BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0024%/8h= −2.7% APRnext payment −$0.03 per $10,000 · paid last 24h −0.007%

Price spread now: Lighter against Phoenix−0.170%104s7-day average −0.058% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as 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−$260.262% of the position

Long on Phoenix Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.236%−$24 on $10k

Price spread, last 4 days (all we have)−0.056%−$6 · spread now −0.170%, 7d avg −0.058%

Together, before fees−0.292%+ Points / potential airdropLighter: Season 3 · farm board−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Lighter is 0.112% cheaper against Phoenix than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.058%). Swap the legs. The two prices were read 104 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	785.84	0.0120	pay 0.0015% / 1h	31m 39s	$158K	$38K	10x
Short	Lighter BNB	784.50	0.0096	get 0.0012% / 1h	31m 39s	$2.7M	$3.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.170%Rate

Funding earned: −$5.09
Price spread: −0.170% → −0.058%: −$11.18
Slippage, 4 orders: −$19.18
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Lighter: 0 bp × 2 orders: $0
Net: −$42.44
Costs to cover: 0.262%
Break-even: never at this rate

Slippage from Phoenix: live order book, 60 min ago; Lighter: live order book, 6 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, 60 min ago	1.02 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.71 bp	0.7 bp −$1	3.1 bp −$31	12.4 bp −$1,236	69.0 bp −$34.5K

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 −0.0166% / S +0.0337%	1h	784.42	−0.181%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	785.08	−0.097%	$4K	—	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0021%	1h	784.41	−0.183%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	786.06	+0.027%	$3.0M	$27.5M	10x	as long as short
StandX BNB-USD	0.0000%	1h	785.43	−0.052%	$847K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	784.41	−0.182%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0020%	8h	784.93	−0.116%	$5.9M	$18.4M	200x	as long as short
BingX BNB-USDT	+0.0031%	8h	784.52	−0.168%	—	$22.1M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.450%	$19K	$789K	30x	as long as short
Binance BNBUSDT	+0.0037%	8h	784.89	−0.121%	$487.8M	$809.6M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BNB_USDT	+0.0037%	8h	786.00	+0.020%	$82.3M	$12.2M	200x	as long as short
Lighter BNBshort	+0.0096%	1h	784.50	−0.170%	$2.7M	$3.6M	20x
Nado BNB-PERP	+0.0100%	1h	784.55	−0.164%	$1.4M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	785.00	−0.107%	$51.5M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	784.62	−0.155%	$1.2M	$937K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	784.20	−0.209%	$138.1M	$73.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	784.20	−0.209%	$53.3M	$110.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	784.60	−0.158%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	784.35	−0.190%	$39.3M	$55.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	784.55	−0.164%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	783.92	−0.244%	$75.2M	$32.3M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	784.84	−0.127%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	785.32	−0.066%	$4.3M	$4.9M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	785.91	+0.009%	$4.1M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	786.17	+0.042%	$158K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	784.60	−0.158%	$131K	$924K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	784.43	−0.179%	$264K	$358K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	785.63	−0.026%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	785.11	−0.093%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	784.50	−0.171%	$386K	$941K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	784.66	−0.150%	$8.0M	$10.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	784.92	−0.117%	$78K	$37K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	783.95	−0.241%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.37	−0.187%	$377K	$110K	10x	as long as short
Kalshi KXBNBPERP	+0.0110%	8h	785.10	−0.094%	$159K	$2.6M	4.8x	as long as short
Coinbase International BNB-PERP-INTX	+0.0120%	1h	785.76	−0.010%	$547K	$1.9M	50x	as long as short
Phoenix BNBlong	+0.0120%	1h	785.84	long leg	$158K	$38K	10x
dYdX BNB-USD	+0.0150%	1h	784.84	−0.127%	$157K	$65K	10x	as long as short
BloFin BNB-USDT	+0.0153%	8h	785.36	−0.061%	$17.8M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	784.82	−0.130%	$1.5M	$141K	25x	as long as short
Bulk BNB-USD	+0.0212%	1h	785.97	+0.016%	$637K	$831	10x	as long as short
Phemex BNBUSDT	+0.0230%	8h	785.14	−0.089%	$68.4M	$51.0M	50x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	785.18	−0.084%	$28K	$3K	10x	as long as short
Reya BNBRUSDPERP	+0.0319%	1h	784.15	−0.215%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0355%	1h	784.95	−0.114%	$1.1M	$911K	20x	as long as short
Hibachi BNB/USDT-P	+0.0408%	1h	785.69	−0.019%	$67K	$39K	12x	as long as short