Funding arb · Price arb /

BIO

all BIO markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0404%/8h= −44.2% APRpaid last 24h −0.070%

Price spread now: BingX against Hyperliquid−0.125%7-day average −0.129% · you buy dearer than you sell

Net, funding: paid 7d − costs−$69as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$640.640% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.051%−$5 on $10k

Price spread, last 4 days (all we have)+0.068%+$7 · spread now −0.125%, 7d avg −0.129%

Together, before fees+0.017%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.129%, so right now this pair is about funding alone: −$12 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.051% in total (about -2.7% 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	Hyperliquid BIO	0.02891	0.0504	pay 0.0063% / 1h	41m 25s	$753K	$219K	3x
Short	BingX BIO-USDT	0.02887	0.0100	get 0.0050% / 4h	1h 41m	—	$1.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Hyperliquid. 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 HyperliquidbpFee BingXbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$84.79
Price spread: −0.125% → −0.129%: $0.47
Slippage, 4 orders: −$44.98
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$148.31
Costs to cover: 0.640%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 39 min ago; BingX: live order book, 5 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 Hyperliquid live order book, 39 min ago	1.21 bp	16.0 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	3.48 bp	16.4 bp −$16	51.6 bp −$516	536.7 bp −$53.7K	848.1 bp −$424.1K

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
Lighter BIO	+0.0096%	1h	0.02889	−0.073%	$11K	$3K	3x	as long as short
Orderly PERP_BIO_USDC	+0.0097%	4h	0.02885	−0.194%	$13K	—	10x	as long as short
Aster BIOUSDT	+0.0100%	4h	0.02887	−0.114%	$19K	$92K	5x	as long as short
Binance BIOUSDT	+0.0100%	4h	0.02887	−0.120%	$6.1M	$6.8M	50x	as long as short
Bybit BIOUSDT	+0.0100%	4h	0.02889	−0.055%	$2.2M	$2.6M	50x	as long as short
OKX BIO-USDT-SWAP	+0.0100%	4h	0.02885	−0.194%	$1.2M	$2.3M	20x	as long as short
Gate BIO_USDT	+0.0100%	8h	0.02886	−0.159%	$1.4M	$265K	50x	as long as short
MEXC BIO_USDT	+0.0100%	4h	0.02887	−0.125%	$387K	$126K	20x	as long as short
KuCoin BIOUSDTM	+0.0100%	4h	0.02891	+0.014%	$556K	$125K	20x	as long as short
Bitget BIOUSDT	+0.0100%	4h	0.02888	−0.090%	$1.3M	$528K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BIO-USDTshort	+0.0100%	4h	0.02887	−0.125%	—	$1.4M	—
Variational Omni BIO	+0.0100%	4h	0.02877	−0.463%	$33K	$71K	—	as long as short
BloFin BIO-USDT	+0.0117%	4h	0.02877	−0.470%	$262K	$9K	50x	as long as short
Kraken Futures PF_BIOUSD	+0.0168%	1h	0.02888	−0.104%	$11K	$6K	20x	as long as short
Hyperliquid BIOlong	+0.0504%	1h	0.02891	long leg	$753K	$219K	3x