Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0072%/8h= +7.9% APRpaid last 24h 0.000%

Price spread now: Kalshi against Injective−1.999%7-day average +0.238% · 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+0.006%+$1 on $10k

Price spread, last 4 days (all we have)+2.600%+$260 · spread now −1.999%, 7d avg +0.238%

Together, before fees+2.606%+$261 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kalshi is 2.236% cheaper against Injective than usual: you would sell low and buy high (spread −1.999% now, against its 7-day average of +0.238%). If the spread goes back, that is −$224 on $10k: about 3 months of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.006% in total) that is about years.

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	44m 57s	$19K	$789K	30x
Short	Kalshi KXBNBPERP	789.00	0.0105	get 0.0105% / 8h	7h 44m	$134K	$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

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 InjectivebpFee KalshibpOrdersPrice spread, now −1.999%Rate

Funding earned: $15.15
Price spread: −1.999% → +0.238%: −$223.62
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: −$218.49
Costs to cover: 0.100%
Break-even: 108.0 days

Slippage unknown: Injective: no order-book sample; Kalshi: live order book, 3 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, 3 min ago	2.53 bp	7.5 bp −$8	13.8 bp −$138	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 −0.0192% / S +0.0356%	1h	788.34	−2.081%	$46K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0124%	1h	788.56	−2.053%	$2.5M	$1.2M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	789.05	−1.992%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.04	−1.994%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	788.41	−2.072%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERPlong	+0.0033%	1h	805.09	long leg	$19K	$789K	30x
Aster BNBUSDT	+0.0035%	8h	789.00	−1.999%	$6.1M	$18.8M	200x	as long as short
BingX BNB-USDC	+0.0046%	8h	788.67	−2.040%	—	$13.4M	—	as long as short
MEXC BNB_USDT	+0.0055%	8h	789.20	−1.974%	$80.0M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0055%	8h	788.90	−2.011%	$492.4M	$796.4M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0062%	8h	788.93	−2.007%	$69.0M	$50.3M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	790.26	−1.842%	$580K	$1.9M	50x	as long as short
Phoenix BNB	+0.0092%	1h	789.11	−1.985%	$170K	$35K	10x	as long as short
Lighter BNB	+0.0096%	1h	788.73	−2.032%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	788.52	−2.058%	$265K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	788.50	−2.061%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	789.05	−1.992%	$51.8M	$17.5M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.60	−2.049%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	788.30	−2.085%	$138.7M	$74.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	788.30	−2.085%	$53.4M	$111.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.60	−2.048%	$52K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.50	−2.061%	$35.9M	$56.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	788.25	−2.092%	$28.1M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.95	−2.129%	$76.3M	$30.4M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.88	−2.013%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.41	−2.072%	$4.1M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.33	−1.958%	$4.1M	$73.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.44	−1.944%	$159K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	788.22	−2.095%	$130K	$955K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.78	−2.026%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.91	−2.009%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	788.70	−2.036%	$388K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.52	−2.058%	$8.1M	$9.6M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	788.76	−2.029%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	788.03	−2.119%	$1.9M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	788.53	−2.057%	$379K	$110K	10x	as long as short
Kalshi KXBNBPERPshort	+0.0105%	8h	789.00	−1.999%	$134K	$2.7M	4.8x
dYdX BNB-USD	+0.0125%	1h	788.57	−2.052%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0169%	8h	789.53	−1.933%	$2.9M	$28.7M	10x	as long as short
BloFin BNB-USDT	+0.0175%	8h	789.06	−1.991%	$18.1M	$2.2M	75x	as long as short
Bulk BNB-USD	+0.0234%	1h	790.66	−1.792%	$640K	$9K	10x	as long as short
01 Exchange BNBUSD	+0.0264%	1h	788.93	−2.007%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	789.00	−1.999%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0325%	1h	788.05	−2.116%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0392%	1h	788.82	−2.021%	$67K	$39K	12x	as long as short
RISEx BNB/USDC	+0.0431%	1h	788.75	−2.030%	$1.1M	$891K	20x	as long as short