Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0086%/8h= −9.5% APRpaid last 24h +0.007%

Price spread now: Kraken Futures against Kalshi−0.097%7-day average −0.022% · you buy dearer than you sell

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$460.460% of the position

Long on Kalshi Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.087%+$9 on $10k

Price spread, last 3 days (all we have)+0.003%$0 · spread now −0.097%, 7d avg −0.022%

Together, before fees+0.089%+$9 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 Kraken Futures is 0.075% cheaper against Kalshi than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.022%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.087%, 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	790.40	0.0177	pay 0.0177% / 8h	1h 52m	$90K	$2.8M	4.8x
Short	Kraken Futures PF_BNBUSD	789.64	0.0091	get 0.0011% / 1h	52m 07s	$2.5M	$1.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.097%Rate

Funding earned: −$18.15
Price spread: −0.097% → −0.022%: −$7.49
Slippage, 4 orders: −$26.04
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$71.68
Costs to cover: 0.460%
Break-even: never at this rate

Slippage from Kalshi: live order book, 1 min ago; Kraken Futures: 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 Kalshi live order book, 1 min ago	1.90 bp	12.9 bp −$13	18.8 bp −$188	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	4.43 bp	14.6 bp −$15	16.1 bp −$161	34.3 bp −$3,432	148.3 bp −$74.2K

BNB on 45 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	789.60	−0.101%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.63	−0.224%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	790.13	−0.034%	$854K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	789.62	−0.099%	$9.6M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.859%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0038%	8h	790.37	−0.003%	$6.2M	$18.7M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	790.00	−0.051%	$619K	$1.8M	50x	as long as short
BingX BNB-USDT	+0.0054%	8h	789.89	−0.065%	—	$34.5M	—	as long as short
Variational Omni BNB	+0.0066%	8h	789.32	−0.137%	$4.1M	$4.8M	—	as long as short
Phemex BNBUSDT	+0.0066%	8h	790.35	−0.006%	$69.2M	$50.8M	50x	as long as short

Show all 45 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BNB_USDT	+0.0070%	8h	790.60	+0.025%	$80.6M	$12.4M	200x	as long as short
Binance BNBUSDT	+0.0071%	8h	790.26	−0.018%	$494.4M	$808.7M	75x	as long as short
Gate BNB_USDT	+0.0081%	8h	789.60	−0.101%	$35.3M	$56.4M	75x	as long as short
Kraken Futures PF_BNBUSDshort	+0.0091%	1h	789.64	−0.097%	$2.5M	$1.2M	50x
Lighter BNB	+0.0096%	1h	789.98	−0.053%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.52	−0.111%	$382K	$380K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	790.05	−0.044%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	790.37	−0.004%	$51.8M	$18.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	790.25	−0.019%	$1.2M	$909K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.70	−0.089%	$138.8M	$77.9M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.70	−0.089%	$53.4M	$112.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	790.10	−0.038%	$52K	$130K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.68	−0.091%	$27.7M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	789.60	−0.101%	$77.0M	$30.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	790.13	−0.034%	$2.2M	$6.1M	40x	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.90	−0.190%	$4.1M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.22	−0.276%	$158K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	789.62	−0.099%	$138K	$945K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.74	−0.083%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	790.36	−0.005%	$12K	$1.6M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	789.66	−0.094%	$8.1M	$9.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0102%	8h	790.58	+0.022%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	789.44	−0.121%	$1.8M	$5.9M	50x	as long as short
GRVT BNB_USDT_Perp	+0.0104%	8h	788.27	−0.269%	$2.9M	$27.9M	10x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.70	−0.088%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	789.07	−0.168%	$170K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0140%	1h	789.80	−0.076%	$388K	$1.0M	10x	as long as short
Kalshi KXBNBPERPlong	+0.0177%	8h	790.40	long leg	$90K	$2.8M	4.8x
dYdX BNB-USD	+0.0224%	1h	789.85	−0.070%	$160K	$64K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	790.09	−0.040%	$1.5M	$160K	25x	as long as short
01 Exchange BNBUSD	+0.0312%	1h	790.28	−0.015%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	789.50	−0.114%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0340%	1h	789.39	−0.128%	$639K	$13K	10x	as long as short
RISEx BNB/USDC	+0.0361%	1h	790.13	−0.035%	$1.1M	$1.1M	20x	as long as short
Hibachi BNB/USDT-P	+0.0552%	1h	789.70	−0.088%	$67K	$39K	12x	as long as short