Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0146%/8h= −16.0% APRpaid last 24h −0.026%

Price spread now: gTrade (Gains Network) against Kalshi−0.094%7-day average −0.018% · 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−$295as in the Price arb table

costs, in and out, $10k−$2872.875% of the position

Long on Kalshi Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.020%−$2 on $10k

Price spread, last 3 days (all we have)+0.043%+$4 · spread now −0.094%, 7d avg −0.018%

Together, before fees+0.023%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and gTrade (Gains Network) is 0.076% cheaper against Kalshi than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	799.20	0.0153	pay 0.0153% / 8h	3h 33m	$91K	$2.8M	4.8x
Short	gTrade (Gains Network) BNB/USD	798.45	L +0.0008% / S −0.0007%	get 0.0001% / 1h	33m 08s	$9.7M	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) 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 gTrade (Gains Network)bpOrdersPrice spread, now −0.094%Rate

Funding earned: −$30.7
Price spread: −0.094% → −0.018%: −$7.64
Slippage, 4 orders: −$267.47
Fee Kalshi: 5 bp × 2 orders: −$10
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$325.81
Costs to cover: 2.875%
Break-even: never at this rate

Slippage from Kalshi: live order book, just now; gTrade (Gains Network): virtual book (oracle venue), 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, just now	3.13 bp	8.1 bp −$8	13.5 bp −$135	doesn't fit	doesn't fit
Sell gTrade (Gains Network) virtual book (oracle venue), 1 min ago	130.01 bp	135.0 bp −$135	135.0 bp −$1,350	484.2 bp −$48.4K	3301.4 bp −$1.65M

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 −0.0159% / S +0.0335%	1h	798.37	−0.104%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	798.31	−0.112%	$2.5M	$966K	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.22	+0.003%	$4K	$239	25x	as long as short
BingX BNB-USDC	−0.0057%	8h	798.70	−0.063%	—	$13.3M	—	as long as short
Bybit BNBUSDT	−0.0026%	8h	798.07	−0.141%	$138.5M	$75.1M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.97	−0.029%	$3.0M	$27.4M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.18	−0.003%	$864K	$2.9M	30x	as long as short
Phemex BNBUSDT	0.0000%	8h	798.98	−0.028%	$69.8M	$50.3M	50x	as long as short
Variational Omni BNB	+0.0004%	8h	798.73	−0.059%	$4.1M	$5.2M	—	as long as short
gTrade (Gains Network) BNB/USDshort	L +0.0008% / S −0.0007%	1h	798.45	−0.094%	$9.7M	—	150x

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.737%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	798.73	−0.059%	$602K	$972K	50x	as long as short
Aster BNBUSDT	+0.0062%	8h	798.95	−0.031%	$6.2M	$19.1M	200x	as long as short
MEXC BNB_USDT	+0.0084%	8h	799.40	+0.025%	$83.1M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0085%	8h	798.92	−0.034%	$496.0M	$806.8M	75x	as long as short
Lighter BNB	+0.0096%	1h	798.70	−0.063%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	799.20	0.000%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.50	−0.087%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.09	−0.013%	$1.2M	$924K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.20	−0.125%	$54.1M	$110.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.10	−0.013%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	798.45	−0.094%	$35.7M	$56.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.64	−0.070%	$27.9M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.33	−0.109%	$78.7M	$27.3M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.05	−0.019%	$4.2M	$76.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.32	+0.015%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.52	−0.085%	$116K	$873K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.33	−0.109%	$386K	$458K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.54	−0.082%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.14	−0.007%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.60	−0.075%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.76	−0.055%	$8.2M	$8.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.68	+0.060%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.04	−0.146%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.39	−0.101%	$384K	$108K	10x	as long as short
Bulk BNB-USD	+0.0127%	1h	799.69	+0.061%	$649K	$10K	10x	as long as short
Kalshi KXBNBPERPlong	+0.0153%	8h	799.20	long leg	$91K	$2.8M	4.8x
RISEx BNB/USDC	+0.0155%	1h	798.76	−0.054%	$1.1M	$1.4M	20x	as long as short
Hibachi BNB/USDT-P	+0.0160%	1h	799.09	−0.014%	$69K	$37K	12x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	798.85	−0.044%	$1.6M	$160K	25x	as long as short
BloFin BNB-USDT	+0.0205%	8h	799.34	+0.018%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0208%	1h	799.41	+0.026%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0248%	1h	798.87	−0.041%	$161K	$63K	10x	as long as short
Hyperliquid BNB	+0.0310%	1h	799.44	+0.030%	$53.2M	$20.6M	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	798.26	−0.118%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0396%	1h	799.74	+0.068%	$2.7M	$5.6M	40x	as long as short