Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0113%/8h= −12.3% APRpaid last 24h −0.047%

Price spread now: Kalshi against Bulk−0.143%7-day average −0.062% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$260.260% of the position

Long on Bulk Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.296%−$30 on $10k

Price spread, last 4 days (all we have)+0.218%+$22 · spread now −0.143%, 7d avg −0.062%

Together, before fees−0.078%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kalshi is 0.081% cheaper against Bulk than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.062%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bulk BNB-USD	788.23	0.0223	pay 0.0028% / 1h	55m 20s	$639K	$10K	10x
Short	Kalshi KXBNBPERP	787.10	0.0110	get 0.0110% / 8h	6h 55m	$122K	$2.7M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Bulk. 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 BulkbpFee KalshibpOrdersPrice spread, now −0.143%Rate

Funding earned: −$23.67
Price spread: −0.143% → −0.062%: −$8.15
Slippage, 4 orders: −$8.96
Fee Bulk: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$57.78
Costs to cover: 0.260%
Break-even: never at this rate

Slippage from Bulk: live order book, 59 min ago; Kalshi: live order book, 3 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 Bulk live order book, 59 min ago	0.06 bp	3.6 bp −$4	3.7 bp −$37	4.5 bp −$448	8.3 bp −$4,145
Sell Kalshi live order book, 3 min ago	0.64 bp	13.2 bp −$13	18.6 bp −$186	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 −0.0192% / S +0.0356%	1h	786.36	−0.237%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.10	−0.143%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.50	−0.092%	$849K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.39	−0.233%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0027%	8h	787.43	−0.102%	$6.1M	$19.1M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.139%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0034%	8h	786.61	−0.205%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0048%	8h	787.40	−0.105%	$79.8M	$11.8M	200x	as long as short
Binance BNBUSDT	+0.0049%	8h	787.44	−0.101%	$490.2M	$805.3M	75x	as long as short
Phemex BNBUSDT	+0.0055%	8h	787.08	−0.146%	$68.8M	$50.7M	50x	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	786.72	−0.192%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.21	−0.129%	$579K	$1.9M	50x	as long as short
Phoenix BNB	+0.0092%	1h	786.98	−0.158%	$169K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	786.91	−0.167%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.66	−0.199%	$265K	$491K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.25	−0.251%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	786.98	−0.158%	$51.6M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	786.86	−0.174%	$1.2M	$934K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.54	−0.214%	$138.2M	$74.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.50	−0.219%	$53.4M	$111.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.70	−0.194%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.45	−0.226%	$36.1M	$57.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.07	−0.274%	$27.5M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.37	−0.236%	$76.1M	$30.7M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.36	−0.110%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	786.61	−0.205%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.21	−0.129%	$4.1M	$74.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.54	−0.087%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.26	−0.250%	$131K	$956K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.78	−0.184%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.58	−0.083%	$12K	$1.5M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.60	−0.207%	$8.1M	$9.8M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	786.88	−0.172%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.43	−0.228%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.78	−0.184%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERPshort	+0.0110%	8h	787.10	−0.143%	$122K	$2.7M	4.8x
dYdX BNB-USD	+0.0113%	1h	786.94	−0.163%	$159K	$61K	10x	as long as short
SoDEX BNB-USD	+0.0140%	1h	786.80	−0.181%	$387K	$999K	10x	as long as short
BloFin BNB-USDT	+0.0169%	8h	787.06	−0.148%	$17.8M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0192%	8h	787.74	−0.062%	$2.9M	$29.1M	10x	as long as short
Bulk BNB-USDlong	+0.0223%	1h	788.23	long leg	$639K	$10K	10x
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	787.15	−0.136%	$1.5M	$143K	25x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	787.14	−0.138%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0324%	1h	786.15	−0.263%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0432%	1h	786.85	−0.175%	$1.1M	$908K	20x	as long as short
Hibachi BNB/USDT-P	+0.0440%	1h	786.80	−0.181%	$67K	$39K	12x	as long as short