Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0014%/8h= −1.6% APRpaid last 24h −0.004%

Price spread now: Derive against Kalshi−0.001%7-day average — · you buy dearer than you sell

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

Long on Kalshi Short on Derive

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

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: $0 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	803.40	0.0114	pay 0.0114% / 8h	4h 43m	$110K	$2.9M	4.8x
Short	Derive BNB-PERP	803.39	0.0100	get 0.0013% / 1h	43m 31s	$32K	$5K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Derive against Kalshi. 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 KalshibpFee DerivebpOrdersPrice spread, now −0.001%Rate

Funding earned: −$2.98
Price spread: −0.001% → 0.000%: −$0.12
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Derive: 3 bp × 2 orders: −$6
Net: −$19.1
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 5 min ago; Derive: no order-book sample. 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 Kalshi live order book, 5 min ago	1.87 bp	16.6 bp −$17	23.0 bp −$230	doesn't fit	doesn't fit
Sell Derive no order-book sample	—	—	—	—	—

Derive: 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 −0.0201% / S +0.0372%	1h	803.14	−0.033%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	802.95	−0.056%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	802.99	−0.052%	$2.6M	$970K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	803.47	+0.008%	$3.0M	$28.0M	10x	as long as short
StandX BNB-USD	0.0000%	1h	803.81	+0.051%	$869K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	803.16	−0.029%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0027%	8h	802.45	−0.118%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0052%	8h	802.58	−0.102%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0060%	8h	802.10	−0.162%	$139.2M	$78.6M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	−0.334%	$607K	$995K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	803.01	−0.048%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.10	−0.162%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.98	−0.052%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.20	−0.149%	$54.7M	$113.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	802.90	−0.062%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.60	−0.100%	$36.0M	$57.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	802.50	−0.112%	$28.1M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	802.28	−0.139%	$79.6M	$27.4M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.59	+0.024%	$4.2M	$77.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	803.34	−0.007%	$162K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.29	−0.138%	$117K	$875K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	803.19	−0.026%	$388K	$497K	50x	as long as short
Derive BNB-PERPshort	+0.0100%	1h	803.39	−0.001%	$32K	$5K	10x
SunX BNB-USDT	+0.0100%	8h	803.24	−0.020%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.78	−0.077%	$8.2M	$8.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	803.22	−0.022%	$78K	$19K	50x	as long as short
SoDEX BNB-USD	+0.0102%	1h	803.30	−0.012%	$395K	$1.0M	10x	as long as short
Aster BNBUSDT	+0.0103%	8h	803.08	−0.040%	$6.4M	$19.0M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	802.06	−0.167%	$1.9M	$6.4M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	803.22	−0.022%	$386K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0111%	8h	803.69	+0.036%	$70.2M	$51.0M	50x	as long as short
Kalshi KXBNBPERPlong	+0.0114%	8h	803.40	long leg	$110K	$2.9M	4.8x
Binance BNBUSDT	+0.0125%	8h	803.02	−0.047%	$502.2M	$817.2M	75x	as long as short
MEXC BNB_USDT	+0.0125%	8h	803.50	+0.012%	$83.6M	$13.5M	200x	as long as short
Phoenix BNB	+0.0127%	1h	803.09	−0.039%	$173K	$36K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	803.63	+0.028%	$1.6M	$165K	25x	as long as short
Hibachi BNB/USDT-P	+0.0224%	1h	803.19	−0.026%	$71K	$43K	12x	as long as short
Hyperliquid BNB	+0.0231%	1h	803.55	+0.019%	$52.1M	$21.4M	10x	as long as short
BloFin BNB-USDT	+0.0245%	8h	803.67	+0.034%	$18.2M	$2.6M	75x	as long as short
RISEx BNB/USDC	+0.0258%	1h	802.68	−0.090%	$1.1M	$1.4M	20x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.210%	$19K	$789K	30x	as long as short
Bulk BNB-USD	+0.0309%	1h	803.58	+0.022%	$653K	$20K	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	801.98	−0.177%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0360%	1h	803.12	−0.035%	$28K	$1K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0366%	1h	804.03	+0.078%	$2.7M	$5.7M	40x	as long as short
dYdX BNB-USD	+0.0448%	1h	802.89	−0.064%	$162K	$62K	10x	as long as short