Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0060%/8h= −6.6% APRpaid last 24h −0.026%

Price spread now: Kalshi against Deribit−0.022%7-day average −0.026% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$340.337% of the position

Long on Deribit Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.266%−$27 on $10k

Price spread, last 4 days (all we have)+0.054%+$5 · spread now −0.022%, 7d avg −0.026%

Together, before fees−0.212%−$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.026%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BNB_USDC-PERPETUAL	786.97	0.0200	pay 0.0025% / 1h	46m 05s	$1.5M	$143K	25x
Short	Kalshi KXBNBPERP	786.80	0.0140	get 0.0140% / 8h	6h 46m	$122K	$2.7M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Deribit. 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 DeribitbpFee KalshibpOrdersPrice spread, now −0.022%Rate

Funding earned: −$12.65
Price spread: −0.022% → −0.026%: $0.39
Slippage, 4 orders: −$16.74
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$45.99
Costs to cover: 0.337%
Break-even: never at this rate

Slippage from Deribit: live order book, 3 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 Deribit live order book, 3 min ago	3.62 bp	9.0 bp −$9	12.7 bp −$127	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	786.38	−0.076%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	786.99	+0.002%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	788.51	+0.195%	$850K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.53	−0.056%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0028%	8h	787.10	+0.016%	$6.1M	$18.9M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.302%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0037%	8h	786.75	−0.028%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0051%	8h	787.50	+0.067%	$79.8M	$11.8M	200x	as long as short
Binance BNBUSDT	+0.0051%	8h	787.19	+0.028%	$490.3M	$804.5M	75x	as long as short
Phemex BNBUSDT	+0.0054%	8h	787.11	+0.017%	$68.9M	$50.6M	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	+0.002%	$159K	$61K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0069%	1h	786.47	−0.065%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	787.46	+0.062%	$578K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	786.71	−0.033%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.57	−0.051%	$265K	$490K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.50	−0.060%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	787.13	+0.020%	$51.6M	$17.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	786.82	−0.020%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.50	−0.060%	$138.2M	$74.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.50	−0.060%	$53.4M	$111.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.80	−0.022%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.65	−0.041%	$36.1M	$58.0M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.28	−0.088%	$27.5M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.27	−0.089%	$76.1M	$30.7M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.00	+0.003%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	786.41	−0.071%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.78	+0.103%	$4.1M	$74.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.86	+0.113%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.38	−0.075%	$131K	$953K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.70	−0.034%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.13	+0.020%	$12K	$1.5M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.61	−0.046%	$8.1M	$9.8M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	786.95	−0.004%	$76K	$17K	50x	as long as short
SoDEX BNB-USD	+0.0104%	1h	786.70	−0.035%	$387K	$997K	10x	as long as short
Extended BNB-USD	+0.0104%	1h	786.29	−0.087%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.59	−0.049%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	787.34	+0.047%	$169K	$35K	10x	as long as short
Kalshi KXBNBPERPshort	+0.0140%	8h	786.80	−0.022%	$122K	$2.7M	4.8x
BloFin BNB-USDT	+0.0172%	8h	787.12	+0.019%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0198%	8h	788.06	+0.138%	$2.9M	$29.2M	10x	as long as short
Deribit BNB_USDC-PERPETUALlong	+0.0200%	1h	786.97	long leg	$1.5M	$143K	25x
Bulk BNB-USD	+0.0260%	1h	788.17	+0.152%	$639K	$10K	10x	as long as short
01 Exchange BNBUSD	+0.0304%	1h	787.10	+0.016%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0324%	1h	786.35	−0.079%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0432%	1h	786.91	−0.008%	$1.1M	$908K	20x	as long as short
Hibachi BNB/USDT-P	+0.0456%	1h	787.08	+0.014%	$67K	$39K	12x	as long as short