Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0082%/8h= −8.9% APRpaid last 24h +0.001%

Price spread now: Polymarket Perps against Kalshi−0.061%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$360.355% of the position

Long on Kalshi Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days+0.158%+$16 on $10k

Price spread, last 4 days (all we have)−0.029%−$3 · spread now −0.061%, 7d avg −0.022%

Together, before fees+0.129%+$13 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 Polymarket Perps is 0.039% cheaper against Kalshi than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.022%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.158%, 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	790.10	0.0182	pay 0.0182% / 8h	43m 33s	$124K	$2.7M	4.8x
Short	Polymarket Perps BNB-USD	789.62	0.0100	get 0.0013% / 1h	43m 33s	$133K	$950K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket Perps 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 Polymarket PerpsbpOrdersPrice spread, now −0.061%Rate

Funding earned: −$17.16
Price spread: −0.061% → −0.022%: −$3.9
Slippage, 4 orders: −$17.51
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: −$56.56
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Polymarket Perps: live order book, 15 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, 5 min ago	4.43 bp	9.4 bp −$9	15.1 bp −$151	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 15 min ago	1.58 bp	7.1 bp −$7	8.5 bp −$85	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 −0.0184% / S +0.0349%	1h	789.94	−0.020%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	790.43	+0.042%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	790.01	−0.011%	$854K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.29	−0.102%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.897%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0041%	8h	790.56	+0.058%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDT	+0.0054%	8h	790.07	−0.004%	—	$34.3M	—	as long as short
Coinbase International BNB-PERP-INTX	+0.0064%	1h	789.45	−0.082%	$582K	$1.9M	50x	as long as short
MEXC BNB_USDT	+0.0067%	8h	790.10	0.000%	$80.2M	$12.3M	200x	as long as short
Binance BNBUSDT	+0.0067%	8h	790.12	+0.003%	$493.0M	$789.6M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0074%	8h	790.69	+0.075%	$69.2M	$50.0M	50x	as long as short
Lighter BNB	+0.0096%	1h	790.23	+0.016%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	790.12	+0.003%	$266K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	789.65	−0.057%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.83	−0.034%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	790.28	+0.023%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.30	−0.101%	$138.8M	$74.8M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.30	−0.101%	$53.4M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	790.20	+0.013%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.85	−0.032%	$35.4M	$56.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.25	−0.108%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	789.30	−0.101%	$76.4M	$30.2M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	790.53	+0.054%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.50	−0.202%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.10	−0.127%	$4.1M	$74.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.85	−0.032%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USDshort	+0.0100%	1h	789.62	−0.061%	$133K	$950K	10x
Derive BNB-PERP	+0.0100%	1h	790.18	+0.011%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	790.63	+0.066%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	790.20	+0.013%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.91	−0.024%	$8.1M	$9.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	790.73	+0.080%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	789.64	−0.058%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	790.12	+0.003%	$380K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	790.10	0.000%	$170K	$35K	10x	as long as short
dYdX BNB-USD	+0.0124%	1h	789.81	−0.037%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0136%	8h	789.89	−0.026%	$2.9M	$28.0M	10x	as long as short
Kalshi KXBNBPERPlong	+0.0182%	8h	790.10	long leg	$124K	$2.7M	4.8x
BloFin BNB-USDT	+0.0187%	8h	789.81	−0.037%	$18.2M	$2.2M	75x	as long as short
01 Exchange BNBUSD	+0.0224%	1h	790.23	+0.016%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	789.88	−0.028%	$2.5M	$1.2M	50x	as long as short
Bulk BNB-USD	+0.0272%	1h	789.78	−0.041%	$640K	$9K	10x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	788.90	−0.152%	$6K	$3K	40x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	790.55	+0.057%	$1.5M	$143K	25x	as long as short
RISEx BNB/USDC	+0.0461%	1h	790.34	+0.030%	$1.1M	$975K	20x	as long as short
Hibachi BNB/USDT-P	+0.0504%	1h	790.00	−0.012%	$67K	$38K	12x	as long as short