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Funding arb · Price arb /

BNB

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Alert: funding
Measured
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Alert: spread
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Funding you earn now, next payment 08:00 UTC+0.0062%/8h= +6.8% APRnext payment +$0.62 per $10,000 · paid last 24h −0.003%
Price spread now: Phemex against Kalshi+0.005%7-day average +0.053% · you sell dearer than you buy
Net, funding: paid 7d − costs−$26as in the Funding arb table
Net, price: spread back to 7d avg − costs−$36as in the Price arb table
costs, in and out, $10k−$320.316% of the position
Long on KalshiShort on Phemex
What this pair did over the last
the charts below follow
Funding, last 7 days+0.061%+$6 on $10k
Price spread, last 4 days (all we have)−0.086%−$9 · spread now +0.005%, 7d avg +0.053%
Together, before fees−0.026%−$3 on $10k · with fees, hour by hour
Funding pays, the price is against you. Phemex is 0.047% cheaper against Kalshi than usual: you would sell low and buy high (spread +0.005% now, against its 7-day average of +0.053%). If the spread goes back, that is −$5 on $10k: about 2.6 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.061% in total) that is about 5.5 days.
LegExchangePriceFunding /8hEach paymentNext inOIVol 24hMax lev
LongKalshi KXBNBPERP788.700get 0.0000% / 8h7h 42m$129K$2.7M4.8x
ShortPhemex BNBUSDT788.740.0062get 0.0062% / 8h3h 42m$69.0M$50.4M50x

Funding history

latest
Range statsloading…

Price spread between the two exchanges

Phemex 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

Funding earned
$13.01
Price spread: +0.005% → +0.053%
−$4.75
Slippage, 4 orders
−$9.61
Fee Kalshi: 5 bp × 2 orders
−$10
Fee Phemex: 6 bp × 2 orders
−$12
Net
−$23.35
Costs to cover
0.316%
Break-even
19.6 days
Slippage from Kalshi: live order book, 1 min ago; Phemex: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again
LegHalf-spread$10k$100k$1M$5M
Buy Kalshi live order book, 1 min ago0.63 bp5.6 bp −$611.4 bp −$114doesn't fitdoesn't fit
Sell Phemex live order book, 2 min ago0.06 bp6.4 bp −$66.9 bp −$6910.4 bp −$1,040doesn't fit

BNB on 46 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
GMX BNB/USD [WBTC.b-USDC]L −0.0192% / S +0.0356%1h788.22−0.061%$46K—200xas long as short
Kraken Futures PF_BNBUSD−0.0124%1h788.04−0.084%$2.5M$1.2M50xas long as short
Hotstuff BNB-PERP−0.0080%1h788.50−0.025%$4K$4225xas long as short
Kalshi KXBNBPERPlong0.0000%8h788.70long leg$129K$2.7M4.8x
StandX BNB-USD0.0000%1h788.90+0.025%$851K$3.2M30xas long as short
gTrade (Gains Network) BNB/USDL +0.0007% / S −0.0007%1h788.14−0.070%$9.5M—150xas long as short
Injective BNB/USDC PERP+0.0033%1h805.09+2.078%$19K$789K30xas long as short
Aster BNBUSDT+0.0033%8h788.45−0.032%$6.1M$18.8M200xas long as short
BingX BNB-USDT+0.0044%8h788.03−0.085%—$22.4M—as long as short
MEXC BNB_USDT+0.0054%8h788.700.000%$80.0M$12.0M200xas long as short
Show all 46 venues
ExchangeFunding /8hEveryPricePrice vs long legOIVol 24hMax lev
Binance BNBUSDT+0.0054%8h788.42−0.036%$492.0M$797.0M75xas long as short
Phemex BNBUSDTshort+0.0062%8h788.74+0.005%$69.0M$50.4M50x
Coinbase International BNB-PERP-INTX+0.0072%1h790.26+0.198%$580K$1.9M50xas long as short
Phoenix BNB+0.0092%1h789.11+0.052%$170K$35K10xas long as short
Lighter BNB+0.0096%1h788.13−0.072%$2.7M$3.8M20xas long as short
Orderly PERP_BNB_USDC+0.0100%8h788.16−0.068%$265K$492K50xas long as short
Nado BNB-PERP+0.0100%1h787.90−0.101%$1.5M$2.6M20xas long as short
Hyperliquid BNB+0.0100%1h788.50−0.025%$51.7M$17.5M10xas long as short
Pacifica BNB+0.0100%1h788.16−0.068%$1.2M$931K20xas long as short
Bybit BNBUSDT+0.0100%8h787.69−0.128%$138.6M$74.1M75xas long as short
OKX BNB-USDT-SWAP+0.0100%8h787.70−0.127%$53.3M$111.7M50xas long as short
Arcus BNB-USD+0.0100%1h788.10−0.076%$52K$133K10xas long as short
Gate BNB_USDT+0.0100%8h787.90−0.101%$35.7M$57.2M75xas long as short
KuCoin BNBUSDTM+0.0100%8h787.76−0.119%$27.6M$10.2M75xas long as short
Bitget BNBUSDT+0.0100%8h787.60−0.139%$76.3M$30.4M75xas long as short
Backpack BNB_USDC_PERP+0.0100%1h788.63−0.009%$2.2M$6.1M40xas long as short
Variational Omni BNB+0.0100%8h788.41−0.037%$4.1M$4.8M—as long as short
edgeX BNBUSDC+0.0100%4h789.33+0.080%$4.1M$73.8M30xas long as short
ApeX Omni BNBUSDT+0.0100%1h788.91+0.027%$159K$442K50xas long as short
Polymarket Perps BNB-USD+0.0100%1h787.70−0.127%$130K$955K10xas long as short
Derive BNB-PERP+0.0100%1h788.34−0.046%$31K$12K10xas long as short
SunX BNB-USDT+0.0100%8h788.67−0.004%$12K$1.5M50xas long as short
SoDEX BNB-USD+0.0100%1h788.30−0.051%$388K$1.0M10xas long as short
HTX BNB-USDT+0.0100%8h788.36−0.043%$8.1M$9.6M75xas long as short
Paradex BNB-USD-PERP+0.0100%8h788.24−0.058%$77K$17K50xas long as short
Extended BNB-USD+0.0104%1h787.48−0.155%$1.9M$6.3M50xas long as short
Aevo BNB-PERP+0.0104%1h788.21−0.063%$379K$110K10xas long as short
dYdX BNB-USD+0.0121%1h788.57−0.017%$160K$64K10xas long as short
GRVT BNB_USDT_Perp+0.0172%8h789.11+0.052%$2.9M$28.7M10xas long as short
BloFin BNB-USDT+0.0174%8h788.74+0.005%$17.1M$2.2M75xas long as short
Bulk BNB-USD+0.0234%1h788.73+0.004%$639K$9K10xas long as short
01 Exchange BNBUSD+0.0264%1h788.33−0.047%$28K$4K10xas long as short
Deribit BNB_USDC-PERPETUAL+0.0300%1h788.68−0.003%$1.5M$143K25xas long as short
Reya BNBRUSDPERP+0.0325%1h787.55−0.145%$6K$3K40xas long as short
Hibachi BNB/USDT-P+0.0408%1h788.66−0.005%$67K$39K12xas long as short
RISEx BNB/USDC+0.0431%1h788.24−0.058%$1.1M$891K20xas long as short