Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0193%/8h= +21.1% APRpaid last 24h +0.047%

Price spread now: Bulk against Kalshi−0.078%7-day average +0.062% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$280.280% of the position

Long on Kalshi Short on Bulk

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.296%+$30 on $10k

Price spread, last 4 days (all we have)+0.003%$0 · spread now −0.078%, 7d avg +0.062%

Together, before fees+0.299%+$30 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bulk is 0.140% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.078% now, against its 7-day average of +0.062%). If the spread goes back, that is −$14 on $10k: about 2.4 days of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	788.90	0	get 0.0000% / 8h	7h 20m	$126K	$2.7M	4.8x
Short	Bulk BNB-USD	788.28	0.0193	get 0.0024% / 1h	20m 07s	$638K	$10K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bulk 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 BulkbpOrdersPrice spread, now −0.078%Rate

Funding earned: $40.52
Price spread: −0.078% → +0.062%: −$13.99
Slippage, 4 orders: −$10.96
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Bulk: 3.5 bp × 2 orders: −$7
Net: −$1.43
Costs to cover: 0.280%
Break-even: 7.2 days

Slippage from Kalshi: live order book, 3 min ago; Bulk: live order book, 34 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, 3 min ago	2.54 bp	10.8 bp −$11	16.3 bp −$163	doesn't fit	doesn't fit
Sell Bulk live order book, 34 min ago	0.06 bp	3.6 bp −$4	3.6 bp −$36	5.0 bp −$500	13.8 bp −$6,923

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	788.21	−0.088%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	788.08	−0.104%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.93	−0.123%	$4K	$42	25x	as long as short
Kalshi KXBNBPERPlong	0.0000%	8h	788.90	long leg	$126K	$2.7M	4.8x
StandX BNB-USD	0.0000%	1h	788.56	−0.043%	$850K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.26	−0.081%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0023%	8h	788.39	−0.065%	$6.1M	$18.8M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.052%	$19K	$789K	30x	as long as short
BingX BNB-USDT	+0.0036%	8h	788.01	−0.113%	—	$22.3M	—	as long as short
Binance BNBUSDT	+0.0043%	8h	788.49	−0.052%	$491.6M	$800.9M	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	+0.0043%	8h	789.00	+0.013%	$80.0M	$12.0M	200x	as long as short
Phemex BNBUSDT	+0.0044%	8h	788.62	−0.035%	$69.0M	$50.6M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	787.19	−0.217%	$588K	$1.9M	50x	as long as short
Phoenix BNB	+0.0092%	1h	788.22	−0.086%	$169K	$35K	10x	as long as short
dYdX BNB-USD	+0.0093%	1h	787.87	−0.131%	$159K	$63K	10x	as long as short
Lighter BNB	+0.0096%	1h	788.09	−0.103%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.33	−0.072%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.00	−0.114%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.34	−0.071%	$51.7M	$17.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.83	−0.135%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.79	−0.141%	$138.6M	$73.9M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.70	−0.152%	$53.5M	$111.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.30	−0.076%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.85	−0.133%	$36.0M	$57.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.87	−0.131%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.96	−0.119%	$76.3M	$30.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.34	−0.071%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.41	−0.189%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.22	−0.087%	$4.1M	$74.0M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.44	−0.058%	$159K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.16	−0.094%	$132K	$955K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.40	−0.063%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.85	−0.006%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.30	−0.076%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.16	−0.093%	$8.1M	$9.7M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.36	−0.069%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.84	−0.135%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.29	−0.078%	$379K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0163%	8h	788.23	−0.085%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0174%	8h	788.49	−0.052%	$2.9M	$28.7M	10x	as long as short
Bulk BNB-USDshort	+0.0193%	1h	788.28	−0.078%	$638K	$10K	10x
01 Exchange BNBUSD	+0.0240%	1h	788.79	−0.014%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.77	−0.016%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0324%	1h	788.00	−0.114%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0408%	1h	787.79	−0.140%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	788.50	−0.051%	$1.1M	$893K	20x	as long as short