Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0116%/8h= −12.7% APRpaid last 24h −0.004%

Price spread now: Coinbase International against Kalshi−0.082%7-day average −0.030% · you buy dearer than you sell

Net, funding: paid 7d − costs−$31as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$380.382% of the position

Long on Kalshi Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.069%+$7 on $10k

Price spread, last 4 days (all we have)−0.104%−$10 · spread now −0.082%, 7d avg −0.030%

Together, before fees−0.035%−$4 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 Coinbase International is 0.052% cheaper against Kalshi than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.030%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.069%, 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	790.10	0.0180	pay 0.0180% / 8h	38m 55s	$124K	$2.7M	4.8x
Short	Coinbase International BNB-PERP-INTX	789.45	0.0064	get 0.0008% / 1h	38m 55s	$582K	$1.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.082%Rate

Funding earned: −$24.43
Price spread: −0.082% → −0.030%: −$5.23
Slippage, 4 orders: −$18.25
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$67.9
Costs to cover: 0.382%
Break-even: never at this rate

Slippage from Kalshi: live order book, 4 min ago; Coinbase International: 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 Kalshi live order book, 4 min ago	3.17 bp	8.2 bp −$8	14.8 bp −$148	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	1.77 bp	9.2 bp −$9	15.1 bp −$151	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 −0.0184% / S +0.0349%	1h	789.17	−0.117%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.56	−0.068%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	790.05	−0.006%	$854K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.06	−0.132%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.897%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0041%	8h	789.39	−0.089%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDT	+0.0054%	8h	788.99	−0.140%	—	$34.4M	—	as long as short
Coinbase International BNB-PERP-INTXshort	+0.0064%	1h	789.45	−0.082%	$582K	$1.9M	50x
MEXC BNB_USDT	+0.0066%	8h	789.70	−0.051%	$80.1M	$12.3M	200x	as long as short
Phemex BNBUSDT	+0.0066%	8h	789.48	−0.078%	$69.1M	$49.9M	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0067%	8h	789.57	−0.067%	$492.8M	$788.9M	75x	as long as short
Lighter BNB	+0.0096%	1h	788.93	−0.148%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.00	−0.139%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	789.10	−0.127%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.44	−0.084%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.49	−0.078%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.71	−0.176%	$138.7M	$74.7M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.90	−0.152%	$53.3M	$111.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.30	−0.101%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.80	−0.165%	$35.4M	$56.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.79	−0.166%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.60	−0.190%	$76.3M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.25	−0.108%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.90	−0.151%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	790.18	+0.010%	$4.1M	$73.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.91	−0.024%	$159K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.08	−0.129%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.05	−0.133%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.90	−0.026%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.00	−0.139%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.71	−0.049%	$8.1M	$9.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	789.76	−0.043%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.55	−0.196%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.93	−0.148%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.39	−0.090%	$170K	$35K	10x	as long as short
dYdX BNB-USD	+0.0125%	1h	789.65	−0.057%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0137%	8h	789.99	−0.014%	$2.9M	$28.2M	10x	as long as short
Kalshi KXBNBPERPlong	+0.0180%	8h	790.10	long leg	$124K	$2.7M	4.8x
BloFin BNB-USDT	+0.0187%	8h	789.44	−0.084%	$18.1M	$2.2M	75x	as long as short
01 Exchange BNBUSD	+0.0224%	1h	789.57	−0.067%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0264%	1h	788.68	−0.180%	$2.5M	$1.2M	50x	as long as short
Bulk BNB-USD	+0.0272%	1h	789.78	−0.041%	$640K	$9K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.32	−0.099%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	788.80	−0.164%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.39	−0.090%	$1.1M	$973K	20x	as long as short
Hibachi BNB/USDT-P	+0.0472%	1h	789.96	−0.017%	$67K	$38K	12x	as long as short