Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0142%/8h= −15.5% APRpaid last 24h +0.001%

Price spread now: Injective against Kalshi+1.962%7-day average −0.265% · 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−0.002%$0 on $10k

Price spread, last 4 days (all we have)−2.598%−$260 · spread now +1.962%, 7d avg −0.265%

Together, before fees−2.600%−$260 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.227% dearer against Kalshi than usual: you sell high and buy low (spread +1.962% now, against its 7-day average of −0.265%): +$223 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 52 days. At the pace of the last 7 days (−0.002% in total) that is about years.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kalshi KXBNBPERP	789.60	0.0175	pay 0.0175% / 8h	13m 18s	$126K	$2.7M	4.8x
Short	Injective BNB/USDC PERP	805.09	0.0033	get 0.0004% / 1h	13m 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: −$29.74
Price spread: +1.962% → −0.265%: $222.7
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: $182.95
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kalshi: live order book, 5 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, 5 min ago	1.90 bp	6.9 bp −$7	12.7 bp −$127	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 −0.0188% / S +0.0353%	1h	789.09	−0.065%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.09	−0.065%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.04	−0.071%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	789.15	−0.057%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERPshort	+0.0033%	1h	805.09	+1.962%	$19K	$789K	30x
Aster BNBUSDT	+0.0036%	8h	789.76	+0.021%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDC	+0.0050%	8h	789.13	−0.060%	—	$13.4M	—	as long as short
Phemex BNBUSDT	+0.0053%	8h	789.65	+0.006%	$69.1M	$50.0M	50x	as long as short
MEXC BNB_USDT	+0.0059%	8h	790.10	+0.063%	$80.1M	$12.4M	200x	as long as short
Binance BNBUSDT	+0.0060%	8h	789.59	−0.001%	$492.8M	$789.7M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Coinbase International BNB-PERP-INTX	+0.0064%	1h	789.45	−0.019%	$582K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	789.31	−0.036%	$2.7M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	789.16	−0.056%	$265K	$492K	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	789.72	+0.015%	$51.8M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	789.33	−0.034%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	789.00	−0.076%	$138.8M	$74.4M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.80	−0.101%	$53.4M	$111.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	789.30	−0.038%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	789.10	−0.063%	$35.5M	$57.5M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	789.03	−0.072%	$28.1M	$10.4M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	788.87	−0.092%	$76.3M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	789.45	−0.019%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.31	−0.163%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.25	−0.045%	$4.1M	$73.4M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.32	−0.035%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.98	−0.079%	$133K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	789.27	−0.042%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	789.55	−0.006%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	789.30	−0.038%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.63	−0.122%	$8.1M	$9.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	789.56	−0.005%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.78	−0.103%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	789.15	−0.057%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.14	−0.058%	$170K	$35K	10x	as long as short
dYdX BNB-USD	+0.0120%	1h	788.65	−0.120%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0152%	8h	789.61	+0.002%	$2.9M	$28.6M	10x	as long as short
Kalshi KXBNBPERPlong	+0.0175%	8h	789.60	long leg	$126K	$2.7M	4.8x
BloFin BNB-USDT	+0.0180%	8h	789.48	−0.015%	$18.1M	$2.2M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	789.58	−0.003%	$1.5M	$143K	25x	as long as short
Bulk BNB-USD	+0.0216%	1h	789.05	−0.070%	$639K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	789.71	+0.014%	$28K	$4K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	789.04	−0.071%	$2.5M	$1.2M	50x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	788.85	−0.095%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0376%	1h	788.88	−0.092%	$67K	$38K	12x	as long as short
RISEx BNB/USDC	+0.0461%	1h	789.46	−0.018%	$1.1M	$967K	20x	as long as short