Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0154%/8h= +16.8% APRpaid last 24h −0.001%

Price spread now: Kalshi against Injective−1.999%66s7-day average +0.291% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Kalshi

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 4 days (all we have)+2.739%+$274 · spread now −1.999%, 7d avg +0.291%

Together, before fees+2.756%+$276 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 2.289% cheaper against Injective than usual: you would sell low and buy high (spread −1.999% now, against its 7-day average of +0.291%). If the spread goes back, that is −$229 on $10k: about 50 days of funding at the current rate (+$5 a day). At the pace of the last 7 days (+0.018% in total) that is about years. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BNB/USDC PERP	805.09	0.0033	pay 0.0004% / 1h	37m 38s	$19K	$789K	30x
Short	Kalshi KXBNBPERP	789.00	0.0187	get 0.0187% / 8h	1h 37m	$96K	$2.8M	4.8x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kalshi against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 InjectivebpFee KalshibpOrdersPrice spread, now −1.999%Rate

Funding earned: $32.28
Price spread: −1.999% → +0.291%: −$228.92
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Kalshi: 5 bp × 2 orders: −$10
Net: −$206.66
Costs to cover: 0.100%
Break-even: 51.8 days

Slippage unknown: Injective: no order-book sample; Kalshi: live order book, 1 min ago. Net counts fees only.

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 Injective no order-book sample	—	—	—	—	—
Sell Kalshi live order book, 1 min ago	1.90 bp	6.9 bp −$7	15.3 bp −$153	doesn't fit	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0167% / S +0.0335%	1h	788.14	−2.105%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.89	−2.012%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.21	−1.972%	$853K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	788.17	−2.102%	$9.6M	—	150x	as long as short
Injective BNB/USDC PERPlong	+0.0033%	1h	805.09	long leg	$19K	$789K	30x
Aster BNBUSDT	+0.0043%	8h	788.58	−2.051%	$6.3M	$18.7M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	789.09	−1.987%	$618K	$1.8M	50x	as long as short
BingX BNB-USDC	+0.0057%	8h	788.63	−2.044%	—	$13.4M	—	as long as short
Phemex BNBUSDT	+0.0072%	8h	788.62	−2.046%	$69.1M	$51.0M	50x	as long as short
MEXC BNB_USDT	+0.0074%	8h	789.10	−1.986%	$80.3M	$12.4M	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	+0.0075%	8h	788.83	−2.019%	$493.3M	$805.3M	75x	as long as short
Variational Omni BNB	+0.0086%	8h	787.60	−2.173%	$4.1M	$4.6M	—	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	787.98	−2.125%	$2.5M	$1.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	788.44	−2.068%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.20	−2.098%	$265K	$497K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.05	−2.117%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.80	−2.023%	$51.7M	$18.1M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.55	−2.055%	$1.2M	$908K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.28	−2.088%	$138.6M	$77.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.40	−2.073%	$53.5M	$112.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.60	−2.048%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.30	−2.085%	$35.3M	$56.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.13	−2.107%	$27.7M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.15	−2.104%	$76.8M	$30.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.28	−2.088%	$2.2M	$6.1M	40x	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.57	−2.052%	$4.1M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.87	−2.015%	$159K	$439K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.02	−2.120%	$135K	$948K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.42	−2.070%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.70	−2.036%	$12K	$1.6M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.18	−2.100%	$8.1M	$9.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0103%	8h	789.15	−1.980%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.09	−2.112%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.20	−2.098%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	789.13	−1.982%	$170K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0132%	8h	789.50	−1.936%	$2.9M	$28.2M	10x	as long as short
SoDEX BNB-USD	+0.0144%	1h	788.30	−2.085%	$388K	$1.0M	10x	as long as short
Kalshi KXBNBPERPshort	+0.0187%	8h	789.00	−1.999%	$96K	$2.8M	4.8x
BloFin BNB-USDT	+0.0195%	8h	788.79	−2.025%	$18.1M	$2.3M	75x	as long as short
dYdX BNB-USD	+0.0237%	1h	788.16	−2.103%	$159K	$63K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.65	−2.042%	$1.5M	$147K	25x	as long as short
01 Exchange BNBUSD	+0.0304%	1h	789.02	−1.996%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	787.90	−2.136%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0361%	1h	788.79	−2.025%	$1.1M	$1.0M	20x	as long as short
Bulk BNB-USD	+0.0373%	1h	788.05	−2.116%	$638K	$13K	10x	as long as short
Hibachi BNB/USDT-P	+0.0584%	1h	788.74	−2.031%	$67K	$38K	12x	as long as short