Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0200%/8h= +21.9% APRpaid last 24h +0.018%

Price spread now: Deribit against Kalshi−0.019%7-day average +0.031% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$360.361% of the position

Long on Kalshi Short on Deribit

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)−0.072%−$7 · spread now −0.019%, 7d avg +0.031%

Together, before fees+0.215%+$22 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.049% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.019% now, against its 7-day average of +0.031%). If the spread goes back, that is −$5 on $10k: about 20 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	801.50	0	get 0.0000% / 8h	5h 30m	$158K	$2.8M	4.8x
Short	Deribit BNB_USDC-PERPETUAL	801.35	0.0200	get 0.0025% / 1h	30m 00s	$1.6M	$165K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.019%Rate

Funding earned: $42
Price spread: −0.019% → +0.031%: −$4.91
Slippage, 4 orders: −$19.11
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $0.98
Costs to cover: 0.361%
Break-even: 6.8 days

Slippage from Kalshi: live order book, 3 min ago; Deribit: 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, 3 min ago	1.87 bp	11.6 bp −$12	18.6 bp −$186	doesn't fit	doesn't fit
Sell Deribit live order book, 4 min ago	3.42 bp	10.7 bp −$11	14.2 bp −$142	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	800.91	−0.073%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	801.22	−0.035%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	805.39	+0.485%	$3.0M	$29.1M	10x	as long as short
Kalshi KXBNBPERPlong	0.0000%	8h	801.50	long leg	$158K	$2.8M	4.8x
StandX BNB-USD	0.0000%	1h	802.20	+0.087%	$867K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	800.92	−0.072%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0040%	8h	800.85	−0.081%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDT	+0.0067%	8h	800.97	−0.066%	—	$35.0M	—	as long as short
Bybit BNBUSDT	+0.0081%	8h	800.63	−0.109%	$139.5M	$83.0M	75x	as long as short
Lighter BNB	+0.0096%	1h	801.33	−0.021%	$2.8M	$4.2M	20x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0096%	1h	801.19	−0.039%	$610K	$1.0M	50x	as long as short
Aster BNBUSDT	+0.0099%	8h	801.21	−0.036%	$6.4M	$19.3M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	800.51	−0.123%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	800.91	−0.074%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	800.90	−0.075%	$54.8M	$117.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	801.20	−0.037%	$53K	$170K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	800.85	−0.081%	$35.8M	$58.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	800.68	−0.102%	$28.0M	$10.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	800.95	−0.069%	$81.0M	$26.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	802.78	+0.160%	$4.2M	$77.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	802.46	+0.120%	$161K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.75	−0.094%	$121K	$880K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	800.91	−0.074%	$387K	$592K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	801.14	−0.045%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	801.57	+0.008%	$12K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	801.56	+0.007%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	801.52	+0.002%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	800.79	−0.089%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	801.11	−0.048%	$385K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0118%	8h	801.90	+0.050%	$83.4M	$13.8M	200x	as long as short
Binance BNBUSDT	+0.0119%	8h	801.67	+0.021%	$517.0M	$829.5M	75x	as long as short
Phemex BNBUSDT	+0.0130%	8h	801.50	0.000%	$70.0M	$51.7M	50x	as long as short
SoDEX BNB-USD	+0.0131%	1h	801.10	−0.050%	$394K	$1.0M	10x	as long as short
Hibachi BNB/USDT-P	+0.0152%	1h	801.47	−0.004%	$71K	$48K	12x	as long as short
Phoenix BNB	+0.0155%	1h	804.78	+0.409%	$173K	$35K	10x	as long as short
dYdX BNB-USD	+0.0167%	1h	800.67	−0.104%	$161K	$62K	10x	as long as short
Deribit BNB_USDC-PERPETUALshort	+0.0200%	1h	801.35	−0.019%	$1.6M	$165K	25x
Kraken Futures PF_BNBUSD	+0.0206%	1h	801.11	−0.049%	$2.6M	$983K	50x	as long as short
BloFin BNB-USDT	+0.0239%	8h	801.60	+0.012%	$18.8M	$2.6M	75x	as long as short
Hyperliquid BNB	+0.0270%	1h	801.86	+0.045%	$51.9M	$22.2M	10x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.448%	$19K	$789K	30x	as long as short
RISEx BNB/USDC	+0.0318%	1h	800.97	−0.067%	$1.1M	$1.4M	20x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	800.60	−0.112%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0336%	1h	801.54	+0.005%	$28K	$1K	10x	as long as short
Bulk BNB-USD	+0.0354%	1h	801.59	+0.011%	$651K	$21K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0665%	1h	801.91	+0.051%	$3.0M	$5.5M	40x	as long as short