Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0055%/8h= −6.0% APRpaid last 24h +0.086%

Price spread now: dYdX against Kalshi−0.057%7-day average −0.036% · you buy dearer than you sell

Net, funding: paid 7d − costs+$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$60as in the Price arb table

costs, in and out, $10k−$570.574% of the position

Long on Kalshi Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.582%+$58 on $10k

Price spread, last 4 days (all we have)−0.199%−$20 · spread now −0.057%, 7d avg −0.036%

Together, before fees+0.383%+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and dYdX is 0.021% cheaper against Kalshi than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.036%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.582%, 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	788.40	0.0117	pay 0.0117% / 8h	5h 05m	$170K	$2.7M	4.8x
Short	dYdX BNB-USD	787.95	0.0062	get 0.0008% / 1h	5m 54s	$160K	$62K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$11.48
Price spread: −0.057% → −0.036%: −$2.1
Slippage, 4 orders: −$37.42
Fee Kalshi: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$70.99
Costs to cover: 0.574%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; dYdX: live order book, 38 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	3.81 bp	8.8 bp −$9	14.1 bp −$141	doesn't fit	doesn't fit
Sell dYdX live order book, 38 min ago	11.56 bp	18.7 bp −$19	55.1 bp −$551	88.3 bp −$8,826	265.8 bp −$132.9K

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 −0.0170% / S +0.0337%	1h	787.65	−0.095%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.02	−0.048%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.25	−0.019%	$850K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.67	−0.093%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.117%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0049%	8h	787.55	−0.108%	—	$13.4M	—	as long as short
Aster BNBUSDT	+0.0050%	8h	788.04	−0.045%	$6.1M	$18.8M	200x	as long as short
MEXC BNB_USDT	+0.0059%	8h	788.80	+0.051%	$81.1M	$12.1M	200x	as long as short
Binance BNBUSDT	+0.0059%	8h	787.95	−0.057%	$490.4M	$820.8M	75x	as long as short
dYdX BNB-USDshort	+0.0062%	1h	787.95	−0.057%	$160K	$62K	10x

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0072%	8h	788.21	−0.024%	$68.9M	$51.1M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.43	−0.123%	$564K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	787.71	−0.087%	$2.7M	$3.9M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.75	−0.082%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.24	−0.020%	$51.6M	$17.7M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.13	−0.034%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.40	−0.127%	$138.5M	$75.0M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.40	−0.127%	$53.6M	$113.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.90	−0.063%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.60	−0.101%	$37.9M	$59.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.23	−0.148%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.40	−0.127%	$76.5M	$31.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.02	−0.048%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.00	−0.177%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.68	−0.092%	$4.1M	$76.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.74	−0.084%	$159K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.76	−0.081%	$132K	$953K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.77	−0.080%	$265K	$470K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.83	−0.073%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.00	−0.051%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.80	−0.076%	$387K	$979K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.16	−0.030%	$8.0M	$10.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.79	+0.049%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.23	−0.149%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.48	−0.116%	$378K	$110K	10x	as long as short
Kalshi KXBNBPERPlong	+0.0117%	8h	788.40	long leg	$170K	$2.7M	4.8x
Phoenix BNB	+0.0135%	1h	787.68	−0.091%	$169K	$35K	10x	as long as short
BloFin BNB-USDT	+0.0180%	8h	788.23	−0.022%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.97	−0.054%	$1.5M	$145K	25x	as long as short
Kraken Futures PF_BNBUSD	+0.0205%	1h	787.39	−0.128%	$2.5M	$1.2M	50x	as long as short
Bulk BNB-USD	+0.0222%	1h	787.85	−0.070%	$639K	$831	10x	as long as short
GRVT BNB_USDT_Perp	+0.0228%	8h	787.96	−0.056%	$2.9M	$29.3M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	788.44	+0.005%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0321%	1h	787.60	−0.101%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0438%	1h	788.09	−0.040%	$1.1M	$915K	20x	as long as short
Hibachi BNB/USDT-P	+0.0480%	1h	787.72	−0.087%	$67K	$39K	12x	as long as short