Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0320%/8h= −35.1% APRpaid last 24h −0.069%

Price spread now: Kalshi against Reya+0.102%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Reya Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Kalshi is 0.102% dearer against Reya than usual: you sell high and buy low (spread +0.102% now, against zero (this spread has no 7-day history yet)): +$10 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya BNBRUSDPERP	783.70	0.0320	pay 0.0040% / 1h	19m 46s	$6K	$3K	40x
Short	Kalshi KXBNBPERP	784.50	0	get 0.0000% / 8h	4h 19m	$171K	$2.7M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Reya. 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 ReyabpFee KalshibpOrdersPrice spread, now +0.102%Rate

Funding earned: −$67.26
Price spread: +0.102% → 0.000%: $10.16
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$73.1
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Reya: no order-book sample; Kalshi: live order book, 4 min ago. Net counts fees only.

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 Reya no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 4 min ago	2.55 bp	17.7 bp −$18	21.9 bp −$219	doesn't fit	doesn't fit

Reya: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	784.29	+0.075%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	784.42	+0.091%	$4K	$42	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0050%	1h	784.15	+0.057%	$2.5M	$1.2M	50x	as long as short
Kalshi KXBNBPERPshort	0.0000%	8h	784.50	+0.102%	$171K	$2.7M	4.8x
StandX BNB-USD	0.0000%	1h	784.69	+0.126%	$846K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	784.25	+0.069%	$9.4M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.729%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0034%	8h	784.80	+0.140%	$6.0M	$18.8M	200x	as long as short
BingX BNB-USDC	+0.0039%	8h	784.17	+0.059%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0048%	8h	785.50	+0.229%	$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	785.01	+0.167%	$487.5M	$819.9M	75x	as long as short
Phemex BNBUSDT	+0.0074%	8h	784.81	+0.141%	$68.5M	$51.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	784.29	+0.075%	$2.7M	$3.8M	20x	as long as short
Phoenix BNB	+0.0100%	1h	784.53	+0.105%	$161K	$35K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	783.60	−0.013%	$1.3M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	784.92	+0.155%	$51.5M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	784.08	+0.048%	$1.2M	$937K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	784.20	+0.063%	$138.0M	$74.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	784.10	+0.051%	$53.3M	$112.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	784.20	+0.063%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	784.40	+0.089%	$38.2M	$58.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	784.08	+0.048%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	784.12	+0.053%	$75.3M	$32.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	784.72	+0.130%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	783.41	−0.037%	$4.0M	$4.7M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	783.84	+0.018%	$4.1M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	784.61	+0.116%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	784.11	+0.052%	$131K	$944K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	784.12	+0.053%	$264K	$388K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	784.17	+0.059%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	784.64	+0.119%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	784.40	+0.089%	$386K	$967K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	784.35	+0.082%	$8.0M	$10.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	784.48	+0.099%	$78K	$17K	50x	as long as short
dYdX BNB-USD	+0.0103%	1h	783.56	−0.019%	$159K	$62K	10x	as long as short
Extended BNB-USD	+0.0104%	1h	783.89	+0.024%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.14	+0.056%	$377K	$110K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0104%	1h	784.48	+0.099%	$546K	$1.9M	50x	as long as short
BloFin BNB-USDT	+0.0169%	8h	784.71	+0.128%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	784.57	+0.110%	$1.5M	$141K	25x	as long as short
Bulk BNB-USD	+0.0208%	1h	785.53	+0.233%	$637K	$831	10x	as long as short
GRVT BNB_USDT_Perp	+0.0217%	8h	784.62	+0.116%	$2.9M	$28.4M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	784.69	+0.126%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERPlong	+0.0320%	1h	783.70	long leg	$6K	$3K	40x
RISEx BNB/USDC	+0.0350%	1h	784.29	+0.075%	$1.1M	$906K	20x	as long as short
Hibachi BNB/USDT-P	+0.0456%	1h	784.12	+0.053%	$67K	$39K	12x	as long as short