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: Kalshi against Phoenix+0.034%7-day average −0.064% · you sell dearer than you buy

Net, funding: paid 7d − costs−$82as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

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

Long on Phoenix Short on Kalshi

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and Kalshi is 0.098% dearer against Phoenix than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of −0.064%. Mind the row above: over the last 7 days funding on this pair cost −0.360%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix BNB	788.63	0.0107	pay 0.0013% / 1h	36m 27s	$169K	$35K	10x
Short	Kalshi KXBNBPERP	788.90	0.0187	get 0.0187% / 8h	1h 36m	$96K	$2.8M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phoenix. 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 PhoenixbpFee KalshibpOrdersPrice spread, now +0.034%Rate

Funding earned: $16.73
Price spread: +0.034% → −0.064%: $9.85
Slippage, 4 orders: −$28.67
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$19.09
Costs to cover: 0.457%
Break-even: 15.0 days

Slippage from Phoenix: live order book, 20 min ago; Kalshi: 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 Phoenix live order book, 20 min ago	1.01 bp	12.4 bp −$12	50.9 bp −$509	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	1.90 bp	6.9 bp −$7	15.3 bp −$153	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	788.87	+0.030%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.96	+0.042%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.27	+0.081%	$853K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	788.92	+0.037%	$9.6M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.087%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0043%	8h	789.61	+0.124%	$6.3M	$18.7M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	789.09	+0.058%	$618K	$1.8M	50x	as long as short
BingX BNB-USDT	+0.0058%	8h	789.08	+0.057%	—	$34.4M	—	as long as short
Phemex BNBUSDT	+0.0068%	8h	789.35	+0.091%	$69.1M	$51.0M	50x	as long as short
MEXC BNB_USDT	+0.0074%	8h	789.80	+0.148%	$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	789.56	+0.118%	$493.6M	$804.8M	75x	as long as short
Variational Omni BNB	+0.0086%	8h	787.60	−0.131%	$4.1M	$4.6M	—	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	788.64	+0.001%	$2.5M	$1.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	789.25	+0.079%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.08	+0.057%	$265K	$497K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.75	+0.015%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.43	+0.101%	$51.7M	$18.1M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.26	+0.080%	$1.2M	$908K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.90	+0.034%	$138.7M	$77.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.00	+0.047%	$53.5M	$112.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.20	+0.072%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.90	+0.034%	$35.3M	$56.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.70	+0.009%	$27.7M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.63	0.000%	$76.9M	$30.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.20	+0.072%	$2.2M	$6.1M	40x	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.57	−0.007%	$4.1M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.03	+0.051%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.88	+0.032%	$135K	$948K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.03	+0.051%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.89	+0.032%	$12K	$1.6M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.04	+0.052%	$8.1M	$9.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0103%	8h	789.66	+0.130%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.68	+0.007%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.86	+0.030%	$379K	$110K	10x	as long as short
Phoenix BNBlong	+0.0107%	1h	788.63	long leg	$169K	$35K	10x
GRVT BNB_USDT_Perp	+0.0136%	8h	789.15	+0.066%	$2.9M	$28.2M	10x	as long as short
SoDEX BNB-USD	+0.0141%	1h	788.80	+0.022%	$388K	$1.0M	10x	as long as short
Kalshi KXBNBPERPshort	+0.0187%	8h	788.90	+0.034%	$96K	$2.8M	4.8x
BloFin BNB-USDT	+0.0195%	8h	789.53	+0.114%	$18.2M	$2.3M	75x	as long as short
dYdX BNB-USD	+0.0236%	1h	788.84	+0.027%	$160K	$63K	10x	as long as short
01 Exchange BNBUSD	+0.0296%	1h	789.53	+0.114%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	788.60	−0.004%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0361%	1h	789.34	+0.090%	$1.1M	$1.0M	20x	as long as short
Bulk BNB-USD	+0.0373%	1h	788.05	−0.073%	$638K	$13K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	789.24	+0.078%	$1.5M	$147K	25x	as long as short
Hibachi BNB/USDT-P	+0.0584%	1h	788.80	+0.022%	$67K	$38K	12x	as long as short