Funding arb · Price arb /

BIO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0258%/8h= +28.3% APRpaid last 24h +0.074%

Price spread now: Hyperliquid against Binance+0.286%7-day average +0.178% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$660.655% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.081%+$8 on $10k

Price spread, last 4 days (all we have)−0.166%−$17 · spread now +0.286%, 7d avg +0.178%

Together, before fees−0.085%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Hyperliquid is 0.108% dearer against Binance than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.178%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.081% in total (about 4.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance BIOUSDT	0.02888	0.0100	pay 0.0050% / 4h	16m 11s	$6.1M	$6.8M	50x
Short	Hyperliquid BIO	0.02896	0.0358	get 0.0045% / 1h	16m 11s	$756K	$217K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.286%Rate

Funding earned: $54.26
Price spread: +0.286% → +0.178%: $10.83
Slippage, 4 orders: −$46.5
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$0.4
Costs to cover: 0.655%
Break-even: 7.1 days

Slippage from Binance: live order book, 8 min ago; Hyperliquid: live order book, 54 min ago.

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 Binance live order book, 8 min ago	1.74 bp	17.6 bp −$18	67.7 bp −$677	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 54 min ago	1.56 bp	17.8 bp −$18	doesn't fit	doesn't fit	doesn't fit

BIO on 15 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
Kraken Futures PF_BIOUSD	+0.0060%	1h	0.02890	+0.080%	$11K	$6K	20x	as long as short
Lighter BIO	+0.0096%	1h	0.02890	+0.096%	$11K	$3K	3x	as long as short
Orderly PERP_BIO_USDC	+0.0096%	4h	0.02889	+0.047%	$13K	—	10x	as long as short
BloFin BIO-USDT	+0.0097%	4h	0.02885	−0.091%	$263K	$10K	50x	as long as short
Aster BIOUSDT	+0.0100%	4h	0.02891	+0.117%	$21K	$96K	5x	as long as short
Binance BIOUSDTlong	+0.0100%	4h	0.02888	long leg	$6.1M	$6.8M	50x
Bybit BIOUSDT	+0.0100%	4h	0.02893	+0.186%	$2.2M	$2.6M	50x	as long as short
OKX BIO-USDT-SWAP	+0.0100%	4h	0.02890	+0.082%	$1.2M	$2.2M	20x	as long as short
Gate BIO_USDT	+0.0100%	8h	0.02890	+0.082%	$1.5M	$276K	50x	as long as short
MEXC BIO_USDT	+0.0100%	4h	0.02888	+0.013%	$388K	$127K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin BIOUSDTM	+0.0100%	4h	0.02893	+0.186%	$559K	$118K	20x	as long as short
Bitget BIOUSDT	+0.0100%	4h	0.02890	+0.082%	$1.3M	$501K	50x	as long as short
BingX BIO-USDT	+0.0100%	4h	0.02890	+0.082%	—	$1.4M	—	as long as short
Variational Omni BIO	+0.0100%	4h	0.02892	+0.137%	$33K	$71K	—	as long as short
Hyperliquid BIOshort	+0.0358%	1h	0.02896	+0.286%	$756K	$217K	3x