Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.048%

Price spread now: Kalshi against Hyperliquid+0.017%7-day average −0.001% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$370.367% of the position

Long on Hyperliquid Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days−0.183%−$18 on $10k

Price spread, last 7 days+0.001%$0 · spread now +0.017%, 7d avg −0.001%

Together, before fees−0.181%+ Points / potential airdropHyperliquid: Season 2 · farm board−$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.001%, 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	Hyperliquid BNB	784.37	0.0100	pay 0.0013% / 1h	21m 18s	$51.4M	$17.6M	10x
Short	Kalshi KXBNBPERP	784.50	0	get 0.0000% / 8h	4h 21m	$171K	$2.7M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Hyperliquid. 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 HyperliquidbpFee KalshibpOrdersPrice spread, now +0.017%Rate

Funding earned: −$21
Price spread: +0.017% → −0.001%: $1.71
Slippage, 4 orders: −$17.69
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$55.98
Costs to cover: 0.367%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 12 min ago; Kalshi: live order book, 2 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 Hyperliquid live order book, 12 min ago	0.06 bp	4.7 bp −$5	7.7 bp −$77	doesn't fit	doesn't fit
Sell Kalshi live order book, 2 min ago	2.55 bp	17.7 bp −$18	21.9 bp −$219	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 −0.0168% / S +0.0337%	1h	783.78	−0.075%	$43K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	784.42	+0.006%	$4K	$42	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0050%	1h	783.73	−0.082%	$2.5M	$1.2M	50x	as long as short
Variational Omni BNB	0.0000%	8h	783.51	−0.110%	$4.0M	$4.7M	—	as long as short
Kalshi KXBNBPERPshort	0.0000%	8h	784.50	+0.017%	$171K	$2.7M	4.8x
StandX BNB-USD	0.0000%	1h	784.22	−0.019%	$846K	$2.7M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	783.78	−0.075%	$9.4M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.642%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0034%	8h	784.31	−0.007%	$6.0M	$18.8M	200x	as long as short
BingX BNB-USDC	+0.0040%	8h	783.80	−0.073%	—	$13.4M	—	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BNB_USDT	+0.0048%	8h	785.00	+0.080%	$80.7M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0049%	8h	784.31	−0.007%	$487.1M	$819.6M	75x	as long as short
Phemex BNBUSDT	+0.0074%	8h	784.28	−0.011%	$68.5M	$51.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	783.86	−0.065%	$2.7M	$3.8M	20x	as long as short
Phoenix BNB	+0.0100%	1h	784.53	+0.020%	$161K	$35K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	783.85	−0.066%	$1.3M	$2.7M	20x	as long as short
Hyperliquid BNBlong	+0.0100%	1h	784.37	long leg	$51.4M	$17.6M	10x
Pacifica BNB	+0.0100%	1h	784.31	−0.008%	$1.2M	$937K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	783.60	−0.098%	$137.9M	$74.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	783.60	−0.098%	$53.3M	$112.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	784.30	−0.009%	$52K	$125K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	783.75	−0.079%	$38.2M	$58.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	783.69	−0.087%	$27.6M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	783.36	−0.129%	$75.2M	$32.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	784.44	+0.009%	$2.2M	$6.1M	40x	as long as short
edgeX BNBUSDC	+0.0100%	4h	783.84	−0.067%	$4.1M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	784.61	+0.031%	$158K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	783.77	−0.076%	$131K	$944K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	783.82	−0.070%	$263K	$388K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	784.17	−0.026%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	784.33	−0.005%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	783.90	−0.060%	$385K	$967K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	784.34	−0.003%	$8.0M	$10.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	784.57	+0.025%	$78K	$17K	50x	as long as short
dYdX BNB-USD	+0.0101%	1h	783.56	−0.103%	$159K	$62K	10x	as long as short
Extended BNB-USD	+0.0104%	1h	783.34	−0.131%	$1.8M	$5.8M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	783.87	−0.064%	$377K	$110K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0104%	1h	784.48	+0.014%	$546K	$1.9M	50x	as long as short
BloFin BNB-USDT	+0.0169%	8h	784.71	+0.043%	$17.7M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	784.17	−0.026%	$1.5M	$141K	25x	as long as short
Bulk BNB-USD	+0.0208%	1h	785.53	+0.148%	$637K	$831	10x	as long as short
GRVT BNB_USDT_Perp	+0.0217%	8h	784.62	+0.031%	$2.9M	$28.4M	10x	as long as short
01 Exchange BNBUSD	+0.0248%	1h	784.67	+0.038%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0320%	1h	783.40	−0.123%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0350%	1h	784.38	+0.001%	$1.1M	$906K	20x	as long as short
Hibachi BNB/USDT-P	+0.0464%	1h	784.39	+0.003%	$67K	$39K	12x	as long as short