Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0317%/8h= +34.7% APRpaid last 24h +0.083%

Price spread now: Hyperliquid against GRVT+0.107%85s7-day average −0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$210.210% of the position

Long on GRVT Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.027%+$3 on $10k

Price spread, last 7 days−0.185%−$18 · spread now +0.107%, 7d avg −0.084%

Together, before fees−0.158%+ Points / potential airdropGRVT: Active · Hyperliquid: Season 2 · farm board−$16 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Hyperliquid is 0.191% dearer against GRVT than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.084%. The two prices were read 85 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.027% in total (about 1.4% 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	GRVT BNB_USDT_Perp	800.22	0	get 0.0000% / 8h	1h 01m	$3.0M	$28.5M	10x
Short	Hyperliquid BNB	801.08	0.0317	get 0.0040% / 1h	1m 53s	$51.8M	$21.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against GRVT. 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 GRVTbpFee HyperliquidbpOrdersPrice spread, now +0.107%Rate

Funding earned: $66.54
Price spread: +0.107% → −0.084%: $19.07
Slippage, 4 orders: −$2.99
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $64.62
Costs to cover: 0.210%
Break-even: 0.2 days

Slippage from GRVT: live order book, 2 min ago; Hyperliquid: live order book, 12 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 GRVT live order book, 2 min ago	0.06 bp	4.6 bp −$5	6.8 bp −$68	21.8 bp −$2,182	doesn't fit
Sell Hyperliquid live order book, 12 min ago	0.31 bp	6.4 bp −$6	doesn't fit	doesn't fit	doesn't fit

BNB on 46 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
GMX BNB/USD [WBTC.b-USDC]	L −0.0201% / S +0.0372%	1h	800.28	+0.007%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.72	+0.062%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perplong	0.0000%	8h	800.22	long leg	$3.0M	$28.5M	10x
StandX BNB-USD	0.0000%	1h	800.94	+0.089%	$866K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	800.25	+0.004%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0028%	8h	798.74	−0.185%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0052%	8h	800.48	+0.032%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0066%	8h	800.10	−0.016%	$139.0M	$78.7M	75x	as long as short
Lighter BNB	+0.0096%	1h	800.68	+0.057%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	800.11	−0.014%	$607K	$996K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0098%	8h	800.98	+0.094%	$6.4M	$18.9M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.89	−0.041%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	800.49	+0.033%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	800.10	−0.016%	$54.7M	$113.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	800.60	+0.047%	$53K	$151K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	800.15	−0.009%	$35.8M	$59.1M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	800.20	−0.003%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	800.22	−0.001%	$80.8M	$26.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	800.20	−0.003%	$4.2M	$77.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.21	−0.002%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.13	−0.012%	$121K	$872K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	800.32	+0.012%	$387K	$489K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	800.53	+0.038%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	800.86	+0.080%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	800.40	+0.022%	$394K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.23	+0.001%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.91	+0.085%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	800.05	−0.022%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	800.48	+0.031%	$385K	$40K	10x	as long as short
Kalshi KXBNBPERP	+0.0112%	8h	800.50	+0.034%	$110K	$2.9M	4.8x	as long as short
Phemex BNBUSDT	+0.0114%	8h	800.84	+0.077%	$70.0M	$51.1M	50x	as long as short
MEXC BNB_USDT	+0.0117%	8h	801.50	+0.159%	$83.3M	$13.9M	200x	as long as short
Binance BNBUSDT	+0.0119%	8h	801.14	+0.114%	$501.1M	$818.5M	75x	as long as short
Phoenix BNB	+0.0155%	1h	800.03	−0.024%	$172K	$35K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0207%	1h	800.17	−0.007%	$2.6M	$965K	50x	as long as short
BloFin BNB-USDT	+0.0238%	8h	800.91	+0.086%	$18.3M	$2.5M	75x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	800.00	−0.029%	$71K	$48K	12x	as long as short
Bulk BNB-USD	+0.0298%	1h	800.20	−0.002%	$650K	$21K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	800.82	+0.075%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.608%	$19K	$789K	30x	as long as short
Hyperliquid BNBshort	+0.0317%	1h	801.08	+0.107%	$51.8M	$21.6M	10x
RISEx BNB/USDC	+0.0318%	1h	800.46	+0.029%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	801.04	+0.102%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	799.77	−0.057%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0364%	1h	799.99	−0.030%	$161K	$62K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0558%	1h	801.13	+0.113%	$2.7M	$5.7M	40x	as long as short