Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0057%/8h= +6.2% APRpaid last 24h +0.006%

Price spread now: Kalshi against Coinbase International−0.008%7-day average +0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$370.366% of the position

Long on Coinbase International Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.053%−$5 on $10k

Price spread, last 4 days (all we have)+0.181%+$18 · spread now −0.008%, 7d avg +0.030%

Together, before fees+0.128%+$13 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 0.038% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.008% now, against its 7-day average of +0.030%). If the spread goes back, that is −$4 on $10k: about 2.2 days of funding at the current rate (+$2 a day). Mind the row above: over the last 7 days funding on this pair cost −0.053%, 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	Coinbase International BNB-PERP-INTX	787.46	0.0080	pay 0.0010% / 1h	46m 28s	$578K	$1.9M	50x
Short	Kalshi KXBNBPERP	787.40	0.0137	get 0.0137% / 8h	6h 46m	$122K	$2.7M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Coinbase International. 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 Coinbase InternationalbpFee KalshibpOrdersPrice spread, now −0.008%Rate

Funding earned: $11.94
Price spread: −0.008% → +0.030%: −$3.8
Slippage, 4 orders: −$16.64
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$28.5
Costs to cover: 0.366%
Break-even: 23.7 days

Slippage from Coinbase International: live order book, 2 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 Coinbase International live order book, 2 min ago	2.98 bp	9.3 bp −$9	14.9 bp −$149	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	3.81 bp	8.8 bp −$9	16.2 bp −$162	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 −0.0192% / S +0.0356%	1h	786.52	−0.119%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	786.99	−0.060%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.51	+0.133%	$850K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.68	−0.098%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0028%	8h	787.10	−0.046%	$6.1M	$18.9M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.239%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0037%	8h	786.77	−0.088%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0051%	8h	787.50	+0.005%	$79.8M	$11.8M	200x	as long as short
Binance BNBUSDT	+0.0051%	8h	787.15	−0.039%	$490.3M	$804.3M	75x	as long as short
Phemex BNBUSDT	+0.0053%	8h	787.17	−0.037%	$68.9M	$50.7M	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
dYdX BNB-USD	+0.0065%	1h	786.99	−0.060%	$159K	$61K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0069%	1h	786.55	−0.115%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTXlong	+0.0080%	1h	787.46	long leg	$578K	$1.9M	50x
Lighter BNB	+0.0096%	1h	786.75	−0.090%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.59	−0.110%	$265K	$490K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.50	−0.122%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.06	−0.051%	$51.6M	$17.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	786.82	−0.081%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.50	−0.122%	$138.2M	$74.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.40	−0.135%	$53.4M	$111.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.80	−0.084%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.55	−0.116%	$36.1M	$58.0M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.30	−0.147%	$27.5M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.20	−0.160%	$76.1M	$30.7M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	786.87	−0.075%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.11	−0.044%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.78	+0.041%	$4.1M	$74.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.86	+0.051%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.38	−0.137%	$131K	$953K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.78	−0.086%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.53	+0.009%	$12K	$1.5M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	787.02	−0.056%	$1.5M	$143K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.65	−0.103%	$8.1M	$9.8M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	786.95	−0.065%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.29	−0.149%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.72	−0.093%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	787.34	−0.015%	$169K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0107%	1h	786.80	−0.084%	$387K	$997K	10x	as long as short
Kalshi KXBNBPERPshort	+0.0137%	8h	787.40	−0.008%	$122K	$2.7M	4.8x
BloFin BNB-USDT	+0.0172%	8h	787.12	−0.043%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0198%	8h	788.06	+0.076%	$2.9M	$29.2M	10x	as long as short
Bulk BNB-USD	+0.0260%	1h	788.17	+0.090%	$639K	$10K	10x	as long as short
01 Exchange BNBUSD	+0.0304%	1h	787.10	−0.046%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0324%	1h	786.35	−0.141%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0432%	1h	786.91	−0.069%	$1.1M	$908K	20x	as long as short
Hibachi BNB/USDT-P	+0.0456%	1h	787.08	−0.048%	$67K	$39K	12x	as long as short