Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.005%

Price spread now: SoDEX against Kalshi−0.025%7-day average 0.000% · 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−$29as in the Price arb table

costs, in and out, $10k−$270.267% of the position

Long on Kalshi Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.070%+$7 on $10k

Price spread, last 4 days (all we have)−0.044%−$4 · spread now −0.025%, 7d avg 0.000%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. SoDEX is 0.025% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.025% now, against its 7-day average of 0.000%). If the spread goes back, that is −$3 on $10k: about 20 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	784.80	0	get 0.0000% / 8h	4h 17m	$171K	$2.7M	4.8x
Short	SoDEX BNB-USD	784.60	0.0100	get 0.0013% / 1h	17m 47s	$386K	$965K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.025%Rate

Funding earned: $21
Price spread: −0.025% → 0.000%: −$2.54
Slippage, 4 orders: −$8.71
Fee Kalshi: 5 bp × 2 orders: −$10
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$8.25
Costs to cover: 0.267%
Break-even: 9.8 days

Slippage from Kalshi: live order book, 1 min ago; SoDEX: live order book, 31 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, 1 min ago	3.18 bp	9.3 bp −$9	15.0 bp −$150	doesn't fit	doesn't fit
Sell SoDEX live order book, 31 min ago	0.63 bp	4.6 bp −$5	8.5 bp −$85	76.7 bp −$7,668	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 −0.0168% / S +0.0337%	1h	784.45	−0.045%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	785.01	+0.027%	$4K	$42	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0050%	1h	784.50	−0.038%	$2.5M	$1.2M	50x	as long as short
Kalshi KXBNBPERPlong	0.0000%	8h	784.80	long leg	$171K	$2.7M	4.8x
StandX BNB-USD	0.0000%	1h	785.55	+0.096%	$847K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	784.52	−0.036%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.585%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0034%	8h	785.11	+0.040%	$6.0M	$18.8M	200x	as long as short
BingX BNB-USDT	+0.0038%	8h	784.60	−0.025%	—	$22.1M	—	as long as short
MEXC BNB_USDT	+0.0048%	8h	785.70	+0.115%	$80.8M	$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
Binance BNBUSDT	+0.0049%	8h	785.07	+0.034%	$488.0M	$819.8M	75x	as long as short
Phemex BNBUSDT	+0.0075%	8h	785.08	+0.036%	$68.5M	$51.1M	50x	as long as short
Lighter BNB	+0.0096%	1h	784.66	−0.018%	$2.7M	$3.8M	20x	as long as short
Phoenix BNB	+0.0100%	1h	784.53	−0.034%	$160K	$35K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	784.45	−0.045%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	785.05	+0.032%	$51.5M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	784.89	+0.011%	$1.2M	$938K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	784.30	−0.064%	$138.0M	$74.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	784.30	−0.064%	$53.3M	$112.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	784.80	0.000%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	784.60	−0.025%	$38.2M	$58.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	784.31	−0.062%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	784.16	−0.082%	$75.3M	$32.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	784.87	+0.009%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	783.41	−0.177%	$4.0M	$4.7M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	783.84	−0.122%	$4.1M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	784.61	−0.024%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	784.34	−0.059%	$131K	$944K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	784.51	−0.037%	$264K	$388K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	784.56	−0.031%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	785.06	+0.033%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USDshort	+0.0100%	1h	784.60	−0.025%	$386K	$965K	10x
HTX BNB-USDT	+0.0100%	8h	784.63	−0.022%	$8.0M	$10.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	785.27	+0.060%	$78K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	784.20	−0.076%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.54	−0.033%	$377K	$110K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0104%	1h	784.48	−0.041%	$546K	$1.9M	50x	as long as short
dYdX BNB-USD	+0.0107%	1h	784.27	−0.068%	$159K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0169%	8h	785.29	+0.062%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	784.93	+0.016%	$1.5M	$141K	25x	as long as short
GRVT BNB_USDT_Perp	+0.0217%	8h	784.43	−0.047%	$2.9M	$28.3M	10x	as long as short
Bulk BNB-USD	+0.0231%	1h	784.93	+0.017%	$636K	$831	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	785.18	+0.048%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0320%	1h	784.16	−0.082%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0350%	1h	784.94	+0.017%	$1.1M	$905K	20x	as long as short
Hibachi BNB/USDT-P	+0.0456%	1h	784.89	+0.012%	$67K	$39K	12x	as long as short