Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0045%/8h= +5.0% APRpaid last 24h 0.000%

Price spread now: Kalshi against Lighter+0.046%7-day average +0.020% · you sell dearer than you buy

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

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

Long on Lighter Short on Kalshi

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−0.028%−$3 · spread now +0.046%, 7d avg +0.020%

Together, before fees−0.130%+ Points / potential airdropLighter: Season 3 · farm board−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Kalshi is 0.026% dearer against Lighter than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.020%. Mind the row above: over the last 7 days funding on this pair cost −0.102%, 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	Lighter BNB	784.64	0.0096	pay 0.0012% / 1h	24m 59s	$2.7M	$3.8M	20x
Short	Kalshi KXBNBPERP	785.00	0.0141	get 0.0141% / 8h	6h 24m	$160K	$2.7M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Lighter. 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 LighterbpFee KalshibpOrdersPrice spread, now +0.046%Rate

Funding earned: $9.54
Price spread: +0.046% → +0.020%: $2.61
Slippage, 4 orders: −$10.96
Fee Lighter: 0 bp × 2 orders: $0
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$8.81
Costs to cover: 0.210%
Break-even: 13.5 days

Slippage from Lighter: live order book, 3 min ago; Kalshi: live order book, 3 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 Lighter live order book, 3 min ago	1.65 bp	1.7 bp −$2	4.5 bp −$45	15.0 bp −$1,496	68.4 bp −$34.2K
Sell Kalshi live order book, 3 min ago	3.82 bp	8.8 bp −$9	16.0 bp −$160	doesn't fit	doesn't fit

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 −0.0192% / S +0.0356%	1h	784.59	−0.006%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	783.99	−0.082%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	784.61	−0.003%	$846K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	784.70	+0.008%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0031%	8h	785.04	+0.051%	$6.1M	$19.0M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.607%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0042%	8h	784.42	−0.028%	—	$22.2M	—	as long as short
Phemex BNBUSDT	+0.0051%	8h	785.00	+0.046%	$68.7M	$50.5M	50x	as long as short
MEXC BNB_USDT	+0.0055%	8h	785.20	+0.072%	$79.6M	$11.9M	200x	as long as short
Binance BNBUSDT	+0.0056%	8h	784.99	+0.045%	$489.0M	$811.3M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0069%	1h	784.25	−0.050%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	784.62	−0.002%	$567K	$1.9M	50x	as long as short
Lighter BNBlong	+0.0096%	1h	784.64	long leg	$2.7M	$3.8M	20x
Orderly PERP_BNB_USDC	+0.0100%	8h	784.68	+0.006%	$264K	$489K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	784.55	−0.011%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	784.87	+0.030%	$51.4M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	784.79	+0.020%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	784.28	−0.045%	$137.8M	$74.7M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	784.30	−0.043%	$53.3M	$112.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	785.20	+0.072%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	784.40	−0.030%	$36.4M	$58.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	784.10	−0.068%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	784.23	−0.052%	$75.9M	$31.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	784.67	+0.004%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	783.72	−0.117%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	784.31	−0.042%	$4.1M	$75.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	784.92	+0.036%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	784.82	+0.023%	$131K	$954K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	784.73	+0.012%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	785.62	+0.125%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	784.60	−0.005%	$386K	$993K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	784.48	−0.020%	$8.0M	$10.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	785.12	+0.061%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	784.18	−0.058%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	784.73	+0.012%	$377K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	784.35	−0.037%	$169K	$35K	10x	as long as short
Kalshi KXBNBPERPshort	+0.0141%	8h	785.00	+0.046%	$160K	$2.7M	4.8x
dYdX BNB-USD	+0.0169%	1h	784.37	−0.034%	$159K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0176%	8h	785.45	+0.104%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0208%	8h	785.52	+0.113%	$2.9M	$29.3M	10x	as long as short
01 Exchange BNBUSD	+0.0296%	1h	785.74	+0.141%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0298%	1h	785.69	+0.134%	$637K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	784.97	+0.043%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	784.61	−0.004%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0432%	1h	785.29	+0.083%	$1.1M	$905K	20x	as long as short
Hibachi BNB/USDT-P	+0.0504%	1h	783.85	−0.100%	$67K	$39K	12x	as long as short