03 per $10,000 · paid last 24h +0.081%

Price spread now: dYdX against Phoenix−0.177%46s7-day average −0.082% · you buy dearer than you sell

Net, funding: paid 7d − costs−$53as 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−$770.766% of the position

Long on Phoenix Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.240%+$24 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now −0.177%, 7d avg −0.082%

Together, before fees+0.260%+$26 on $10k · with fees, hour by hour

Funding pays, the price is against you. dYdX is 0.095% cheaper against Phoenix than usual: you would sell low and buy high (spread −0.177% now, against its 7-day average of −0.082%). If the spread goes back, that is −$9 on $10k: about 15 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.240% in total) that is about 2.8 days. The two prices were read 46 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	785.73	0.0107	pay 0.0013% / 1h	29m 50s	$169K	$35K	10x
Short	dYdX BNB-USD	784.34	0.0127	get 0.0016% / 1h	29m 50s	$159K	$61K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.177%Rate

Funding earned: $4.38
Price spread: −0.177% → −0.082%: −$9.46
Slippage, 4 orders: −$59.56
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$81.65
Costs to cover: 0.766%
Break-even: 137.6 days

Slippage from Phoenix: live order book, 11 min ago; dYdX: live order book, 19 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, 11 min ago	1.02 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell dYdX live order book, 19 min ago	11.80 bp	25.5 bp −$25	67.8 bp −$678	112.2 bp −$11.2K	148.7 bp −$74.4K

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 −0.0192% / S +0.0356%	1h	784.59	−0.145%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	785.20	−0.067%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	785.03	−0.089%	$847K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	784.68	−0.134%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0029%	8h	785.27	−0.059%	$6.1M	$18.9M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.464%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0041%	8h	784.55	−0.150%	—	$13.4M	—	as long as short
Phemex BNBUSDT	+0.0049%	8h	785.30	−0.055%	$68.7M	$50.6M	50x	as long as short
MEXC BNB_USDT	+0.0052%	8h	785.60	−0.017%	$79.6M	$11.9M	200x	as long as short
Binance BNBUSDT	+0.0053%	8h	785.41	−0.040%	$489.2M	$809.5M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0069%	1h	784.70	−0.131%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	784.32	−0.179%	$577K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	784.94	−0.100%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	784.73	−0.127%	$264K	$489K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	784.55	−0.150%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	785.24	−0.062%	$51.5M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	784.89	−0.107%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	784.62	−0.141%	$137.9M	$74.6M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	784.60	−0.144%	$53.3M	$112.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	784.80	−0.118%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	784.75	−0.125%	$36.3M	$58.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	784.35	−0.176%	$27.5M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	784.36	−0.174%	$75.9M	$30.9M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	785.18	−0.070%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	784.13	−0.204%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	785.38	−0.045%	$4.1M	$75.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	785.10	−0.080%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	784.63	−0.140%	$131K	$954K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	784.87	−0.110%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	785.53	−0.026%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	784.80	−0.118%	$386K	$994K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	784.36	−0.174%	$8.0M	$10.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	784.97	−0.096%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	784.39	−0.171%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.97	−0.097%	$377K	$110K	10x	as long as short
Phoenix BNBlong	+0.0107%	1h	785.73	long leg	$169K	$35K	10x
dYdX BNB-USDshort	+0.0127%	1h	784.34	−0.177%	$159K	$61K	10x
Kalshi KXBNBPERP	+0.0139%	8h	785.00	−0.093%	$147K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0173%	8h	784.93	−0.102%	$17.6M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0205%	8h	785.51	−0.028%	$2.9M	$29.3M	10x	as long as short
01 Exchange BNBUSD	+0.0288%	1h	785.44	−0.037%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0298%	1h	785.69	−0.005%	$637K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	784.56	−0.149%	$6K	$3K	40x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	785.19	−0.068%	$1.5M	$143K	25x	as long as short
RISEx BNB/USDC	+0.0432%	1h	784.99	−0.094%	$1.1M	$909K	20x	as long as short
Hibachi BNB/USDT-P	+0.0488%	1h	785.21	−0.066%	$67K	$39K	12x	as long as short