Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0090%/8h= +9.9% APRpaid last 24h −0.007%

Price spread now: Kalshi against Kraken Futures+0.015%7-day average +0.022% · you sell dearer than you buy

Net, funding: paid 7d − costs−$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$400.399% of the position

Long on Kraken Futures Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.087%−$9 on $10k

Price spread, last 3 days (all we have)+0.079%+$8 · spread now +0.015%, 7d avg +0.022%

Together, before fees−0.008%−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.022%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.087%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BNBUSD	788.28	0.0091	pay 0.0011% / 1h	48m 10s	$2.5M	$1.2M	50x
Short	Kalshi KXBNBPERP	788.40	0.0181	get 0.0181% / 8h	1h 48m	$89K	$2.8M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Kraken Futures. 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 Kraken FuturesbpFee KalshibpOrdersPrice spread, now +0.015%Rate

Funding earned: $18.95
Price spread: +0.015% → +0.022%: −$0.7
Slippage, 4 orders: −$19.89
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$21.64
Costs to cover: 0.399%
Break-even: 15.0 days

Slippage from Kraken Futures: live order book, 1 min ago; Kalshi: live order book, just now.

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 Kraken Futures live order book, 1 min ago	4.00 bp	9.4 bp −$9	14.5 bp −$145	33.7 bp −$3,369	140.9 bp −$70.4K
Sell Kalshi live order book, just now	2.54 bp	7.5 bp −$8	14.0 bp −$140	doesn't fit	doesn't fit

BNB on 45 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 −0.0167% / S +0.0335%	1h	788.10	−0.023%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.48	+0.025%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.39	+0.140%	$853K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	788.14	−0.018%	$9.6M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.132%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0038%	8h	788.75	+0.060%	$6.2M	$18.7M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	790.27	+0.252%	$618K	$1.8M	50x	as long as short
BingX BNB-USDT	+0.0055%	8h	788.54	+0.033%	—	$34.4M	—	as long as short
Phemex BNBUSDT	+0.0071%	8h	788.82	+0.068%	$69.1M	$51.1M	50x	as long as short
MEXC BNB_USDT	+0.0071%	8h	789.30	+0.129%	$80.4M	$12.4M	200x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0071%	8h	789.02	+0.094%	$493.6M	$807.5M	75x	as long as short
Variational Omni BNB	+0.0073%	8h	789.70	+0.179%	$4.1M	$4.8M	—	as long as short
Gate BNB_USDT	+0.0086%	8h	788.15	−0.017%	$35.2M	$56.7M	75x	as long as short
Kraken Futures PF_BNBUSDlong	+0.0091%	1h	788.28	long leg	$2.5M	$1.2M	50x
Lighter BNB	+0.0096%	1h	788.54	+0.033%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.19	−0.012%	$265K	$380K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.30	+0.002%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.95	+0.085%	$51.7M	$18.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.35	+0.008%	$1.2M	$909K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.30	+0.002%	$138.5M	$77.3M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.20	−0.011%	$53.4M	$112.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.40	+0.015%	$52K	$130K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.18	−0.013%	$27.7M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.07	−0.027%	$76.8M	$30.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.58	+0.038%	$2.2M	$6.1M	40x	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.77	+0.188%	$4.1M	$76.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.95	+0.211%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.06	−0.028%	$137K	$945K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.35	+0.009%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.76	+0.060%	$12K	$1.6M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.22	−0.007%	$8.1M	$9.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0102%	8h	788.88	+0.075%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.94	−0.044%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.24	−0.005%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	790.19	+0.242%	$170K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0120%	8h	790.69	+0.305%	$2.9M	$28.1M	10x	as long as short
SoDEX BNB-USD	+0.0124%	1h	788.40	+0.015%	$388K	$1.0M	10x	as long as short
Kalshi KXBNBPERPshort	+0.0181%	8h	788.40	+0.015%	$89K	$2.8M	4.8x
dYdX BNB-USD	+0.0235%	1h	788.35	+0.009%	$159K	$64K	10x	as long as short
01 Exchange BNBUSD	+0.0304%	1h	788.80	+0.066%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	787.94	−0.044%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0340%	1h	789.39	+0.140%	$639K	$13K	10x	as long as short
RISEx BNB/USDC	+0.0361%	1h	788.50	+0.027%	$1.1M	$1.0M	20x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0400%	1h	788.64	+0.046%	$1.5M	$152K	25x	as long as short
Hibachi BNB/USDT-P	+0.0560%	1h	788.97	+0.087%	$67K	$39K	12x	as long as short