Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0118%/8h= −12.9% APRpaid last 24h −0.004%

Price spread now: Coinbase International against Kalshi+0.132%7-day average −0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$33as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$390.394% of the position

Long on Kalshi Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 4 days (all we have)−0.318%−$32 · spread now +0.132%, 7d avg −0.030%

Together, before fees−0.249%−$25 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.162% dearer against Kalshi than usual: you sell high and buy low (spread +0.132% now, against its 7-day average of −0.030%): +$16 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.6 days. Mind the row above: over the last 7 days funding on this pair paid +0.069%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	789.60	0.0182	pay 0.0182% / 8h	44m 28s	$124K	$2.7M	4.8x
Short	Coinbase International BNB-PERP-INTX	790.64	0.0064	get 0.0008% / 1h	44m 28s	$583K	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.132%Rate

Funding earned: −$24.72
Price spread: +0.132% → −0.030%: $16.17
Slippage, 4 orders: −$19.42
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$47.98
Costs to cover: 0.394%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Coinbase International: live order book, 4 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, 4 min ago	4.43 bp	9.4 bp −$9	15.1 bp −$151	doesn't fit	doesn't fit
Sell Coinbase International live order book, 4 min ago	1.97 bp	8.9 bp −$9	15.9 bp −$159	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 −0.0184% / S +0.0349%	1h	789.94	+0.043%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.65	+0.006%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	790.01	+0.052%	$854K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.99	+0.050%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.962%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0041%	8h	790.49	+0.112%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDC	+0.0054%	8h	789.27	−0.042%	—	$13.4M	—	as long as short
Coinbase International BNB-PERP-INTXshort	+0.0064%	1h	790.64	+0.132%	$583K	$1.9M	50x
MEXC BNB_USDT	+0.0066%	8h	790.70	+0.139%	$80.3M	$12.3M	200x	as long as short
Binance BNBUSDT	+0.0067%	8h	790.66	+0.134%	$493.3M	$789.6M	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	+0.0076%	8h	789.80	+0.025%	$69.1M	$50.0M	50x	as long as short
Lighter BNB	+0.0096%	1h	789.77	+0.021%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	790.12	+0.066%	$266K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	789.00	−0.076%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	790.47	+0.110%	$51.9M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.81	+0.026%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.80	+0.025%	$138.9M	$74.8M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.70	+0.013%	$53.4M	$111.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	790.00	+0.051%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.85	+0.032%	$35.4M	$56.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.89	+0.037%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	789.77	+0.022%	$76.5M	$30.4M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.70	+0.013%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.50	−0.139%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.10	−0.064%	$4.1M	$74.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.58	−0.003%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.76	+0.020%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	790.18	+0.074%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.88	+0.035%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.30	−0.038%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.84	−0.096%	$8.1M	$9.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	790.26	+0.083%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	789.41	−0.024%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	790.12	+0.066%	$380K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.31	−0.037%	$170K	$35K	10x	as long as short
dYdX BNB-USD	+0.0124%	1h	789.05	−0.070%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0134%	8h	789.57	−0.004%	$2.9M	$28.0M	10x	as long as short
Kalshi KXBNBPERPlong	+0.0182%	8h	789.60	long leg	$124K	$2.7M	4.8x
BloFin BNB-USDT	+0.0187%	8h	789.81	+0.027%	$18.2M	$2.2M	75x	as long as short
01 Exchange BNBUSD	+0.0224%	1h	790.45	+0.108%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	789.05	−0.069%	$2.5M	$1.2M	50x	as long as short
Bulk BNB-USD	+0.0272%	1h	789.78	+0.023%	$640K	$9K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.74	+0.017%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	789.59	−0.002%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0461%	1h	790.17	+0.073%	$1.1M	$975K	20x	as long as short
Hibachi BNB/USDT-P	+0.0504%	1h	789.22	−0.048%	$67K	$38K	12x	as long as short