Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0715%/8h= +78.3% APRpaid last 24h +0.033%

Price spread now: Backpack against Kalshi+0.047%54s7-day average +0.034% · you sell dearer than you buy

Net, funding: paid 7d − costs+$1as 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−$260.265% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.279%+$28 on $10k

Price spread, last 3 days (all we have)−0.180%−$18 · spread now +0.047%, 7d avg +0.034%

Together, before fees+0.099%+$10 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.034%, so right now this pair is about funding alone: +$21 a day on $10k at the current rate. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.279% in total (about 14.6% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	806.30	0	get 0.0000% / 8h	5h 43m	$108K	$2.5M	4.8x
Short	Backpack BNB_USDC_PERP	806.68	0.0715	get 0.0089% / 1h	43m 17s	$3.0M	$5.5M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now +0.047%Rate

Funding earned: $150.24
Price spread: +0.047% → +0.034%: $1.29
Slippage, 4 orders: −$6.45
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: $125.07
Costs to cover: 0.265%
Break-even: 1.2 days

Slippage from Kalshi: live order book, 5 min ago; Backpack: 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 Kalshi live order book, 5 min ago	3.10 bp	8.1 bp −$8	14.9 bp −$149	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.06 bp	5.1 bp −$5	5.7 bp −$57	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 −0.0195% / S +0.0371%	1h	805.65	−0.080%	$49K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	806.36	+0.007%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	806.21	−0.012%	$3.0M	$29.2M	10x	as long as short
Kalshi KXBNBPERPlong	0.0000%	8h	806.30	long leg	$108K	$2.5M	4.8x
StandX BNB-USD	0.0000%	1h	805.76	−0.067%	$871K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	805.73	−0.071%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0048%	8h	804.97	−0.165%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDT	+0.0059%	8h	805.85	−0.056%	—	$34.5M	—	as long as short
Hibachi BNB/USDT-P	+0.0080%	1h	805.82	−0.060%	$71K	$48K	12x	as long as short
Bybit BNBUSDT	+0.0083%	8h	805.56	−0.092%	$139.5M	$81.3M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	806.06	−0.030%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	805.54	−0.094%	$608K	$881K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	805.67	−0.078%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	806.17	−0.017%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	805.80	−0.062%	$55.1M	$116.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	806.20	−0.012%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	805.70	−0.074%	$36.1M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	805.80	−0.062%	$28.2M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	805.29	−0.125%	$78.7M	$25.0M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	806.31	+0.001%	$4.2M	$76.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	806.49	+0.024%	$162K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	805.87	−0.053%	$116K	$870K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	805.67	−0.078%	$389K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	805.82	−0.060%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	806.36	+0.007%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	805.84	−0.057%	$8.2M	$7.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	806.52	+0.027%	$79K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	805.22	−0.134%	$1.9M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	805.85	−0.055%	$387K	$40K	10x	as long as short
Aster BNBUSDT	+0.0105%	8h	806.48	+0.022%	$6.4M	$18.8M	200x	as long as short
MEXC BNB_USDT	+0.0120%	8h	806.70	+0.050%	$84.7M	$13.4M	200x	as long as short
Binance BNBUSDT	+0.0121%	8h	806.53	+0.028%	$521.0M	$803.4M	75x	as long as short
Phemex BNBUSDT	+0.0131%	8h	806.42	+0.015%	$70.4M	$51.8M	50x	as long as short
Phoenix BNB	+0.0155%	1h	806.22	−0.010%	$173K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0177%	1h	805.80	−0.062%	$396K	$1.0M	10x	as long as short
Hyperliquid BNB	+0.0186%	1h	806.66	+0.045%	$51.9M	$22.0M	10x	as long as short
dYdX BNB-USD	+0.0203%	1h	805.84	−0.057%	$162K	$63K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	805.74	−0.069%	$2.5M	$929K	50x	as long as short
BloFin BNB-USDT	+0.0241%	8h	806.53	+0.029%	$18.8M	$3.1M	75x	as long as short
Bulk BNB-USD	+0.0274%	1h	805.55	−0.093%	$651K	$14K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	806.12	−0.022%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	−0.150%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	806.17	−0.016%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	805.52	−0.097%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0352%	1h	806.80	+0.062%	$29K	$1K	10x	as long as short
Backpack BNB_USDC_PERPshort	+0.0715%	1h	806.68	+0.047%	$3.0M	$5.5M	40x