Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0297%/8h= +32.6% APRpaid last 24h +0.065%

Price spread now: Kalshi against GMX+0.084%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$9 a day on $10k at the current rate, and Kalshi is 0.084% dearer against GMX than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BNB/USD [WBTC.b-USDC]	788.34	L −0.0192% / S +0.0356%	get 0.0024% / 1h	44m 39s	$46K	—	200x
Short	Kalshi KXBNBPERP	789.00	0.0105	get 0.0105% / 8h	7h 44m	$134K	$2.7M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against GMX. 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 GMXbpFee KalshibpOrdersPrice spread, now +0.084%Rate

Funding earned: $62.44
Price spread: +0.084% → 0.000%: $8.41
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: $48.85
Costs to cover: 0.220%
Break-even: 1.5 days

Slippage unknown: GMX: 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 GMX no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 4 min ago	2.53 bp	7.5 bp −$8	13.8 bp −$138	doesn't fit	doesn't fit

GMX: 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]long	L −0.0192% / S +0.0356%	1h	788.34	long leg	$46K	—	200x
Kraken Futures PF_BNBUSD	−0.0124%	1h	788.56	+0.029%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.67	+0.042%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.04	+0.089%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.41	+0.009%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.125%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0034%	8h	788.92	+0.074%	$6.1M	$18.8M	200x	as long as short
BingX BNB-USDC	+0.0046%	8h	788.50	+0.021%	—	$13.4M	—	as long as short
Binance BNBUSDT	+0.0055%	8h	788.70	+0.046%	$492.3M	$796.5M	75x	as long as short
MEXC BNB_USDT	+0.0055%	8h	789.10	+0.097%	$80.0M	$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
Phemex BNBUSDT	+0.0062%	8h	788.93	+0.075%	$69.0M	$50.3M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	790.26	+0.244%	$580K	$1.9M	50x	as long as short
Phoenix BNB	+0.0092%	1h	789.11	+0.098%	$170K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	788.43	+0.012%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.52	+0.023%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.50	+0.021%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.89	+0.070%	$51.7M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.48	+0.018%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.14	−0.025%	$138.7M	$74.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.20	−0.017%	$53.4M	$111.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.60	+0.033%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.35	+0.002%	$35.9M	$56.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.08	−0.033%	$28.1M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.93	−0.052%	$76.3M	$30.4M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.88	+0.069%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.41	+0.010%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.33	+0.126%	$4.1M	$73.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.44	+0.140%	$159K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.22	−0.015%	$130K	$955K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.78	+0.056%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.91	+0.073%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.70	+0.046%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.52	+0.024%	$8.1M	$9.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.66	+0.041%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.03	−0.038%	$1.9M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.53	+0.025%	$379K	$110K	10x	as long as short
Kalshi KXBNBPERPshort	+0.0105%	8h	789.00	+0.084%	$134K	$2.7M	4.8x
dYdX BNB-USD	+0.0122%	1h	788.57	+0.029%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0169%	8h	789.53	+0.151%	$2.9M	$28.7M	10x	as long as short
BloFin BNB-USDT	+0.0175%	8h	789.06	+0.092%	$18.1M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0234%	1h	790.66	+0.295%	$640K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0264%	1h	789.00	+0.084%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.00	+0.084%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0325%	1h	788.05	−0.036%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0392%	1h	788.82	+0.061%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	788.75	+0.053%	$1.1M	$892K	20x	as long as short