Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0232%/8h= −25.4% APRpaid last 24h −0.053%

Price spread now: Hotstuff against Kalshi−0.034%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 Hotstuff

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—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Hotstuff is 0.034% cheaper against Kalshi than usual: you would sell low and buy high (−$3 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	798.00	0.0152	pay 0.0152% / 8h	3h 51m	$89K	$2.9M	4.8x
Short	Hotstuff BNB-PERP	797.73	−0.0080	pay 0.0010% / 1h	51m 23s	$4K	$239	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$48.8
Price spread: −0.034% → 0.000%: −$3.38
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$67.18
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Kalshi: live order book, 2 min ago; Hotstuff: 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, 2 min ago	2.50 bp	7.5 bp −$8	12.2 bp −$122	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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	797.85	−0.019%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	797.00	−0.126%	$2.5M	$976K	50x	as long as short
Hotstuff BNB-PERPshort	−0.0080%	1h	797.73	−0.034%	$4K	$239	25x
Gate BNB_USDT	−0.0045%	8h	797.50	−0.063%	$35.7M	$55.8M	75x	as long as short
BingX BNB-USDT	−0.0030%	8h	797.79	−0.026%	—	$35.2M	—	as long as short
Bybit BNBUSDT	−0.0023%	8h	797.52	−0.060%	$138.4M	$77.1M	75x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.92	+0.115%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	798.87	+0.109%	$863K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	797.85	−0.019%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0008%	8h	797.13	−0.109%	$4.1M	$5.4M	—	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.888%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	798.00	0.000%	$601K	$983K	50x	as long as short
Aster BNBUSDT	+0.0069%	8h	797.70	−0.038%	$6.2M	$19.3M	200x	as long as short
Binance BNBUSDT	+0.0092%	8h	798.32	+0.040%	$496.2M	$817.9M	75x	as long as short
MEXC BNB_USDT	+0.0092%	8h	798.30	+0.038%	$82.9M	$13.5M	200x	as long as short
Lighter BNB	+0.0096%	1h	797.52	−0.060%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	798.71	+0.089%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	796.91	−0.137%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	797.50	−0.063%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	797.50	−0.063%	$54.1M	$112.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	797.80	−0.025%	$52K	$134K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	797.48	−0.065%	$27.9M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	797.41	−0.074%	$78.7M	$27.6M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.80	+0.101%	$4.1M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.21	+0.152%	$161K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	797.44	−0.070%	$118K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	797.67	−0.041%	$385K	$481K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	797.83	−0.022%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	798.74	+0.092%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	797.40	−0.075%	$392K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.40	+0.050%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	798.38	+0.047%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	796.88	−0.140%	$1.8M	$6.6M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.78	+0.098%	$384K	$108K	10x	as long as short
Phemex BNBUSDT	+0.0131%	8h	797.88	−0.015%	$69.8M	$50.8M	50x	as long as short
Hibachi BNB/USDT-P	+0.0136%	1h	798.39	+0.049%	$70K	$43K	12x	as long as short
Kalshi KXBNBPERPlong	+0.0152%	8h	798.00	long leg	$89K	$2.9M	4.8x
RISEx BNB/USDC	+0.0155%	1h	797.43	−0.071%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0158%	1h	799.24	+0.155%	$649K	$14K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	797.98	−0.003%	$1.6M	$160K	25x	as long as short
BloFin BNB-USDT	+0.0213%	8h	798.86	+0.108%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0216%	1h	797.93	−0.009%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0271%	1h	797.28	−0.090%	$161K	$63K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0328%	1h	798.17	+0.021%	$2.7M	$5.7M	40x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	797.16	−0.105%	$6K	$3K	40x	as long as short
Hyperliquid BNB	+0.0377%	1h	798.40	+0.050%	$53.2M	$20.7M	10x	as long as short