Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0076%/8h= −8.4% APRpaid last 24h +0.003%

Price spread now: Extended against Kalshi−0.158%7-day average −0.079% · you buy dearer than you sell

Net, funding: paid 7d − costs−$13as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$290.295% of the position

Long on Kalshi Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.162%+$16 on $10k

Price spread, last 7 days+0.164%+$16 · spread now −0.158%, 7d avg −0.079%

Together, before fees+0.326%+ Points / potential airdropExtended: Active · farm board+$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Extended is 0.079% cheaper against Kalshi than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.079%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.162%, 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	790.30	0.0180	pay 0.0180% / 8h	40m 11s	$124K	$2.7M	4.8x
Short	Extended BNB-USD	789.05	0.0104	get 0.0013% / 1h	40m 11s	$1.8M	$5.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.158%Rate

Funding earned: −$16.03
Price spread: −0.158% → −0.079%: −$7.87
Slippage, 4 orders: −$14.48
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$53.38
Costs to cover: 0.295%
Break-even: never at this rate

Slippage from Kalshi: live order book, 3 min ago; Extended: live order book, 4 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	3.17 bp	8.2 bp −$8	14.8 bp −$148	doesn't fit	doesn't fit
Sell Extended live order book, 4 min ago	0.06 bp	2.6 bp −$3	3.8 bp −$38	18.4 bp −$1,842	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	789.63	−0.085%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	790.44	+0.018%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	790.05	−0.032%	$854K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.50	−0.101%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.871%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0041%	8h	790.47	+0.022%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDT	+0.0054%	8h	789.47	−0.105%	—	$34.4M	—	as long as short
Coinbase International BNB-PERP-INTX	+0.0064%	1h	789.45	−0.108%	$582K	$1.9M	50x	as long as short
MEXC BNB_USDT	+0.0066%	8h	790.10	−0.025%	$80.2M	$12.3M	200x	as long as short
Binance BNBUSDT	+0.0066%	8h	789.68	−0.079%	$492.8M	$788.9M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0069%	8h	789.96	−0.043%	$69.1M	$49.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	789.41	−0.113%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.62	−0.086%	$266K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	789.75	−0.070%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.79	−0.065%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	790.30	0.000%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.00	−0.164%	$138.7M	$74.7M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.00	−0.164%	$53.4M	$111.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	790.30	0.000%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.10	−0.152%	$35.4M	$56.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.25	−0.133%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.94	−0.172%	$76.3M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.67	−0.080%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.90	−0.177%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	790.18	−0.015%	$4.1M	$73.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.85	−0.057%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.73	−0.072%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.67	−0.079%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	790.13	−0.022%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.60	−0.089%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.71	−0.074%	$8.1M	$9.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	790.61	+0.040%	$77K	$17K	50x	as long as short
Extended BNB-USDshort	+0.0104%	1h	789.05	−0.158%	$1.8M	$5.9M	50x
Aevo BNB-PERP	+0.0104%	1h	789.58	−0.091%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.39	−0.115%	$170K	$35K	10x	as long as short
dYdX BNB-USD	+0.0125%	1h	789.65	−0.082%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0136%	8h	789.89	−0.051%	$2.9M	$28.0M	10x	as long as short
Kalshi KXBNBPERPlong	+0.0180%	8h	790.30	long leg	$124K	$2.7M	4.8x
BloFin BNB-USDT	+0.0186%	8h	790.09	−0.027%	$18.1M	$2.2M	75x	as long as short
01 Exchange BNBUSD	+0.0224%	1h	790.65	+0.044%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	789.04	−0.159%	$2.5M	$1.2M	50x	as long as short
Bulk BNB-USD	+0.0272%	1h	789.78	−0.066%	$640K	$9K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	790.00	−0.038%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	789.46	−0.106%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0461%	1h	790.46	+0.020%	$1.1M	$973K	20x	as long as short
Hibachi BNB/USDT-P	+0.0480%	1h	789.42	−0.111%	$67K	$38K	12x	as long as short