Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0156%/8h= −17.0% APRpaid last 24h +0.001%

Price spread now: Injective against Kalshi+1.962%66s7-day average −0.291% · you sell dearer than you buy

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

Long on Kalshi Short on Injective

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)−2.702%−$270 · spread now +1.962%, 7d avg −0.291%

Together, before fees−2.719%−$272 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.252% dearer against Kalshi than usual: you sell high and buy low (spread +1.962% now, against its 7-day average of −0.291%): +$225 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 48 days. 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	Kalshi KXBNBPERP	789.60	0.0189	pay 0.0189% / 8h	1h 36m	$94K	$2.8M	4.8x
Short	Injective BNB/USDC PERP	805.09	0.0033	get 0.0004% / 1h	36m 18s	$19K	$789K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Kalshi. 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 KalshibpFee InjectivebpOrdersPrice spread, now +1.962%Rate

Funding earned: −$32.7
Price spread: +1.962% → −0.291%: $225.25
Slippage, 4 orders: no order book: not counted
Fee Kalshi: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: $182.53
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kalshi: live order book, 2 min ago; Injective: no order-book sample. 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 Kalshi live order book, 2 min ago	1.90 bp	13.9 bp −$14	18.6 bp −$186	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

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	788.87	−0.093%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.96	−0.081%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.27	−0.042%	$853K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	788.92	−0.086%	$9.6M	—	150x	as long as short
Injective BNB/USDC PERPshort	+0.0033%	1h	805.09	+1.962%	$19K	$789K	30x
Aster BNBUSDT	+0.0043%	8h	789.61	+0.001%	$6.3M	$18.7M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	789.09	−0.065%	$618K	$1.8M	50x	as long as short
BingX BNB-USDT	+0.0058%	8h	789.08	−0.066%	—	$34.4M	—	as long as short
Phemex BNBUSDT	+0.0069%	8h	789.43	−0.022%	$69.1M	$51.0M	50x	as long as short
MEXC BNB_USDT	+0.0074%	8h	790.10	+0.063%	$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	789.85	+0.032%	$493.8M	$804.8M	75x	as long as short
Variational Omni BNB	+0.0086%	8h	787.60	−0.254%	$4.1M	$4.6M	—	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	788.97	−0.080%	$2.5M	$1.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	789.45	−0.019%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.08	−0.066%	$265K	$497K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.75	−0.108%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.43	−0.022%	$51.7M	$18.1M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.26	−0.042%	$1.2M	$908K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.10	−0.063%	$138.8M	$77.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	789.10	−0.063%	$53.5M	$112.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.20	−0.051%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.90	−0.089%	$35.3M	$56.9M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.70	−0.114%	$27.7M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.89	−0.090%	$76.9M	$30.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.20	−0.051%	$2.2M	$6.1M	40x	as long as short
edgeX BNBUSDC	+0.0100%	4h	788.57	−0.130%	$4.1M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.03	−0.072%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.88	−0.091%	$135K	$948K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.31	−0.036%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.65	+0.006%	$12K	$1.6M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.67	−0.118%	$8.1M	$9.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0103%	8h	789.66	+0.007%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.79	−0.103%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.12	−0.061%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	788.63	−0.123%	$169K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0136%	8h	789.15	−0.057%	$2.9M	$28.2M	10x	as long as short
SoDEX BNB-USD	+0.0136%	1h	789.20	−0.051%	$388K	$1.0M	10x	as long as short
Kalshi KXBNBPERPlong	+0.0189%	8h	789.60	long leg	$94K	$2.8M	4.8x
BloFin BNB-USDT	+0.0195%	8h	789.53	−0.009%	$18.2M	$2.3M	75x	as long as short
dYdX BNB-USD	+0.0236%	1h	788.84	−0.096%	$160K	$63K	10x	as long as short
01 Exchange BNBUSD	+0.0296%	1h	789.53	−0.009%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.52	−0.011%	$1.5M	$147K	25x	as long as short
Reya BNBRUSDPERP	+0.0328%	1h	788.60	−0.127%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0361%	1h	789.34	−0.033%	$1.1M	$1.0M	20x	as long as short
Bulk BNB-USD	+0.0373%	1h	788.05	−0.196%	$638K	$13K	10x	as long as short
Hibachi BNB/USDT-P	+0.0584%	1h	788.80	−0.101%	$67K	$38K	12x	as long as short