Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0274%/8h= −30.0% APRpaid last 24h −0.039%

Price spread now: Kalshi against Backpack+0.016%7-day average −0.036% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

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

costs, in and out, $10k−$320.324% of the position

Long on Backpack Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.285%−$28 on $10k

Price spread, last 3 days (all we have)+0.062%+$6 · spread now +0.016%, 7d avg −0.036%

Together, before fees−0.223%−$22 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kalshi is 0.052% dearer against Backpack than usual: you sell high and buy low (spread +0.016% now, against its 7-day average of −0.036%): +$5 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 15 hours. At the pace of the last 7 days (−0.285% in total) that is about 31 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack BNB_USDC_PERP	798.47	0.0397	pay 0.0050% / 1h	23m 52s	$2.7M	$5.7M	40x
Short	Kalshi KXBNBPERP	798.60	0.0123	get 0.0123% / 8h	4h 23m	$89K	$2.9M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Backpack. 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 BackpackbpFee KalshibpOrdersPrice spread, now +0.016%Rate

Funding earned: −$57.47
Price spread: +0.016% → −0.036%: $5.2
Slippage, 4 orders: −$12.44
Fee Backpack: 5 bp × 2 orders: −$10
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$84.71
Costs to cover: 0.324%
Break-even: never at this rate

Slippage from Backpack: live order book, just now; Kalshi: live order book, 5 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 Backpack live order book, just now	0.06 bp	5.1 bp −$5	10.5 bp −$105	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	3.13 bp	13.1 bp −$13	18.6 bp −$186	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 −0.0201% / S +0.0372%	1h	797.86	−0.077%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	798.26	−0.026%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	797.75	−0.091%	$2.5M	$972K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.10	+0.079%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.15	+0.085%	$864K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	797.96	−0.064%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0013%	8h	798.06	−0.052%	$4.1M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0038%	8h	797.98	−0.061%	—	$13.4M	—	as long as short
Bybit BNBUSDT	+0.0044%	8h	797.60	−0.109%	$138.4M	$76.9M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	799.89	+0.178%	$606K	$986K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0090%	8h	798.36	−0.014%	$6.3M	$19.0M	200x	as long as short
Lighter BNB	+0.0096%	1h	798.05	−0.052%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	797.65	−0.103%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	798.24	−0.029%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	797.60	−0.109%	$54.2M	$112.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	798.20	−0.034%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	797.80	−0.084%	$35.7M	$58.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	797.77	−0.088%	$27.9M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	797.43	−0.130%	$78.9M	$27.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.89	+0.178%	$4.2M	$76.1M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.17	+0.213%	$161K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	797.76	−0.089%	$116K	$875K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	797.61	−0.108%	$385K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.01	−0.057%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	798.20	−0.034%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	797.90	−0.071%	$392K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	798.03	−0.056%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	797.47	−0.125%	$8.2M	$8.0M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	798.44	−0.004%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	797.44	−0.129%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	797.86	−0.076%	$383K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0110%	8h	798.45	−0.003%	$69.8M	$50.6M	50x	as long as short
MEXC BNB_USDT	+0.0111%	8h	798.80	+0.041%	$82.9M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0112%	8h	798.49	+0.003%	$498.6M	$817.8M	75x	as long as short
Kalshi KXBNBPERPshort	+0.0123%	8h	798.60	+0.016%	$89K	$2.9M	4.8x
Phoenix BNB	+0.0127%	1h	800.12	+0.207%	$172K	$36K	10x	as long as short
Hibachi BNB/USDT-P	+0.0176%	1h	798.45	−0.003%	$70K	$43K	12x	as long as short
Hyperliquid BNB	+0.0201%	1h	798.62	+0.019%	$52.4M	$21.2M	10x	as long as short
BloFin BNB-USDT	+0.0232%	8h	798.94	+0.059%	$18.2M	$2.5M	75x	as long as short
Bulk BNB-USD	+0.0239%	1h	800.03	+0.196%	$650K	$19K	10x	as long as short
RISEx BNB/USDC	+0.0258%	1h	798.08	−0.048%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0296%	1h	798.48	+0.001%	$28K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.829%	$19K	$789K	30x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	797.53	−0.118%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0382%	1h	798.50	+0.004%	$161K	$62K	10x	as long as short
Backpack BNB_USDC_PERPlong	+0.0397%	1h	798.47	long leg	$2.7M	$5.7M	40x