Funding arb · Price arb /

BIO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0593%/8h= +64.9% APRpaid last 24h +0.063%

Price spread now: Hyperliquid against BingX+0.232%7-day average +0.128% · you sell dearer than you buy

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$590.588% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)−0.175%−$18 · spread now +0.232%, 7d avg +0.128%

Together, before fees−0.131%+ Points / potential airdropHyperliquid: Season 2 · farm board−$13 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Hyperliquid is 0.104% dearer against BingX than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.128%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.044% in total (about 2.3% 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	BingX BIO-USDT	0.02884	0.0100	pay 0.0050% / 4h	2h 19m	—	$1.4M	—
Short	Hyperliquid BIO	0.02891	0.0693	get 0.0087% / 1h	19m 29s	$757K	$217K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.232%Rate

Funding earned: $124.46
Price spread: +0.232% → +0.128%: $10.42
Slippage, 4 orders: −$39.85
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $76.04
Costs to cover: 0.588%
Break-even: 2.7 days

Slippage from BingX: live order book, 7 min ago; Hyperliquid: live order book, 1 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 BingX live order book, 7 min ago	5.20 bp	10.2 bp −$10	45.9 bp −$459	568.5 bp −$56.9K	797.2 bp −$398.6K
Sell Hyperliquid live order book, 1 min ago	1.21 bp	15.8 bp −$16	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	−0.0666%	1h	0.02884	+0.006%	$11K	$6K	20x	as long as short
Lighter BIO	+0.0096%	1h	0.02887	+0.114%	$11K	$3K	3x	as long as short
Orderly PERP_BIO_USDC	+0.0097%	4h	0.02883	−0.035%	$13K	—	10x	as long as short
Aster BIOUSDT	+0.0100%	4h	0.02884	−0.012%	$19K	$93K	5x	as long as short
Binance BIOUSDT	+0.0100%	4h	0.02883	−0.023%	$6.1M	$6.8M	50x	as long as short
Bybit BIOUSDT	+0.0100%	4h	0.02886	+0.069%	$2.2M	$2.6M	50x	as long as short
OKX BIO-USDT-SWAP	+0.0100%	4h	0.02883	−0.035%	$1.2M	$2.3M	20x	as long as short
Gate BIO_USDT	+0.0100%	8h	0.02885	+0.035%	$1.4M	$266K	50x	as long as short
MEXC BIO_USDT	+0.0100%	4h	0.02884	0.000%	$383K	$127K	20x	as long as short
KuCoin BIOUSDTM	+0.0100%	4h	0.02885	+0.035%	$549K	$123K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BIOUSDT	+0.0100%	4h	0.02884	0.000%	$1.3M	$519K	50x	as long as short
BingX BIO-USDTlong	+0.0100%	4h	0.02884	long leg	—	$1.4M	—
Variational Omni BIO	+0.0100%	4h	0.02884	−0.005%	$33K	$71K	—	as long as short
BloFin BIO-USDT	+0.0139%	4h	0.02881	−0.104%	$261K	$9K	50x	as long as short
Hyperliquid BIOshort	+0.0693%	1h	0.02891	+0.232%	$757K	$217K	3x