Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0037%/8h= −4.1% APRpaid last 24h 0.000%

Price spread now: Lighter against Kalshi−0.058%7-day average −0.020% · 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−$25as in the Price arb table

costs, in and out, $10k−$210.210% of the position

Long on Kalshi Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 7 days+0.040%+$4 · spread now −0.058%, 7d avg −0.020%

Together, before fees+0.142%+ Points / potential airdropLighter: Season 3 · farm board+$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Lighter is 0.038% cheaper against Kalshi than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.020%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.102%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	786.90	0.0133	pay 0.0133% / 8h	5h 52m	$169K	$2.7M	4.8x
Short	Lighter BNB	786.44	0.0096	get 0.0012% / 1h	52m 17s	$2.7M	$3.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$7.87
Price spread: −0.058% → −0.020%: −$3.81
Slippage, 4 orders: −$11
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$32.68
Costs to cover: 0.210%
Break-even: never at this rate

Slippage from Kalshi: live order book, 1 min ago; Lighter: live order book, 5 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, 1 min ago	2.54 bp	11.0 bp −$11	15.5 bp −$155	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	1.20 bp	1.2 bp −$1	4.2 bp −$42	11.2 bp −$1,119	70.5 bp −$35.3K

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 −0.0170% / S +0.0337%	1h	786.16	−0.095%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	786.92	+0.003%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.20	+0.038%	$849K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.21	−0.088%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.312%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0046%	8h	786.85	−0.006%	$6.1M	$19.0M	200x	as long as short
BingX BNB-USDC	+0.0054%	8h	786.41	−0.062%	—	$13.4M	—	as long as short
dYdX BNB-USD	+0.0064%	1h	786.44	−0.058%	$159K	$62K	10x	as long as short
Binance BNBUSDT	+0.0067%	8h	786.78	−0.015%	$489.9M	$816.2M	75x	as long as short
MEXC BNB_USDT	+0.0067%	8h	787.10	+0.025%	$80.9M	$11.9M	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	+0.0073%	8h	786.85	−0.006%	$68.8M	$51.0M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	788.38	+0.188%	$569K	$1.9M	50x	as long as short
Lighter BNBshort	+0.0096%	1h	786.44	−0.058%	$2.7M	$3.8M	20x
Orderly PERP_BNB_USDC	+0.0100%	8h	786.29	−0.078%	$264K	$471K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	785.95	−0.121%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	786.56	−0.043%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.24	−0.084%	$138.3M	$75.2M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.10	−0.102%	$53.4M	$113.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.70	−0.025%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.25	−0.083%	$37.0M	$58.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.00	−0.114%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	785.96	−0.119%	$76.1M	$31.1M	75x	as long as short
Variational Omni BNB	+0.0100%	8h	786.71	−0.024%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.12	+0.028%	$4.1M	$75.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.16	+0.033%	$158K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.06	−0.107%	$131K	$949K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.43	−0.060%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	787.06	+0.021%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	786.40	−0.064%	$387K	$986K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.64	−0.033%	$8.0M	$10.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	786.67	−0.029%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	785.94	−0.122%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.33	−0.073%	$378K	$110K	10x	as long as short
Hyperliquid BNB	+0.0132%	1h	786.91	+0.001%	$51.5M	$17.6M	10x	as long as short
Kalshi KXBNBPERPlong	+0.0133%	8h	786.90	long leg	$169K	$2.7M	4.8x
Phoenix BNB	+0.0135%	1h	787.80	+0.114%	$169K	$35K	10x	as long as short
BloFin BNB-USDT	+0.0187%	8h	787.12	+0.028%	$17.8M	$2.2M	75x	as long as short
Kraken Futures PF_BNBUSD	+0.0206%	1h	786.16	−0.094%	$2.5M	$1.2M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0226%	8h	787.37	+0.060%	$2.9M	$29.6M	10x	as long as short
Backpack BNB_USDC_PERP	+0.0237%	1h	786.92	+0.003%	$2.2M	$6.1M	40x	as long as short
01 Exchange BNBUSD	+0.0272%	1h	786.86	−0.005%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	786.64	−0.033%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0322%	1h	786.01	−0.113%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0328%	1h	787.20	+0.039%	$638K	$4K	10x	as long as short
RISEx BNB/USDC	+0.0438%	1h	786.65	−0.032%	$1.1M	$909K	20x	as long as short
Hibachi BNB/USDT-P	+0.0560%	1h	786.63	−0.034%	$67K	$39K	12x	as long as short