Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0077%/8h= +8.4% APRpaid last 24h +0.050%

Price spread now: Bulk against Kalshi−0.105%7-day average +0.064% · 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−$42as in the Price arb table

costs, in and out, $10k−$250.248% of the position

Long on Kalshi Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.311%+$31 on $10k

Price spread, last 4 days (all we have)+0.225%+$22 · spread now −0.105%, 7d avg +0.064%

Together, before fees+0.536%+$54 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.169% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.105% now, against its 7-day average of +0.064%). If the spread goes back, that is −$17 on $10k: about 7.4 days of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.311% in total) that is about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	789.40	0.0140	pay 0.0140% / 8h	7h 56m	$135K	$2.7M	4.8x
Short	Bulk BNB-USD	788.57	0.0216	get 0.0027% / 1h	56m 25s	$639K	$9K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.105%Rate

Funding earned: $16.09
Price spread: −0.105% → +0.064%: −$16.9
Slippage, 4 orders: −$7.82
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$25.63
Costs to cover: 0.248%
Break-even: 18.1 days

Slippage from Kalshi: live order book, 2 min ago; Bulk: live order book, 63 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, 2 min ago	3.17 bp	8.2 bp −$8	14.7 bp −$147	doesn't fit	doesn't fit
Sell Bulk live order book, 63 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	6.0 bp −$601	15.9 bp −$7,951

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 −0.0191% / S +0.0355%	1h	789.27	−0.017%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	788.91	−0.062%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.17	−0.029%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.04	−0.046%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.37	−0.004%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.988%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0035%	8h	789.34	−0.008%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDC	+0.0046%	8h	789.62	+0.028%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0057%	8h	789.90	+0.063%	$80.1M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0057%	8h	789.69	+0.037%	$493.0M	$793.1M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0060%	8h	789.49	+0.011%	$69.0M	$50.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	789.35	−0.006%	$580K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	788.99	−0.052%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.86	−0.068%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.65	−0.095%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.58	+0.023%	$51.8M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.96	−0.056%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.89	−0.065%	$138.8M	$74.0M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.90	−0.063%	$53.3M	$111.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.00	−0.051%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.80	−0.076%	$35.6M	$56.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.71	−0.087%	$28.1M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.69	−0.090%	$76.3M	$30.3M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.20	−0.025%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	789.11	−0.036%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.65	+0.032%	$4.1M	$73.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.53	+0.016%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.90	−0.063%	$131K	$952K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.93	−0.060%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.45	+0.007%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.90	−0.063%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.84	−0.071%	$8.1M	$9.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	789.18	−0.028%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.44	−0.122%	$1.9M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.86	−0.068%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.25	−0.019%	$170K	$34K	10x	as long as short
Kalshi KXBNBPERPlong	+0.0140%	8h	789.40	long leg	$135K	$2.7M	4.8x
dYdX BNB-USD	+0.0156%	1h	789.25	−0.019%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0161%	8h	789.88	+0.061%	$2.9M	$28.5M	10x	as long as short
BloFin BNB-USDT	+0.0177%	8h	789.40	0.000%	$18.1M	$2.2M	75x	as long as short
Bulk BNB-USDshort	+0.0216%	1h	788.57	−0.105%	$639K	$9K	10x
01 Exchange BNBUSD	+0.0272%	1h	789.49	+0.011%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.25	−0.019%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0325%	1h	788.70	−0.088%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0368%	1h	789.23	−0.022%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	789.22	−0.023%	$1.1M	$902K	20x	as long as short