Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0151%/8h= +16.5% APRpaid last 24h −0.001%

Price spread now: Kalshi against Injective−1.800%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)+2.540%+$254 · spread now −1.800%, 7d avg +0.291%

Together, before fees+2.557%+$256 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 2.091% cheaper against Injective than usual: you would sell low and buy high (spread −1.800% now, against its 7-day average of +0.291%). If the spread goes back, that is −$209 on $10k: about 46 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	4m 13s	$19K	$789K	30x
Short	Kalshi KXBNBPERP	790.60	0.0184	get 0.0184% / 8h	1h 04m	$104K	$2.7M	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 −1.800%Rate

Funding earned: $31.65
Price spread: −1.800% → +0.291%: −$209.05
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: −$187.42
Costs to cover: 0.100%
Break-even: 48.4 days

Slippage unknown: Injective: no order-book sample; Kalshi: live order book, 4 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, 4 min ago	2.53 bp	8.7 bp −$9	15.5 bp −$155	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 −0.0181% / S +0.0346%	1h	790.20	−1.849%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	790.66	−1.792%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	790.62	−1.797%	$854K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	790.16	−1.854%	$9.6M	—	150x	as long as short
Injective BNB/USDC PERPlong	+0.0033%	1h	805.09	long leg	$19K	$789K	30x
Aster BNBUSDT	+0.0046%	8h	790.60	−1.800%	$6.2M	$18.7M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	790.10	−1.862%	$590K	$1.9M	50x	as long as short
Phemex BNBUSDT	+0.0058%	8h	790.73	−1.784%	$69.3M	$50.3M	50x	as long as short
BingX BNB-USDC	+0.0058%	8h	790.61	−1.799%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0070%	8h	791.40	−1.700%	$80.4M	$12.5M	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	+0.0071%	8h	790.89	−1.764%	$493.9M	$791.7M	75x	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	790.26	−1.842%	$2.5M	$1.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	790.47	−1.816%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	790.25	−1.843%	$266K	$498K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	789.95	−1.881%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	791.00	−1.750%	$51.9M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	790.46	−1.817%	$1.2M	$914K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	790.13	−1.858%	$139.1M	$76.5M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	790.10	−1.862%	$53.4M	$112.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	790.40	−1.825%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	790.20	−1.849%	$35.4M	$57.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	790.13	−1.858%	$27.7M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	789.99	−1.876%	$76.6M	$30.3M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	790.74	−1.782%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	789.30	−1.962%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	791.12	−1.735%	$4.1M	$74.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	791.37	−1.704%	$159K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	790.10	−1.862%	$133K	$949K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	790.40	−1.825%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	790.72	−1.785%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	790.40	−1.825%	$389K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	790.17	−1.853%	$8.1M	$9.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0102%	8h	790.89	−1.764%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	789.75	−1.905%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	790.10	−1.862%	$380K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	790.39	−1.826%	$170K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0141%	8h	791.87	−1.642%	$2.9M	$27.9M	10x	as long as short
Kalshi KXBNBPERPshort	+0.0184%	8h	790.60	−1.800%	$104K	$2.7M	4.8x
dYdX BNB-USD	+0.0189%	1h	790.34	−1.832%	$160K	$64K	10x	as long as short
BloFin BNB-USDT	+0.0191%	8h	790.95	−1.756%	$18.2M	$2.2M	75x	as long as short
01 Exchange BNBUSD	+0.0280%	1h	790.79	−1.776%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	790.67	−1.791%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0327%	1h	789.75	−1.905%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0338%	1h	790.78	−1.777%	$640K	$9K	10x	as long as short
RISEx BNB/USDC	+0.0361%	1h	790.55	−1.806%	$1.1M	$979K	20x	as long as short
Hibachi BNB/USDT-P	+0.0576%	1h	790.19	−1.851%	$67K	$38K	12x	as long as short