Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0080%/8h= −8.7% APRpaid last 24h +0.010%

Price spread now: Phoenix against Kalshi−0.034%7-day average +0.064% · 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−$56as in the Price arb table

costs, in and out, $10k−$460.457% of the position

Long on Kalshi Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.360%+$36 on $10k

Price spread, last 4 days (all we have)+0.017%+$2 · spread now −0.034%, 7d avg +0.064%

Together, before fees+0.377%+$38 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phoenix is 0.098% cheaper against Kalshi than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.064%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.360%, 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	0.0187	pay 0.0187% / 8h	1h 36m	$96K	$2.8M	4.8x
Short	Phoenix BNB	788.63	0.0107	get 0.0013% / 1h	36m 43s	$169K	$35K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$16.73
Price spread: −0.034% → +0.064%: −$9.85
Slippage, 4 orders: −$28.67
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$72.24
Costs to cover: 0.457%
Break-even: never at this rate

Slippage from Kalshi: live order book, 2 min ago; Phoenix: live order book, 20 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	1.90 bp	13.9 bp −$14	18.6 bp −$186	doesn't fit	doesn't fit
Sell Phoenix live order book, 20 min ago	1.01 bp	12.4 bp −$12	43.2 bp −$432	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 −0.0167% / S +0.0335%	1h	788.75	−0.019%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.57	−0.042%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.05	+0.019%	$853K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	788.77	−0.017%	$9.6M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.052%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0043%	8h	789.24	+0.043%	$6.3M	$18.7M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	789.09	+0.024%	$618K	$1.8M	50x	as long as short
BingX BNB-USDC	+0.0057%	8h	788.72	−0.023%	—	$13.4M	—	as long as short
Phemex BNBUSDT	+0.0068%	8h	789.35	+0.057%	$69.1M	$51.0M	50x	as long as short
MEXC BNB_USDT	+0.0074%	8h	789.60	+0.089%	$80.3M	$12.4M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0075%	8h	789.20	+0.038%	$493.4M	$805.1M	75x	as long as short
Variational Omni BNB	+0.0086%	8h	787.60	−0.165%	$4.1M	$4.6M	—	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	788.64	−0.033%	$2.5M	$1.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	789.25	+0.044%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.79	−0.014%	$265K	$497K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.80	−0.013%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.27	+0.048%	$51.7M	$18.1M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.55	−0.045%	$1.2M	$908K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.70	−0.025%	$138.7M	$77.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.80	−0.013%	$53.5M	$112.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.60	−0.038%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.55	−0.044%	$35.3M	$56.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.55	−0.044%	$27.7M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.52	−0.048%	$76.9M	$30.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.20	+0.038%	$2.2M	$6.1M	40x	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.57	−0.042%	$4.1M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.03	+0.016%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.76	−0.018%	$135K	$948K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.03	+0.016%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.89	−0.002%	$12K	$1.6M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.04	+0.018%	$8.1M	$9.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0103%	8h	789.15	+0.031%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.29	−0.078%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.86	−0.005%	$379K	$110K	10x	as long as short
Phoenix BNBshort	+0.0107%	1h	788.63	−0.034%	$169K	$35K	10x
GRVT BNB_USDT_Perp	+0.0136%	8h	789.15	+0.032%	$2.9M	$28.2M	10x	as long as short
SoDEX BNB-USD	+0.0141%	1h	788.80	−0.013%	$388K	$1.0M	10x	as long as short
Kalshi KXBNBPERPlong	+0.0187%	8h	788.90	long leg	$96K	$2.8M	4.8x
BloFin BNB-USDT	+0.0195%	8h	789.53	+0.080%	$18.2M	$2.3M	75x	as long as short
dYdX BNB-USD	+0.0237%	1h	788.16	−0.094%	$159K	$63K	10x	as long as short
01 Exchange BNBUSD	+0.0304%	1h	789.04	+0.018%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	788.60	−0.039%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0361%	1h	788.79	−0.014%	$1.1M	$1.0M	20x	as long as short
Bulk BNB-USD	+0.0373%	1h	788.05	−0.107%	$638K	$13K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	789.24	+0.044%	$1.5M	$147K	25x	as long as short
Hibachi BNB/USDT-P	+0.0584%	1h	788.66	−0.031%	$67K	$38K	12x	as long as short