Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0111%/8h= −12.2% APRpaid last 24h 0.000%

Price spread now: Injective against Kalshi+2.117%66s7-day average −0.208% · 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+0.006%+$1 on $10k

Price spread, last 4 days (all we have)−2.672%−$267 · spread now +2.117%, 7d avg −0.208%

Together, before fees−2.666%−$267 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Injective is 2.325% dearer against Kalshi than usual: you sell high and buy low (spread +2.117% now, against its 7-day average of −0.208%): +$232 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2 months. 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	788.40	0.0145	pay 0.0145% / 8h	6h 01m	$164K	$2.7M	4.8x
Short	Injective BNB/USDC PERP	805.09	0.0033	get 0.0004% / 1h	1m 42s	$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 +2.117%Rate

Funding earned: −$23.4
Price spread: +2.117% → −0.208%: $232.49
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: $199.07
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	2.54 bp	7.5 bp −$8	13.0 bp −$130	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 −0.0192% / S +0.0356%	1h	787.82	−0.074%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	788.88	+0.061%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.04	+0.081%	$851K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	787.87	−0.067%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERPshort	+0.0033%	1h	805.09	+2.117%	$19K	$789K	30x
Aster BNBUSDT	+0.0045%	8h	788.61	+0.027%	$6.1M	$19.0M	200x	as long as short
BingX BNB-USDC	+0.0050%	8h	788.28	−0.015%	—	$13.4M	—	as long as short
Phemex BNBUSDT	+0.0065%	8h	788.54	+0.018%	$69.0M	$50.9M	50x	as long as short
MEXC BNB_USDT	+0.0066%	8h	788.80	+0.051%	$81.0M	$12.1M	200x	as long as short
Binance BNBUSDT	+0.0067%	8h	788.47	+0.009%	$490.7M	$816.2M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0069%	1h	787.82	−0.073%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	788.38	−0.003%	$569K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	788.19	−0.027%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	787.88	−0.066%	$265K	$471K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	787.85	−0.070%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNB	+0.0100%	1h	788.69	+0.037%	$51.6M	$17.6M	10x	as long as short
Pacifica BNB	+0.0100%	1h	788.15	−0.032%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	787.90	−0.063%	$138.6M	$75.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	787.80	−0.076%	$53.6M	$113.1M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	788.20	−0.025%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	788.00	−0.051%	$36.9M	$59.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	787.75	−0.082%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	787.73	−0.085%	$76.3M	$31.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	788.30	−0.013%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	788.41	+0.002%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	789.04	+0.082%	$4.1M	$76.0M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	788.84	+0.056%	$159K	$436K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	787.86	−0.068%	$132K	$951K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	788.08	−0.040%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	788.48	+0.011%	$12K	$1.5M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	788.14	−0.033%	$8.0M	$10.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	788.23	−0.021%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	787.62	−0.099%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.98	−0.053%	$379K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	788.92	+0.066%	$170K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0110%	1h	788.00	−0.051%	$387K	$988K	10x	as long as short
dYdX BNB-USD	+0.0126%	1h	787.75	−0.082%	$160K	$62K	10x	as long as short
Kalshi KXBNBPERPlong	+0.0145%	8h	788.40	long leg	$164K	$2.7M	4.8x
BloFin BNB-USDT	+0.0187%	8h	788.60	+0.025%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0224%	8h	788.87	+0.060%	$2.9M	$29.5M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	788.35	−0.006%	$1.5M	$143K	25x	as long as short
01 Exchange BNBUSD	+0.0312%	1h	788.60	+0.025%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	787.78	−0.078%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0339%	1h	788.57	+0.022%	$639K	$4K	10x	as long as short
RISEx BNB/USDC	+0.0432%	1h	788.25	−0.020%	$1.1M	$910K	20x	as long as short
Hibachi BNB/USDT-P	+0.0560%	1h	788.28	−0.015%	$67K	$39K	12x	as long as short