Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0114%/8h= −12.5% APRpaid last 24h −0.091%

Price spread now: GRVT against Hyperliquid+0.213%45s7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$23as 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−$200.196% of the position

Long on Hyperliquid Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.034%−$3 on $10k

Price spread, last 7 days−0.141%−$14 · spread now +0.213%, 7d avg +0.082%

Together, before fees−0.175%+ Points / potential airdropHyperliquid: Season 2 · GRVT: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GRVT is 0.131% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.213% now, against its 7-day average of +0.082%): +$13 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 3.8 days. At the pace of the last 7 days (−0.034% in total) that is about 27 days. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BNB	793.25	0.0114	pay 0.0014% / 1h	56m 51s	$52.7M	$20.2M	10x
Short	GRVT BNB_USDT_Perp	794.94	0	get 0.0000% / 8h	6h 56m	$3.0M	$27.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now +0.213%Rate

Funding earned: −$23.92
Price spread: +0.213% → +0.082%: $13.13
Slippage, 4 orders: −$1.62
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$30.42
Costs to cover: 0.196%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; GRVT: live order book, 2 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, 7 min ago	0.13 bp	4.9 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 2 min ago	0.06 bp	5.0 bp −$5	6.6 bp −$66	22.9 bp −$2,287	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 −0.0159% / S +0.0335%	1h	793.52	+0.035%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0132%	1h	793.46	+0.027%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	794.71	+0.184%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0015%	8h	792.60	−0.082%	$35.6M	$54.7M	75x	as long as short
dYdX BNB-USD	0.0000%	1h	793.84	+0.075%	$160K	$63K	10x	as long as short
GRVT BNB_USDT_Perpshort	0.0000%	8h	794.94	+0.213%	$3.0M	$27.9M	10x
StandX BNB-USD	0.0000%	1h	794.65	+0.176%	$859K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	793.54	+0.037%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0009%	8h	794.01	+0.096%	$4.1M	$5.1M	—	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.493%	$19K	$789K	30x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0037%	8h	793.24	−0.001%	$6.1M	$19.8M	200x	as long as short
Phemex BNBUSDT	+0.0043%	8h	794.17	+0.116%	$69.4M	$50.4M	50x	as long as short
BingX BNB-USDT	+0.0045%	8h	792.72	−0.067%	—	$34.9M	—	as long as short
Bybit BNBUSDT	+0.0055%	8h	792.40	−0.107%	$137.6M	$76.8M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0056%	1h	794.00	+0.095%	$610K	$1.1M	50x	as long as short
Binance BNBUSDT	+0.0064%	8h	793.24	−0.001%	$492.8M	$817.2M	75x	as long as short
MEXC BNB_USDT	+0.0065%	8h	793.60	+0.044%	$82.3M	$12.6M	200x	as long as short
Lighter BNB	+0.0096%	1h	792.86	−0.050%	$2.8M	$3.8M	20x	as long as short
Phoenix BNB	+0.0099%	1h	794.51	+0.159%	$171K	$36K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	793.49	+0.030%	$383K	$468K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	794.00	+0.095%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	794.29	+0.131%	$1.2M	$932K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	792.20	−0.132%	$53.4M	$110.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	794.50	+0.158%	$52K	$127K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	792.74	−0.064%	$27.7M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	792.19	−0.134%	$77.5M	$28.1M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	794.75	+0.189%	$4.1M	$75.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	795.45	+0.277%	$160K	$434K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	794.14	+0.112%	$113K	$889K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	793.63	+0.048%	$32K	$9K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	794.12	+0.109%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	793.70	+0.057%	$390K	$995K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	793.38	+0.017%	$8.1M	$8.5M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	794.49	+0.157%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	792.46	−0.100%	$1.7M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	793.56	+0.039%	$381K	$110K	10x	as long as short
Hyperliquid BNBlong	+0.0114%	1h	793.25	long leg	$52.7M	$20.2M	10x
RISEx BNB/USDC	+0.0131%	1h	794.33	+0.136%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0139%	1h	794.97	+0.217%	$646K	$10K	10x	as long as short
Kalshi KXBNBPERP	+0.0162%	8h	794.60	+0.170%	$96K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0184%	8h	794.15	+0.113%	$18.1M	$2.5M	75x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	793.92	+0.085%	$1.6M	$161K	25x	as long as short
01 Exchange BNBUSD	+0.0208%	1h	794.38	+0.142%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0329%	1h	793.41	+0.020%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0424%	1h	794.48	+0.155%	$68K	$38K	12x	as long as short
Backpack BNB_USDC_PERP	+0.0497%	1h	793.79	+0.068%	$2.7M	$5.7M	40x	as long as short