Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0054%/8h= +5.9% APRpaid last 24h −0.020%

Price spread now: Kalshi against Deribit+0.050%7-day average −0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$340.339% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.287%−$29 on $10k

Price spread, last 3 days (all we have)−0.018%−$2 · spread now +0.050%, 7d avg −0.031%

Together, before fees−0.306%−$31 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kalshi is 0.081% dearer against Deribit than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.031%. Mind the row above: over the last 7 days funding on this pair cost −0.287%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BNB_USDC-PERPETUAL	799.00	0.0100	pay 0.0013% / 1h	57m 00s	$1.6M	$160K	25x
Short	Kalshi KXBNBPERP	799.40	0.0154	get 0.0154% / 8h	3h 57m	$90K	$2.9M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now +0.050%Rate

Funding earned: $11.29
Price spread: +0.050% → −0.031%: $8.09
Slippage, 4 orders: −$16.86
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$14.48
Costs to cover: 0.339%
Break-even: 16.0 days

Slippage from Deribit: live order book, 2 min ago; Kalshi: live order book, 1 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 Deribit live order book, 2 min ago	1.88 bp	6.9 bp −$7	13.0 bp −$130	doesn't fit	doesn't fit
Sell Kalshi live order book, 1 min ago	3.75 bp	8.8 bp −$9	16.0 bp −$160	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 −0.0201% / S +0.0372%	1h	798.85	−0.019%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	798.37	−0.079%	$2.5M	$977K	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.09	+0.011%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0019%	8h	798.35	−0.081%	$35.7M	$55.6M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.73	+0.091%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.39	+0.049%	$864K	$2.9M	30x	as long as short
Phemex BNBUSDT	0.0000%	8h	799.12	+0.015%	$69.9M	$50.7M	50x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.83	−0.021%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0009%	8h	798.84	−0.020%	$4.1M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0030%	8h	798.96	−0.005%	—	$13.3M	—	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.762%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	798.68	−0.040%	$602K	$985K	50x	as long as short
Bybit BNBUSDT	+0.0062%	8h	798.37	−0.079%	$138.7M	$76.8M	75x	as long as short
Aster BNBUSDT	+0.0074%	8h	799.13	+0.016%	$6.2M	$19.3M	200x	as long as short
MEXC BNB_USDT	+0.0095%	8h	799.40	+0.050%	$83.1M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0095%	8h	799.19	+0.023%	$497.2M	$818.8M	75x	as long as short
Lighter BNB	+0.0096%	1h	798.90	−0.012%	$2.8M	$4.0M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.48	−0.065%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	798.76	−0.030%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.30	−0.088%	$54.3M	$112.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.10	+0.012%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.68	−0.040%	$28.0M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.40	−0.075%	$78.8M	$27.6M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.62	+0.078%	$4.2M	$76.0M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.37	+0.046%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.60	−0.050%	$116K	$872K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.57	−0.054%	$386K	$494K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.75	−0.032%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.17	+0.021%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.80	−0.025%	$393K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0100%	1h	799.00	long leg	$1.6M	$160K	25x
HTX BNB-USDT	+0.0100%	8h	798.53	−0.059%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.37	+0.046%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.22	−0.098%	$1.8M	$6.6M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.84	−0.020%	$384K	$60K	10x	as long as short
Phoenix BNB	+0.0127%	1h	799.98	+0.123%	$172K	$35K	10x	as long as short
Hibachi BNB/USDT-P	+0.0152%	1h	799.05	+0.006%	$70K	$43K	12x	as long as short
Kalshi KXBNBPERPshort	+0.0154%	8h	799.40	+0.050%	$90K	$2.9M	4.8x
RISEx BNB/USDC	+0.0155%	1h	798.96	−0.006%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0158%	1h	799.24	+0.030%	$649K	$14K	10x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	799.44	+0.055%	$28K	$1K	10x	as long as short
BloFin BNB-USDT	+0.0215%	8h	799.13	+0.016%	$18.1M	$2.5M	75x	as long as short
dYdX BNB-USD	+0.0228%	1h	798.89	−0.014%	$161K	$63K	10x	as long as short
Hyperliquid BNB	+0.0270%	1h	799.41	+0.051%	$52.5M	$20.8M	10x	as long as short
Backpack BNB_USDC_PERP	+0.0285%	1h	799.38	+0.047%	$2.7M	$5.7M	40x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	798.39	−0.076%	$6K	$3K	40x	as long as short