Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0393%/8h= −43.0% APRpaid last 24h −0.047%

Price spread now: Kalshi against RISEx+0.003%7-day average +0.025% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$260.260% of the position

Long on RISEx Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.206%−$21 on $10k

Price spread, last 7 days+0.005%+$1 · spread now +0.003%, 7d avg +0.025%

Together, before fees−0.200%−$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Kalshi is 0.022% cheaper against RISEx than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.025%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	RISEx BNB/USDC	786.78	0.0393	pay 0.0049% / 1h	26m 44s	$1.1M	$904K	20x
Short	Kalshi KXBNBPERP	786.80	0	get 0.0000% / 8h	1h 26m	$155K	$2.5M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against RISEx. 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 RISExbpFee KalshibpOrdersPrice spread, now +0.003%Rate

Funding earned: −$82.48
Price spread: +0.003% → +0.025%: −$2.2
Slippage, 4 orders: −$10.03
Fee RISEx: 3 bp × 2 orders: −$6
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$110.71
Costs to cover: 0.260%
Break-even: never at this rate

Slippage from RISEx: live order book, 4 min ago; Kalshi: 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 RISEx live order book, 4 min ago	1.21 bp	4.2 bp −$4	7.2 bp −$72	doesn't fit	doesn't fit
Sell Kalshi live order book, 5 min ago	3.18 bp	8.2 bp −$8	13.5 bp −$135	doesn't fit	doesn't fit

BNB on 45 exchanges

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 −0.0166% / S +0.0336%	1h	786.36	−0.053%	$43K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0086%	1h	786.29	−0.062%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.94	+0.147%	$4K	—	25x	as long as short
Aster BNBUSDT	0.0000%	8h	787.06	+0.036%	$6.0M	$16.9M	200x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	786.44	−0.043%	$2.9M	$26.3M	10x	as long as short
Kalshi KXBNBPERPshort	0.0000%	8h	786.80	+0.003%	$155K	$2.5M	4.8x
StandX BNB-USD	0.0000%	1h	787.54	+0.097%	$849K	$3.0M	30x	as long as short
Deribit BNB_USDC-PERPETUAL	0.0000%	1h	786.60	−0.023%	$1.5M	$144K	25x	as long as short
Bybit BNBUSDT	+0.0002%	8h	786.09	−0.088%	$138.5M	$65.8M	75x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.56	−0.028%	$9.5M	—	150x	as long as short

Show all 45 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BNB-USDC	+0.0011%	8h	786.45	−0.042%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0012%	8h	788.10	+0.168%	$83.3M	$11.8M	200x	as long as short
Binance BNBUSDT	+0.0012%	8h	787.07	+0.037%	$480.6M	$759.8M	75x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.327%	$19K	$789K	30x	as long as short
BloFin BNB-USDT	+0.0050%	8h	787.10	+0.041%	$18.5M	$2.2M	75x	as long as short
Phemex BNBUSDT	+0.0088%	8h	787.01	+0.029%	$68.3M	$50.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	786.59	−0.024%	$2.7M	$3.3M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.14	−0.082%	$1.4M	$2.3M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	786.95	+0.022%	$51.9M	$16.9M	10x	as long as short
Pacifica BNB	+0.0100%	1h	786.56	−0.028%	$1.2M	$930K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.30	−0.061%	$53.3M	$101.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.80	+0.003%	$57K	$122K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.45	−0.042%	$41.7M	$54.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.35	−0.055%	$28.2M	$9.6M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.13	−0.083%	$75.7M	$31.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	786.99	+0.027%	$2.2M	$6.0M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	785.47	−0.167%	$4.3M	$4.4M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	787.00	+0.028%	$4.1M	$72.0M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	786.93	+0.019%	$158K	$460K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.37	−0.052%	$128K	$905K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.44	−0.043%	$264K	$297K	50x	as long as short
SunX BNB-USDT	+0.0100%	8h	786.98	+0.025%	$12K	$1.3M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	786.60	−0.023%	$387K	$926K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.54	−0.031%	$8.0M	$9.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	786.75	−0.004%	$78K	$899K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	785.99	−0.100%	$1.8M	$5.6M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	786.17	−0.078%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0120%	1h	786.99	+0.027%	$158K	$45K	10x	as long as short
Coinbase International BNB-PERP-INTX	+0.0120%	1h	787.08	+0.038%	$548K	$1.9M	50x	as long as short
01 Exchange BNBUSD	+0.0208%	1h	787.05	+0.034%	$28K	$3K	10x	as long as short
Bulk BNB-USD	+0.0305%	1h	787.61	+0.105%	$638K	$811	10x	as long as short
Reya BNBRUSDPERP	+0.0316%	1h	786.05	−0.092%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0336%	1h	786.64	−0.018%	$67K	$37K	12x	as long as short
RISEx BNB/USDClong	+0.0393%	1h	786.78	long leg	$1.1M	$904K	20x
dYdX BNB-USD	+0.1175%	1h	786.11	−0.085%	$158K	$34K	10x	as long as short