Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h +0.006%

Price spread now: Kalshi against Coinbase International+0.052%7-day average +0.028% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$310.312% of the position

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 4 days (all we have)+0.091%+$9 · spread now +0.052%, 7d avg +0.028%

Together, before fees+0.033%+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.024% dearer against Coinbase International than usual: you sell high and buy low (spread +0.052% now, against its 7-day average of +0.028%): +$2 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 8.6 days. At the pace of the last 7 days (−0.058% in total) that is about 2.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BNB-PERP-INTX	786.59	0.0120	pay 0.0015% / 1h	50m 57s	$548K	$1.9M	50x
Short	Kalshi KXBNBPERP	787.00	0.0111	get 0.0111% / 8h	3h 50m	$171K	$2.6M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Coinbase International. 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 Coinbase InternationalbpFee KalshibpOrdersPrice spread, now +0.052%Rate

Funding earned: −$1.94
Price spread: +0.052% → +0.028%: $2.37
Slippage, 4 orders: −$11.18
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$30.75
Costs to cover: 0.312%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 3 min ago; Kalshi: live order book, 2 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 Coinbase International live order book, 3 min ago	0.89 bp	8.6 bp −$9	15.3 bp −$153	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	0.63 bp	5.6 bp −$6	11.1 bp −$111	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 −0.0168% / S +0.0337%	1h	786.85	+0.033%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.17	+0.074%	$4K	—	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0021%	1h	786.80	+0.027%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	786.65	+0.007%	$3.0M	$27.6M	10x	as long as short
StandX BNB-USD	0.0000%	1h	787.07	+0.061%	$849K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.89	+0.038%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0029%	8h	787.52	+0.118%	$6.0M	$18.5M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.352%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0037%	8h	787.22	+0.080%	—	$13.4M	—	as long as short
Binance BNBUSDT	+0.0045%	8h	787.55	+0.121%	$489.9M	$812.6M	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	+0.0045%	8h	788.30	+0.217%	$82.0M	$12.1M	200x	as long as short
dYdX BNB-USD	+0.0052%	1h	786.35	−0.031%	$159K	$62K	10x	as long as short
Lighter BNB	+0.0096%	1h	787.09	+0.064%	$2.7M	$3.6M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.25	−0.043%	$1.4M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.40	+0.103%	$51.6M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	786.65	+0.007%	$1.2M	$937K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.87	+0.036%	$138.6M	$73.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.80	+0.027%	$53.5M	$111.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.90	+0.039%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.95	+0.046%	$39.1M	$55.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.56	−0.004%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.49	−0.013%	$75.4M	$32.5M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.31	+0.092%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	785.82	−0.098%	$4.1M	$4.7M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	786.52	−0.009%	$4.1M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	786.37	−0.028%	$158K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.05	+0.058%	$132K	$942K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.97	+0.048%	$265K	$358K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.49	−0.012%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.52	+0.118%	$13K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.00	+0.052%	$387K	$951K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.86	+0.034%	$8.0M	$10.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	786.94	+0.044%	$78K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.60	+0.001%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.93	+0.044%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERPshort	+0.0111%	8h	787.00	+0.052%	$171K	$2.6M	4.8x
Coinbase International BNB-PERP-INTXlong	+0.0120%	1h	786.59	long leg	$548K	$1.9M	50x
Phoenix BNB	+0.0120%	1h	786.53	−0.008%	$158K	$38K	10x	as long as short
BloFin BNB-USDT	+0.0165%	8h	787.43	+0.107%	$17.8M	$2.2M	75x	as long as short
Phemex BNBUSDT	+0.0176%	8h	787.55	+0.122%	$68.7M	$51.1M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.40	+0.103%	$1.5M	$141K	25x	as long as short
Bulk BNB-USD	+0.0208%	1h	785.85	−0.094%	$637K	$831	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	787.41	+0.104%	$28K	$3K	10x	as long as short
Reya BNBRUSDPERP	+0.0320%	1h	786.61	+0.002%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0355%	1h	787.11	+0.066%	$1.1M	$911K	20x	as long as short
Hibachi BNB/USDT-P	+0.0432%	1h	786.50	−0.012%	$67K	$39K	12x	as long as short