Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0146%/8h= +16.0% APRpaid last 24h +0.059%

Price spread now: Hyperliquid against Kalshi+0.019%7-day average +0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$320.319% of the position

Long on Kalshi Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.185%+$18 on $10k

Price spread, last 3 days (all we have)−0.164%−$16 · spread now +0.019%, 7d avg +0.023%

Together, before fees+0.021%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.023%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	803.60	0	get 0.0000% / 8h	6h 36m	$111K	$2.5M	4.8x
Short	Hyperliquid BNB	803.75	0.0146	get 0.0018% / 1h	36m 05s	$51.6M	$21.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid 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 HyperliquidbpOrdersPrice spread, now +0.019%Rate

Funding earned: $30.7
Price spread: +0.019% → +0.023%: −$0.4
Slippage, 4 orders: −$12.89
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$1.6
Costs to cover: 0.319%
Break-even: 7.4 days

Slippage from Kalshi: live order book, 2 min ago; Hyperliquid: live order book, 7 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	4.98 bp	10.0 bp −$10	17.6 bp −$176	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	0.31 bp	5.0 bp −$5	doesn't fit	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 −0.0195% / S +0.0371%	1h	802.98	−0.077%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	802.88	−0.090%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	803.28	−0.040%	$3.0M	$29.7M	10x	as long as short
Kalshi KXBNBPERPlong	0.0000%	8h	803.60	long leg	$111K	$2.5M	4.8x
StandX BNB-USD	0.0000%	1h	803.92	+0.040%	$869K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	802.99	−0.076%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSD	+0.0038%	1h	803.13	−0.058%	$2.5M	$908K	50x	as long as short
Variational Omni BNB	+0.0055%	8h	802.35	−0.155%	$4.0M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0062%	8h	803.17	−0.054%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0078%	8h	802.65	−0.118%	$139.2M	$82.8M	75x	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	+0.0088%	1h	803.99	+0.049%	$608K	$878K	50x	as long as short
Aster BNBUSDT	+0.0088%	8h	803.69	+0.011%	$6.4M	$18.8M	200x	as long as short
Lighter BNB	+0.0096%	1h	803.25	−0.043%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.81	−0.098%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	803.35	−0.031%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	803.00	−0.075%	$55.1M	$115.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	803.40	−0.025%	$52K	$161K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.90	−0.087%	$35.9M	$58.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	802.86	−0.092%	$28.1M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	802.70	−0.112%	$79.0M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.02	−0.072%	$4.2M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	803.43	−0.021%	$158K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	803.05	−0.068%	$118K	$868K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	803.04	−0.070%	$388K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	803.09	−0.063%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	803.59	−0.001%	$13K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	803.49	−0.014%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	803.29	−0.038%	$8.2M	$7.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	803.87	+0.034%	$78K	$19K	50x	as long as short
MEXC BNB_USDT	+0.0103%	8h	804.10	+0.062%	$84.4M	$13.6M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	802.61	−0.123%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	803.19	−0.051%	$386K	$40K	10x	as long as short
Binance BNBUSDT	+0.0104%	8h	803.81	+0.026%	$518.4M	$803.0M	75x	as long as short
Phemex BNBUSDT	+0.0125%	8h	803.65	+0.006%	$70.1M	$51.7M	50x	as long as short
Phoenix BNB	+0.0125%	1h	803.30	−0.037%	$173K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0129%	1h	803.10	−0.062%	$395K	$1.0M	10x	as long as short
Hyperliquid BNBshort	+0.0146%	1h	803.75	+0.019%	$51.6M	$21.3M	10x
Bulk BNB-USD	+0.0194%	1h	803.61	+0.001%	$649K	$11K	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	803.47	−0.016%	$1.1M	$1.4M	20x	as long as short
BloFin BNB-USDT	+0.0223%	8h	804.26	+0.082%	$18.8M	$3.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0248%	1h	803.74	+0.017%	$71K	$48K	12x	as long as short
dYdX BNB-USD	+0.0263%	1h	803.57	−0.004%	$170K	$55K	10x	as long as short
01 Exchange BNBUSD	+0.0312%	1h	803.93	+0.041%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	802.82	−0.097%	$6K	$3K	40x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.92	+0.164%	$19K	$526K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0669%	1h	804.06	+0.057%	$3.0M	$5.4M	40x	as long as short