Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0370%/8hpaid last 24h +0.106%

Price spread now: dYdX against Kalshi−0.077%7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs+$11as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$480.476% of the position

Long on Kalshi Short on dYdX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.588%+$59 on $10k

Price spread, last 3 days (all we have)−0.459%−$46 · spread now −0.077%, 7d avg −0.019%

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

Funding pays, the price is against you. dYdX is 0.058% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.077% now, against its 7-day average of −0.019%). If the spread goes back, that is −$6 on $10k: about 13 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	801.50	0	get 0.0000% / 8h	23m 07s	$107K	$2.7M	4.8x
Short	dYdX BNB-USD	800.88	0.0370	get 0.0046% / 1h	23m 07s	$173K	$51K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.077%Rate

Funding earned: $77.7
Price spread: −0.077% → −0.019%: −$5.79
Slippage, 4 orders: −$27.59
Fee Kalshi: 5 bp × 2 orders: −$10
Fee dYdX: 5 bp × 2 orders: −$10
Net: $24.32
Costs to cover: 0.476%
Break-even: 4.8 days

Slippage from Kalshi: live order book, 5 min ago; dYdX: live order book, 10 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 Kalshi live order book, 5 min ago	3.75 bp	8.7 bp −$9	15.0 bp −$150	doesn't fit	doesn't fit
Sell dYdX live order book, 10 min ago	9.80 bp	15.2 bp −$15	57.1 bp −$571	153.1 bp −$15.3K	439.7 bp −$219.9K

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 −0.0195% / S +0.0371%	1h	800.79	−0.089%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	801.29	−0.026%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	801.15	−0.044%	$3.0M	$30.1M	10x	as long as short
Kalshi KXBNBPERPlong	0.0000%	8h	801.50	long leg	$107K	$2.7M	4.8x
StandX BNB-USD	0.0000%	1h	801.93	+0.054%	$867K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0008%	1h	800.92	−0.072%	$9.7M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	800.43	−0.133%	$19K	$407K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0056%	1h	800.37	−0.141%	$601K	$904K	50x	as long as short
Variational Omni BNB	+0.0072%	8h	799.45	−0.256%	$4.1M	$5.5M	—	as long as short
BingX BNB-USDC	+0.0080%	8h	800.97	−0.066%	—	$13.2M	—	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	801.36	−0.017%	$2.9M	$3.9M	20x	as long as short
Aster BNBUSDT	+0.0098%	8h	801.38	−0.015%	$6.4M	$18.9M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	800.70	−0.100%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	801.02	−0.060%	$1.2M	$916K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	800.40	−0.137%	$138.5M	$87.7M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	800.40	−0.137%	$55.1M	$116.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	800.90	−0.075%	$53K	$221K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	800.65	−0.106%	$35.9M	$59.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	800.63	−0.109%	$28.0M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	800.24	−0.157%	$78.5M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	801.17	−0.041%	$4.2M	$75.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	801.23	−0.034%	$158K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.57	−0.116%	$118K	$880K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	800.87	−0.079%	$387K	$627K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	801.12	−0.048%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	801.12	−0.047%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	800.80	−0.087%	$394K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	801.40	−0.012%	$1.6M	$159K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.87	−0.078%	$8.2M	$6.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	801.51	+0.001%	$78K	$19K	50x	as long as short
MEXC BNB_USDT	+0.0102%	8h	801.70	+0.025%	$84.0M	$15.1M	200x	as long as short
Binance BNBUSDT	+0.0102%	8h	801.18	−0.040%	$516.7M	$801.9M	75x	as long as short
Extended BNB-USD	+0.0104%	1h	800.61	−0.112%	$1.9M	$6.4M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	801.18	−0.040%	$385K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0104%	8h	801.31	−0.024%	$70.1M	$51.7M	50x	as long as short
Bulk BNB-USD	+0.0120%	1h	799.94	−0.195%	$651K	$15K	10x	as long as short
Phoenix BNB	+0.0151%	1h	801.63	+0.016%	$172K	$28K	10x	as long as short
RISEx BNB/USDC	+0.0165%	1h	801.00	−0.062%	$1.1M	$1.4M	20x	as long as short
Kraken Futures PF_BNBUSD	+0.0185%	1h	800.95	−0.068%	$2.5M	$924K	50x	as long as short
BloFin BNB-USDT	+0.0222%	8h	801.21	−0.036%	$19.0M	$3.0M	75x	as long as short
Hyperliquid BNB	+0.0248%	1h	801.43	−0.009%	$51.4M	$21.4M	10x	as long as short
01 Exchange BNBUSD	+0.0272%	1h	801.38	−0.015%	$28K	$1K	10x	as long as short
Hibachi BNB/USDT-P	+0.0328%	1h	801.78	+0.035%	$71K	$48K	12x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	800.38	−0.140%	$9K	—	40x	as long as short
dYdX BNB-USDshort	+0.0370%	1h	800.88	−0.077%	$173K	$51K	10x
Backpack BNB_USDC_PERP	+0.0693%	1h	801.82	+0.040%	$3.0M	$5.3M	40x	as long as short