Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0087%/8h= +9.5% APRpaid last 24h +0.006%

Price spread now: Kraken Futures against Kalshi−0.113%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$51as in the Price arb table

costs, in and out, $10k−$420.422% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 4 days (all we have)−0.092%−$9 · spread now −0.113%, 7d avg −0.023%

Together, before fees−0.005%−$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.090% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.113% now, against its 7-day average of −0.023%). If the spread goes back, that is −$9 on $10k: about 3.5 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.087% in total) that is about 7.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	790.00	0.0176	pay 0.0176% / 8h	19m 35s	$125K	$2.7M	4.8x
Short	Kraken Futures PF_BNBUSD	789.10	0.0263	get 0.0033% / 1h	19m 35s	$2.5M	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.113%Rate

Funding earned: $18.24
Price spread: −0.113% → −0.023%: −$9.05
Slippage, 4 orders: −$22.21
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$33.01
Costs to cover: 0.422%
Break-even: 19.7 days

Slippage from Kalshi: live order book, 4 min ago; Kraken Futures: 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	3.16 bp	8.2 bp −$8	14.6 bp −$146	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 4 min ago	2.60 bp	13.1 bp −$13	14.8 bp −$148	32.5 bp −$3,248	151.6 bp −$75.8K

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 −0.0187% / S +0.0352%	1h	789.22	−0.099%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.60	−0.051%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.38	−0.078%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.23	−0.098%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.910%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0038%	8h	789.79	−0.027%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDC	+0.0051%	8h	789.28	−0.091%	—	$13.4M	—	as long as short
Phemex BNBUSDT	+0.0059%	8h	789.81	−0.024%	$69.1M	$50.0M	50x	as long as short
MEXC BNB_USDT	+0.0062%	8h	790.00	0.000%	$80.2M	$12.4M	200x	as long as short
Binance BNBUSDT	+0.0063%	8h	789.82	−0.022%	$492.9M	$789.7M	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	+0.0064%	1h	789.45	−0.070%	$582K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	789.25	−0.095%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.22	−0.099%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	789.10	−0.114%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.82	−0.023%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.40	−0.076%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.12	−0.111%	$138.8M	$74.6M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.10	−0.114%	$53.4M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.40	−0.076%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.10	−0.114%	$35.5M	$57.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.07	−0.118%	$28.1M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.92	−0.137%	$76.3M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.55	−0.057%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.80	−0.151%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.71	−0.037%	$4.1M	$73.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.71	−0.037%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.05	−0.120%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.34	−0.083%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.67	−0.042%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.40	−0.076%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.05	−0.121%	$8.1M	$9.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	789.78	−0.028%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.79	−0.153%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.30	−0.089%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.49	−0.065%	$170K	$35K	10x	as long as short
dYdX BNB-USD	+0.0124%	1h	789.35	−0.082%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0148%	8h	789.97	−0.004%	$2.9M	$28.6M	10x	as long as short
Kalshi KXBNBPERPlong	+0.0176%	8h	790.00	long leg	$125K	$2.7M	4.8x
BloFin BNB-USDT	+0.0183%	8h	789.68	−0.041%	$18.1M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	789.65	−0.044%	$1.5M	$143K	25x	as long as short
Bulk BNB-USD	+0.0222%	1h	790.13	+0.016%	$640K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	789.76	−0.030%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSDshort	+0.0263%	1h	789.10	−0.113%	$2.5M	$1.2M	50x
Reya BNBRUSDPERP	+0.0326%	1h	788.89	−0.140%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0400%	1h	789.48	−0.066%	$67K	$38K	12x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.50	−0.064%	$1.1M	$967K	20x	as long as short