Last year, Lauren made an interesting point that "Death by Water" is a section of binary opposites, but that these opposites are negated by the death of Phlebas. In fact, of the four binaries in this section, two are invented, as opposed to descriptions of natural behavior ('profit/loss' and 'gentile/Jew'). Phlebas specifically "forgot... the profit and loss" and the command of the third stanza is expressly applied to both the gentiles and the Jews. The matter of religion, of the afterlife, whether it be in the Inferno, a Hellenic Hades, or some other domain, is not relevant to Phlebas, who at this point is just a corpse. The bones do not believe anything, that is a matter of the soul/mind. I've noticed themes of deconstruction, preceding the work of the poststructuralists by quite a few decades, in other parts of the poem, but here the distinction is made quite clear. The 'constructed' binaries are destroyed by the "drowned Phoenician sailor," who does not participate in society, but just rises and falls with the waves.
Eliot's original draft for "Death by Water" includes a couplet that works to this effect. Immediately before the published section appears in the typescript, the poem reads, "And if Another knows, I know I know not, / Who only know there is no more noise now." These two lines are one of the only parts of the typescript not to be crossed out during Ezra Pound's revisions, indicating their importance to the central theme of the section. Before deconstruction was anywhere close to a formal statement, Eliot had taken on ideas of societally-created binaries, and questioned them. The 'noise' in this context could refer to the obfustication of the true forms of things by the binaries, which irreversibly alter their perception; as Phlebas, the observer, is dead, so dies the binary and its noise. The contradictions of knowledge here ("I know I know not) are important too, and form their own binary. In the deconstructionist view, knowledge cannot be taken as absolute because it is "burning" to use the words of the Fire Sermon Discourse, tainted by the initial perceptions of any observer.