Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.001%

Price spread now: Nado against Kalshi−0.082%7-day average −0.034% · 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−$32as in the Price arb table

costs, in and out, $10k−$280.276% of the position

Long on Kalshi Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.054%+$5 on $10k

Price spread, last 7 days+0.110%+$11 · spread now −0.082%, 7d avg −0.034%

Together, before fees+0.165%+ Points / potential airdropNado: Active · farm board+$16 on $10k · with fees, hour by hour

Funding pays, the price is against you. Nado is 0.049% cheaper against Kalshi than usual: you would sell low and buy high (spread −0.082% now, against its 7-day average of −0.034%). If the spread goes back, that is −$5 on $10k: about 39 hours of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	788.00	0	get 0.0000% / 8h	7h 15m	$126K	$2.7M	4.8x
Short	Nado BNB-PERP	787.35	0.0100	get 0.0012% / 1h	15m 30s	$1.5M	$2.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.082%Rate

Funding earned: $21
Price spread: −0.082% → −0.034%: −$4.87
Slippage, 4 orders: −$10.59
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$11.46
Costs to cover: 0.276%
Break-even: 10.8 days

Slippage from Kalshi: live order book, 3 min ago; Nado: live order book, 3 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	7.5 bp −$8	13.0 bp −$130	doesn't fit	doesn't fit
Sell Nado live order book, 3 min ago	0.06 bp	4.9 bp −$5	11.8 bp −$118	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 −0.0192% / S +0.0356%	1h	787.36	−0.082%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	787.55	−0.057%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.90	−0.013%	$4K	$42	25x	as long as short
Kalshi KXBNBPERPlong	0.0000%	8h	788.00	long leg	$126K	$2.7M	4.8x
StandX BNB-USD	0.0000%	1h	788.35	+0.044%	$850K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.40	−0.076%	$9.5M	—	150x	as long as short
Aster BNBUSDT	+0.0022%	8h	788.03	+0.003%	$6.1M	$18.8M	200x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.169%	$19K	$789K	30x	as long as short
BingX BNB-USDC	+0.0034%	8h	787.84	−0.020%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0041%	8h	788.30	+0.038%	$79.9M	$12.0M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0042%	8h	787.99	−0.001%	$491.1M	$801.6M	75x	as long as short
Phemex BNBUSDT	+0.0042%	8h	788.15	+0.019%	$68.9M	$50.7M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	787.19	−0.103%	$588K	$1.9M	50x	as long as short
dYdX BNB-USD	+0.0086%	1h	787.24	−0.096%	$159K	$63K	10x	as long as short
Phoenix BNB	+0.0092%	1h	787.76	−0.030%	$169K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	787.74	−0.033%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.42	−0.074%	$265K	$492K	50x	as long as short
Nado BNB-PERPshort	+0.0100%	1h	787.35	−0.082%	$1.5M	$2.6M	20x
Hyperliquid BNB	+0.0100%	1h	787.95	−0.006%	$51.7M	$17.4M	10x	as long as short
Pacifica BNB	+0.0100%	1h	787.82	−0.023%	$1.2M	$934K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.30	−0.089%	$138.5M	$73.9M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.20	−0.102%	$53.4M	$111.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	787.60	−0.051%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	787.35	−0.082%	$36.0M	$58.0M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.43	−0.072%	$27.6M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.08	−0.117%	$76.2M	$30.6M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.08	+0.010%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	787.31	−0.087%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.09	+0.011%	$4.1M	$74.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	787.81	−0.024%	$159K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.36	−0.081%	$132K	$955K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	787.66	−0.043%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.20	+0.026%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	787.80	−0.025%	$387K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	787.58	−0.053%	$8.1M	$9.7M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	787.86	−0.017%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.13	−0.110%	$1.8M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.65	−0.044%	$378K	$110K	10x	as long as short
BloFin BNB-USDT	+0.0162%	8h	788.00	0.000%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0176%	8h	788.38	+0.048%	$2.9M	$28.7M	10x	as long as short
Bulk BNB-USD	+0.0193%	1h	788.28	+0.036%	$638K	$10K	10x	as long as short
01 Exchange BNBUSD	+0.0240%	1h	788.09	+0.011%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.08	+0.010%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0324%	1h	787.10	−0.114%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0416%	1h	787.87	−0.017%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	787.83	−0.022%	$1.1M	$893K	20x	as long as short