Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0087%/8h= −9.5% APRpaid last 24h +0.049%

Price spread now: Backpack against Kalshi−0.025%7-day average +0.100% · you buy dearer than you sell

Net, funding: paid 7d − costs+$1as in the Funding arb table

Net, price: spread back to 7d avg − costs−$41as in the Price arb table

costs, in and out, $10k−$290.287% of the position

Long on Kalshi Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 7 days+0.295%+$30 on $10k

Price spread, last 7 days−0.049%−$5 · spread now −0.025%, 7d avg +0.100%

Together, before fees+0.246%+$25 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Backpack is 0.126% cheaper against Kalshi than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of +0.100%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.295%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	791.90	0.0187	pay 0.0187% / 8h	1h 08m	$82K	$2.7M	4.8x
Short	Backpack BNB_USDC_PERP	791.70	0.0100	get 0.0013% / 1h	8m 32s	$2.2M	$6.1M	40x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Kalshi. 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 KalshibpFee BackpackbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$18.2
Price spread: −0.025% → +0.100%: −$12.56
Slippage, 4 orders: −$8.73
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$59.48
Costs to cover: 0.287%
Break-even: never at this rate

Slippage from Kalshi: live order book, 5 min ago; Backpack: 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 Kalshi live order book, 5 min ago	3.79 bp	8.8 bp −$9	14.4 bp −$144	doesn't fit	doesn't fit
Sell Backpack live order book, 1 min ago	0.06 bp	5.1 bp −$5	7.6 bp −$76	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 −0.0167% / S +0.0335%	1h	791.40	−0.063%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	791.61	−0.037%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	792.95	+0.133%	$857K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	791.40	−0.063%	$9.7M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.666%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	792.03	+0.016%	$615K	$1.8M	50x	as long as short
Phemex BNBUSDT	+0.0049%	8h	791.85	−0.006%	$69.4M	$50.5M	50x	as long as short
Aster BNBUSDT	+0.0050%	8h	791.71	−0.024%	$6.2M	$18.6M	200x	as long as short
BingX BNB-USDT	+0.0059%	8h	791.43	−0.059%	—	$34.3M	—	as long as short
Binance BNBUSDT	+0.0071%	8h	791.96	+0.008%	$494.6M	$790.5M	75x	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	+0.0072%	8h	792.30	+0.051%	$80.5M	$12.5M	200x	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	791.20	−0.089%	$2.5M	$1.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	791.58	−0.041%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	791.48	−0.053%	$266K	$498K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	791.10	−0.101%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	791.78	−0.015%	$52.0M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	791.54	−0.045%	$1.2M	$914K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	791.20	−0.088%	$139.2M	$76.5M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	791.00	−0.114%	$53.7M	$111.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	791.60	−0.038%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	791.25	−0.082%	$35.4M	$57.3M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	791.13	−0.097%	$27.8M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	791.05	−0.107%	$77.0M	$29.8M	75x	as long as short
Backpack BNB_USDC_PERPshort	+0.0100%	1h	791.70	−0.025%	$2.2M	$6.1M	40x
Variational Omni BNB	+0.0100%	8h	791.10	−0.102%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	791.85	−0.006%	$4.1M	$74.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	791.88	−0.003%	$159K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	791.19	−0.090%	$134K	$949K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	791.62	−0.035%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	791.97	+0.009%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	791.60	−0.038%	$389K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	791.39	−0.064%	$8.1M	$9.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0102%	8h	792.17	+0.035%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	790.89	−0.127%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	791.43	−0.060%	$380K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	791.53	−0.047%	$170K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0143%	8h	792.25	+0.045%	$2.9M	$27.9M	10x	as long as short
Kalshi KXBNBPERPlong	+0.0187%	8h	791.90	long leg	$82K	$2.7M	4.8x
dYdX BNB-USD	+0.0189%	1h	791.19	−0.089%	$160K	$63K	10x	as long as short
BloFin BNB-USDT	+0.0192%	8h	791.99	+0.011%	$18.2M	$2.2M	75x	as long as short
01 Exchange BNBUSD	+0.0280%	1h	791.89	−0.001%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	791.87	−0.004%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0327%	1h	790.98	−0.117%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0361%	1h	791.71	−0.025%	$1.1M	$979K	20x	as long as short
Bulk BNB-USD	+0.0366%	1h	792.18	+0.036%	$641K	$9K	10x	as long as short
Hibachi BNB/USDT-P	+0.0584%	1h	792.19	+0.036%	$68K	$38K	12x	as long as short