BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0121%/8h= −13.3% APRnext payment −$1.21 per $10,000 · paid last 24h −0.004%

Price spread now: Kalshi against Phemex+0.095%7-day average −0.056% · you sell dearer than you buy

Net, funding: paid 7d − costs−$40as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$320.324% of the position

Long on Phemex Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.072%−$7 on $10k

Price spread, last 3 days (all we have)−0.013%−$1 · spread now +0.095%, 7d avg −0.056%

Together, before fees−0.085%−$9 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.151% dearer against Phemex than usual: you sell high and buy low (spread +0.095% now, against its 7-day average of −0.056%): +$15 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 4.2 days. At the pace of the last 7 days (−0.072% in total) that is about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	802.14	0.0121	pay 0.0121% / 8h	1h 20m	$70.1M	$51.8M	50x
Short	Kalshi KXBNBPERP	802.90	0	get 0.0000% / 8h	5h 20m	$158K	$2.9M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phemex. 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 PhemexbpFee KalshibpOrdersPrice spread, now +0.095%Rate

Funding earned: −$25.46
Price spread: +0.095% → −0.056%: $15.11
Slippage, 4 orders: −$10.37
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$42.71
Costs to cover: 0.324%
Break-even: never at this rate

Slippage from Phemex: live order book, 4 min ago; Kalshi: live order book, 3 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 Phemex live order book, 4 min ago	0.06 bp	7.3 bp −$7	9.4 bp −$94	16.1 bp −$1,614	doesn't fit
Sell Kalshi live order book, 3 min ago	4.36 bp	9.4 bp −$9	16.6 bp −$166	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	801.80	−0.043%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	802.44	+0.037%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	801.96	−0.022%	$3.0M	$29.6M	10x	as long as short
Kalshi KXBNBPERPshort	0.0000%	8h	802.90	+0.095%	$158K	$2.9M	4.8x
StandX BNB-USD	0.0000%	1h	802.86	+0.090%	$868K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	801.84	−0.038%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0038%	8h	801.85	−0.036%	$4.1M	$5.3M	—	as long as short
BingX BNB-USDC	+0.0062%	8h	801.77	−0.046%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0074%	8h	801.20	−0.117%	$139.5M	$82.3M	75x	as long as short
Lighter BNB	+0.0096%	1h	801.96	−0.023%	$2.8M	$4.2M	20x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0096%	1h	801.17	−0.121%	$610K	$1.0M	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	801.75	−0.049%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.28	+0.017%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	801.40	−0.092%	$54.7M	$116.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	802.40	+0.032%	$53K	$154K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	801.35	−0.098%	$35.8M	$58.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	801.68	−0.057%	$28.0M	$10.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	801.37	−0.096%	$81.0M	$26.8M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	801.76	−0.047%	$4.2M	$77.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	801.51	−0.079%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	801.76	−0.047%	$121K	$880K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	801.51	−0.079%	$387K	$568K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	801.78	−0.045%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	802.65	+0.064%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	801.86	−0.034%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	802.81	+0.084%	$78K	$19K	50x	as long as short
Aster BNBUSDT	+0.0101%	8h	802.28	+0.017%	$6.3M	$19.1M	200x	as long as short
SoDEX BNB-USD	+0.0103%	1h	801.70	−0.055%	$394K	$1.0M	10x	as long as short
Extended BNB-USD	+0.0104%	1h	801.10	−0.130%	$1.8M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	801.66	−0.060%	$385K	$40K	10x	as long as short
MEXC BNB_USDT	+0.0118%	8h	802.60	+0.057%	$83.5M	$13.8M	200x	as long as short
Binance BNBUSDT	+0.0119%	8h	802.21	+0.009%	$504.1M	$826.8M	75x	as long as short
Phemex BNBUSDTlong	+0.0121%	8h	802.14	long leg	$70.1M	$51.8M	50x
Phoenix BNB	+0.0155%	1h	802.83	+0.086%	$173K	$35K	10x	as long as short
Hibachi BNB/USDT-P	+0.0176%	1h	802.63	+0.061%	$71K	$48K	12x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	801.58	−0.070%	$2.6M	$977K	50x	as long as short
BloFin BNB-USDT	+0.0239%	8h	803.07	+0.116%	$18.3M	$2.6M	75x	as long as short
dYdX BNB-USD	+0.0264%	1h	801.96	−0.023%	$162K	$62K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	802.11	−0.004%	$1.6M	$165K	25x	as long as short
Hyperliquid BNB	+0.0308%	1h	802.50	+0.045%	$51.9M	$21.9M	10x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.368%	$19K	$789K	30x	as long as short
Bulk BNB-USD	+0.0314%	1h	802.70	+0.069%	$652K	$21K	10x	as long as short
RISEx BNB/USDC	+0.0318%	1h	802.18	+0.005%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0328%	1h	802.70	+0.070%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0333%	1h	801.46	−0.084%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0609%	1h	802.37	+0.029%	$2.7M	$5.7M	40x	as long as short