So it turns out to be cross-exchange arbitrage, buying low on ETH and selling high on BSC, and the funding rate difference makes sense.

Sharing a breakdown of what's actually happening with $IN right now.

What looks like tokens being burned on Ethereum and minted on BSC is actually a bridge transaction.

Buying on Ethereum-based markets, selling on BSC markets and DEXes.

CEX → ETH bridge → BSC DEX

In other words, arbitrage. Buy cheap, sell expensive. They're exploiting price differences between exchanges. I haven't checked each one individually but deposits and withdrawals are likely disabled on most of them.

This also explains why the funding rate gap exists.