Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.005%

Price spread now: Kalshi against SoDEX+0.013%7-day average +0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$300.297% of the position

Long on SoDEX Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.073%−$7 on $10k

Price spread, last 4 days (all we have)+0.157%+$16 · spread now +0.013%, 7d avg +0.002%

Together, before fees+0.084%+$8 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.002%, so right now this pair is about funding alone: −$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX BNB-USD	787.60	0.0100	pay 0.0013% / 1h	15m 09s	$387K	$927K	10x
Short	Kalshi KXBNBPERP	787.70	0	get 0.0000% / 8h	2h 15m	$139K	$2.5M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against SoDEX. 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 SoDEXbpFee KalshibpOrdersPrice spread, now +0.013%Rate

Funding earned: −$21
Price spread: +0.013% → +0.002%: $1.09
Slippage, 4 orders: −$11.68
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$49.59
Costs to cover: 0.297%
Break-even: never at this rate

Slippage from SoDEX: live order book, 36 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 SoDEX live order book, 36 min ago	0.64 bp	4.6 bp −$5	8.3 bp −$83	81.2 bp −$8,123	doesn't fit
Sell Kalshi live order book, 1 min ago	3.17 bp	11.8 bp −$12	15.7 bp −$157	doesn't fit	doesn't fit

BNB on 45 exchanges

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 −0.0166% / S +0.0336%	1h	787.32	−0.035%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.70	+0.013%	$4K	—	25x	as long as short
Aster BNBUSDT	0.0000%	8h	788.01	+0.052%	$5.9M	$17.2M	200x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	787.91	+0.039%	$3.0M	$26.6M	10x	as long as short
Kalshi KXBNBPERPshort	0.0000%	8h	787.70	+0.013%	$139K	$2.5M	4.8x
StandX BNB-USD	0.0000%	1h	787.62	+0.003%	$849K	$2.8M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.38	−0.028%	$9.5M	—	150x	as long as short
MEXC BNB_USDT	+0.0020%	8h	789.10	+0.190%	$83.4M	$12.2M	200x	as long as short
Binance BNBUSDT	+0.0021%	8h	787.97	+0.047%	$482.2M	$776.3M	75x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.221%	$19K	$789K	30x	as long as short

Show all 45 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0035%	1h	787.17	−0.054%	$2.5M	$1.3M	50x	as long as short
Bybit BNBUSDT	+0.0068%	8h	787.10	−0.063%	$138.6M	$68.0M	75x	as long as short
BloFin BNB-USDT	+0.0082%	8h	788.01	+0.052%	$17.6M	$2.2M	75x	as long as short
Phemex BNBUSDT	+0.0091%	8h	788.03	+0.055%	$68.5M	$51.2M	50x	as long as short
Phoenix BNB	+0.0094%	1h	787.28	−0.041%	$158K	$45K	10x	as long as short
Lighter BNB	+0.0096%	1h	787.44	−0.020%	$2.7M	$3.4M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.23	−0.047%	$1.4M	$2.4M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.15	+0.070%	$51.8M	$17.0M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.52	−0.010%	$1.2M	$933K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.20	−0.051%	$53.3M	$103.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.60	0.000%	$57K	$122K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.45	−0.019%	$40.8M	$55.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.32	−0.036%	$28.2M	$9.7M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.21	−0.050%	$75.6M	$31.9M	75x	as long as short
BingX BNB-USDC	+0.0100%	8h	787.38	−0.028%	—	$13.4M	—	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	787.79	+0.024%	$2.2M	$6.0M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	786.88	−0.091%	$4.3M	$4.5M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.79	+0.024%	$4.1M	$75.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.51	−0.011%	$159K	$445K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.53	−0.009%	$130K	$909K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.43	−0.022%	$264K	$299K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.06	+0.058%	$12K	$1.4M	50x	as long as short
SoDEX BNB-USDlong	+0.0100%	1h	787.60	long leg	$387K	$927K	10x
HTX BNB-USDT	+0.0100%	8h	787.65	+0.006%	$8.0M	$10.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.86	+0.033%	$78K	$337K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.96	−0.082%	$1.8M	$5.6M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.33	−0.034%	$378K	$110K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0136%	1h	786.42	−0.150%	$544K	$1.9M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	787.77	+0.022%	$1.5M	$157K	25x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	788.08	+0.061%	$28K	$3K	10x	as long as short
Bulk BNB-USD	+0.0263%	1h	787.91	+0.039%	$639K	$0	10x	as long as short
Reya BNBRUSDPERP	+0.0317%	1h	787.04	−0.071%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0344%	1h	787.45	−0.019%	$67K	$37K	12x	as long as short
RISEx BNB/USDC	+0.0345%	1h	787.72	+0.015%	$1.1M	$910K	20x	as long as short
dYdX BNB-USD	+0.0368%	1h	787.28	−0.040%	$158K	$36K	10x	as long as short