Funding arb · Price arb /

BIO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0062%/8h= −6.7% APRpaid last 24h −0.076%

Price spread now: OKX against Hyperliquid−0.183%7-day average −0.133% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$82as in the Price arb table

costs, in and out, $10k−$770.770% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.105%−$10 on $10k

Price spread, last 4 days (all we have)+0.126%+$13 · spread now −0.183%, 7d avg −0.133%

Together, before fees+0.022%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and OKX is 0.050% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.133%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BIO	0.02891	0.0100	pay 0.0013% / 1h	31m 12s	$754K	$223K	3x
Short	OKX BIO-USDT-SWAP	0.02886	0.0038	get 0.0019% / 4h	31m 12s	$1.2M	$2.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.183%Rate

Funding earned: −$12.93
Price spread: −0.183% → −0.133%: −$5.03
Slippage, 4 orders: −$58
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$94.96
Costs to cover: 0.770%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 69 min ago; OKX: 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 Hyperliquid live order book, 69 min ago	0.86 bp	13.9 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	1.73 bp	25.8 bp −$26	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	−0.1158%	1h	0.02888	−0.130%	$11K	$6K	20x	as long as short
Aster BIOUSDT	−0.0083%	4h	0.02887	−0.153%	$21K	$104K	5x	as long as short
OKX BIO-USDT-SWAPshort	+0.0038%	4h	0.02886	−0.183%	$1.2M	$2.2M	20x
BloFin BIO-USDT	+0.0048%	4h	0.02885	−0.218%	$263K	$7K	50x	as long as short
Orderly PERP_BIO_USDC	+0.0094%	4h	0.02886	−0.183%	$13K	—	10x	as long as short
Lighter BIO	+0.0096%	1h	0.02892	+0.010%	$15K	$7K	3x	as long as short
Hyperliquid BIOlong	+0.0100%	1h	0.02891	long leg	$754K	$223K	3x
Binance BIOUSDT	+0.0100%	4h	0.02887	−0.164%	$6.1M	$7.4M	50x	as long as short
Bybit BIOUSDT	+0.0100%	4h	0.02888	−0.114%	$2.2M	$2.6M	50x	as long as short
Gate BIO_USDT	+0.0100%	8h	0.02887	−0.149%	$1.5M	$291K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BIO_USDT	+0.0100%	4h	0.02886	−0.183%	$406K	$134K	20x	as long as short
KuCoin BIOUSDTM	+0.0100%	4h	0.02891	−0.010%	$567K	$116K	20x	as long as short
Bitget BIOUSDT	+0.0100%	4h	0.02887	−0.149%	$1.3M	$558K	50x	as long as short
BingX BIO-USDT	+0.0100%	4h	0.02887	−0.149%	—	$1.3M	—	as long as short
Variational Omni BIO	+0.0100%	4h	0.02862	−0.996%	$33K	$66K	—	as long as short