BNB

Alert: funding

Alert: spread

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: Kalshi against Phemex−0.005%7-day average −0.053% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$320.316% of the position

Long on Phemex Short on Kalshi

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

The price spread pays, funding is against you. Kalshi is 0.047% dearer against Phemex than usual: you sell high and buy low (spread −0.005% now, against its 7-day average of −0.053%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 2.6 days. At the pace of the last 7 days (−0.061% in total) that is about 5.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex BNBUSDT	788.74	0.0062	pay 0.0062% / 8h	3h 42m	$69.0M	$50.4M	50x
Short	Kalshi KXBNBPERP	788.70	0	get 0.0000% / 8h	7h 42m	$129K	$2.7M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Phemex. 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 PhemexbpFee KalshibpOrdersPrice spread, now −0.005%Rate

Funding earned: −$13.01
Price spread: −0.005% → −0.053%: $4.75
Slippage, 4 orders: −$9.61
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$39.87
Costs to cover: 0.316%
Break-even: never at this rate

Slippage from Phemex: live order book, 2 min ago; Kalshi: live order book, 1 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 Phemex live order book, 2 min ago	0.06 bp	6.4 bp −$6	7.0 bp −$70	14.5 bp −$1,446	doesn't fit
Sell Kalshi live order book, 1 min ago	0.63 bp	13.2 bp −$13	18.4 bp −$184	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	788.22	−0.066%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	788.04	−0.089%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.67	−0.009%	$4K	$42	25x	as long as short
Kalshi KXBNBPERPshort	0.0000%	8h	788.70	−0.005%	$129K	$2.7M	4.8x
StandX BNB-USD	0.0000%	1h	789.04	+0.038%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.14	−0.075%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.073%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0033%	8h	788.56	−0.023%	$6.1M	$18.8M	200x	as long as short
BingX BNB-USDT	+0.0044%	8h	788.03	−0.090%	—	$22.4M	—	as long as short
MEXC BNB_USDT	+0.0054%	8h	788.70	−0.005%	$80.0M	$12.0M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0054%	8h	788.47	−0.034%	$492.0M	$797.0M	75x	as long as short
Phemex BNBUSDTlong	+0.0062%	8h	788.74	long leg	$69.0M	$50.4M	50x
Coinbase International BNB-PERP-INTX	+0.0072%	1h	790.26	+0.193%	$580K	$1.9M	50x	as long as short
Phoenix BNB	+0.0092%	1h	789.11	+0.047%	$170K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	788.13	−0.077%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.16	−0.074%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.05	−0.087%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.59	−0.019%	$51.7M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.16	−0.074%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.71	−0.131%	$138.6M	$74.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.70	−0.132%	$53.4M	$111.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.10	−0.081%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.90	−0.106%	$35.7M	$57.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.76	−0.124%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.60	−0.145%	$76.3M	$30.4M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.63	−0.014%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.41	−0.042%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.33	+0.075%	$4.1M	$73.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.91	+0.022%	$159K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.10	−0.081%	$130K	$955K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.34	−0.051%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.67	−0.009%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.30	−0.056%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.36	−0.048%	$8.1M	$9.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.24	−0.063%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.48	−0.160%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.21	−0.068%	$379K	$110K	10x	as long as short
dYdX BNB-USD	+0.0121%	1h	788.57	−0.022%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0172%	8h	789.11	+0.047%	$2.9M	$28.7M	10x	as long as short
BloFin BNB-USDT	+0.0174%	8h	788.74	0.000%	$17.1M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0234%	1h	788.73	−0.001%	$639K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0264%	1h	788.74	0.000%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.68	−0.008%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0325%	1h	788.00	−0.093%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0400%	1h	788.58	−0.021%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	788.24	−0.063%	$1.1M	$891K	20x	as long as short