Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0021%/8h= −2.3% APRpaid last 24h +0.001%

Price spread now: Nado against Kalshi−0.108%7-day average −0.045% · 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−$36as in the Price arb table

costs, in and out, $10k−$300.300% of the position

Long on Kalshi Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.066%+$7 on $10k

Price spread, last 3 days (all we have)−0.024%−$2 · spread now −0.108%, 7d avg −0.045%

Together, before fees+0.042%+ Points / potential airdropNado: Active · farm board+$4 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 Nado is 0.063% cheaper against Kalshi than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.045%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.066%, 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	799.30	0.0121	pay 0.0121% / 8h	4h 26m	$110K	$2.9M	4.8x
Short	Nado BNB-PERP	798.44	0.0100	get 0.0012% / 1h	26m 36s	$1.4M	$2.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.108%Rate

Funding earned: −$4.46
Price spread: −0.108% → −0.045%: −$6.26
Slippage, 4 orders: −$13.04
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$40.77
Costs to cover: 0.300%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Nado: live order book, 2 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	3.13 bp	9.2 bp −$9	14.0 bp −$140	doesn't fit	doesn't fit
Sell Nado live order book, 2 min ago	0.06 bp	3.7 bp −$4	9.1 bp −$91	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 −0.0201% / S +0.0372%	1h	798.93	−0.046%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	798.81	−0.061%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	798.90	−0.051%	$2.5M	$972K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.28	+0.123%	$3.0M	$28.0M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.95	+0.081%	$864K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.97	−0.041%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0017%	8h	799.36	+0.007%	$4.1M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0041%	8h	798.64	−0.083%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0045%	8h	798.00	−0.163%	$138.4M	$77.0M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	799.89	+0.074%	$606K	$989K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0091%	8h	799.07	−0.028%	$6.3M	$18.9M	200x	as long as short
Lighter BNB	+0.0096%	1h	798.67	−0.079%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERPshort	+0.0100%	1h	798.44	−0.108%	$1.4M	$2.7M	20x
Pacifica BNB	+0.0100%	1h	798.78	−0.065%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.20	−0.138%	$54.3M	$112.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	798.80	−0.063%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	798.25	−0.131%	$35.8M	$58.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.73	−0.071%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.08	−0.153%	$79.0M	$27.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.89	+0.074%	$4.2M	$76.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.17	+0.109%	$161K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.64	−0.083%	$116K	$875K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.95	−0.044%	$386K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.23	−0.008%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.28	−0.002%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.10	−0.025%	$393K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	799.39	+0.012%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.95	−0.044%	$8.2M	$8.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.00	−0.038%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	797.99	−0.164%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.13	−0.022%	$384K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0111%	8h	799.58	+0.035%	$69.9M	$50.6M	50x	as long as short
Binance BNBUSDT	+0.0112%	8h	798.93	−0.046%	$498.9M	$816.0M	75x	as long as short
MEXC BNB_USDT	+0.0113%	8h	799.40	+0.013%	$83.0M	$13.5M	200x	as long as short
Kalshi KXBNBPERPlong	+0.0121%	8h	799.30	long leg	$110K	$2.9M	4.8x
Phoenix BNB	+0.0127%	1h	800.12	+0.103%	$172K	$36K	10x	as long as short
Hibachi BNB/USDT-P	+0.0176%	1h	799.53	+0.029%	$70K	$43K	12x	as long as short
Hyperliquid BNB	+0.0179%	1h	799.50	+0.025%	$51.8M	$21.1M	10x	as long as short
BloFin BNB-USDT	+0.0233%	8h	799.57	+0.034%	$18.3M	$2.5M	75x	as long as short
Bulk BNB-USD	+0.0239%	1h	800.03	+0.092%	$650K	$19K	10x	as long as short
RISEx BNB/USDC	+0.0258%	1h	798.57	−0.092%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0296%	1h	799.50	+0.025%	$28K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.724%	$19K	$789K	30x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	798.20	−0.137%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0384%	1h	798.50	−0.100%	$161K	$62K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0403%	1h	799.97	+0.084%	$2.7M	$5.7M	40x	as long as short