Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0028%/8h= −3.0% APRpaid last 24h 0.000%

Price spread now: Lighter against Kalshi−0.088%7-day average −0.020% · you buy dearer than you sell

Net, funding: paid 7d − costs−$10as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$210.205% of the position

Long on Kalshi Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 7 days+0.077%+$8 · spread now −0.088%, 7d avg −0.020%

Together, before fees+0.179%+ Points / potential airdropLighter: Season 3 · farm board+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Lighter is 0.067% cheaper against Kalshi than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.020%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.102%, 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	788.90	0.0124	pay 0.0124% / 8h	7h 29m	$126K	$2.7M	4.8x
Short	Lighter BNB	788.21	0.0096	get 0.0012% / 1h	29m 12s	$2.7M	$3.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.088%Rate

Funding earned: −$5.8
Price spread: −0.088% → −0.020%: −$6.74
Slippage, 4 orders: −$10.53
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$33.07
Costs to cover: 0.205%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Lighter: live order book, 8 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	1.90 bp	6.9 bp −$7	13.4 bp −$134	doesn't fit	doesn't fit
Sell Lighter live order book, 8 min ago	0.93 bp	1.2 bp −$1	3.9 bp −$39	13.7 bp −$1,370	67.3 bp −$33.6K

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 −0.0192% / S +0.0356%	1h	787.94	−0.121%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	787.94	−0.121%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.73	−0.022%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.01	+0.014%	$851K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.96	−0.119%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0028%	8h	788.54	−0.046%	$6.1M	$18.8M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.052%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0040%	8h	788.18	−0.091%	—	$13.4M	—	as long as short
Binance BNBUSDT	+0.0047%	8h	788.54	−0.046%	$491.8M	$798.9M	75x	as long as short
MEXC BNB_USDT	+0.0048%	8h	788.90	0.000%	$80.0M	$12.0M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0051%	8h	788.51	−0.049%	$69.0M	$50.6M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	790.26	+0.172%	$580K	$1.9M	50x	as long as short
Phoenix BNB	+0.0092%	1h	788.66	−0.030%	$169K	$35K	10x	as long as short
Lighter BNBshort	+0.0096%	1h	788.21	−0.088%	$2.7M	$3.8M	20x
dYdX BNB-USD	+0.0096%	1h	788.56	−0.043%	$160K	$64K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.01	−0.113%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.95	−0.120%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.62	−0.035%	$51.7M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.28	−0.079%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.00	−0.114%	$138.6M	$73.8M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.80	−0.139%	$53.5M	$111.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.30	−0.076%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.95	−0.120%	$35.8M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.70	−0.152%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.63	−0.161%	$76.3M	$30.5M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.39	−0.065%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.21	−0.087%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.67	−0.029%	$4.1M	$73.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.63	−0.034%	$159K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.88	−0.129%	$130K	$953K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.09	−0.102%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.63	−0.034%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.20	−0.089%	$387K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.16	−0.093%	$8.1M	$9.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.43	−0.060%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.67	−0.156%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.96	−0.119%	$379K	$110K	10x	as long as short
Kalshi KXBNBPERPlong	+0.0124%	8h	788.90	long leg	$126K	$2.7M	4.8x
BloFin BNB-USDT	+0.0167%	8h	788.56	−0.043%	$18.1M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0174%	8h	789.03	+0.017%	$2.9M	$28.7M	10x	as long as short
Bulk BNB-USD	+0.0219%	1h	788.52	−0.048%	$639K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	788.51	−0.049%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.46	−0.056%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0325%	1h	787.74	−0.148%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0416%	1h	788.50	−0.051%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	788.35	−0.070%	$1.1M	$893K	20x	as long as short