Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0195%/8h= −21.4% APRpaid last 24h −0.061%

Price spread now: HTX against Hyperliquid−0.184%7-day average −0.056% · you buy dearer than you sell

Net, funding: paid 7d − costs−$30as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$290.292% of the position

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.012%−$1 on $10k

Price spread, last 3 days (all we have)+0.023%+$2 · spread now −0.184%, 7d avg −0.056%

Together, before fees+0.011%+ Points / potential airdropHyperliquid: Season 2 · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and HTX is 0.128% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.056%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.012% in total (about -0.6% 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 BNB	799.00	0.0295	pay 0.0037% / 1h	18m 14s	$53.1M	$20.3M	10x
Short	HTX BNB-USDT	797.53	0.0100	get 0.0100% / 8h	7h 18m	$8.2M	$8.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.184%Rate

Funding earned: −$40.99
Price spread: −0.184% → −0.056%: −$12.75
Slippage, 4 orders: −$8.25
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$82.99
Costs to cover: 0.292%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; HTX: 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, 5 min ago	0.19 bp	6.3 bp −$6	9.1 bp −$91	doesn't fit	doesn't fit
Sell HTX live order book, 1 min ago	0.01 bp	7.4 bp −$7	12.6 bp −$126	47.2 bp −$4,723	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	797.78	−0.153%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	797.96	−0.130%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	797.57	−0.179%	$4K	$239	25x	as long as short
Gate BNB_USDT	−0.0011%	8h	797.95	−0.131%	$35.9M	$56.8M	75x	as long as short
BingX BNB-USDC	−0.0007%	8h	797.45	−0.194%	—	$13.3M	—	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.85	−0.019%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.12	+0.015%	$864K	$2.9M	30x	as long as short
Variational Omni BNB	+0.0004%	8h	797.72	−0.160%	$4.1M	$5.0M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	797.76	−0.155%	$9.7M	—	150x	as long as short
Bybit BNBUSDT	+0.0013%	8h	797.91	−0.136%	$138.6M	$76.3M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phemex BNBUSDT	+0.0030%	8h	798.80	−0.025%	$69.8M	$50.2M	50x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.762%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	799.07	+0.009%	$615K	$1.1M	50x	as long as short
Aster BNBUSDT	+0.0053%	8h	797.76	−0.155%	$6.1M	$19.4M	200x	as long as short
Binance BNBUSDT	+0.0075%	8h	798.74	−0.033%	$495.9M	$811.7M	75x	as long as short
MEXC BNB_USDT	+0.0076%	8h	798.80	−0.025%	$83.1M	$13.7M	200x	as long as short
Lighter BNB	+0.0096%	1h	798.07	−0.116%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	799.13	+0.016%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	796.70	−0.288%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	797.18	−0.228%	$1.2M	$937K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.10	−0.113%	$54.1M	$111.0M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	797.40	−0.200%	$52K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.09	−0.114%	$27.9M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	797.87	−0.141%	$78.1M	$28.1M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.91	−0.012%	$4.2M	$76.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	798.95	−0.006%	$161K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	797.26	−0.218%	$113K	$884K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	797.96	−0.130%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.11	−0.112%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	798.58	−0.053%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.10	−0.113%	$392K	$997K	10x	as long as short
HTX BNB-USDTshort	+0.0100%	8h	797.53	−0.184%	$8.2M	$8.3M	75x
Paradex BNB-USD-PERP	+0.0100%	8h	797.64	−0.170%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	797.64	−0.171%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	797.98	−0.127%	$383K	$110K	10x	as long as short
Bulk BNB-USD	+0.0138%	1h	797.80	−0.150%	$648K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	797.23	−0.222%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0158%	8h	798.80	−0.025%	$90K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0196%	8h	798.72	−0.035%	$18.1M	$2.6M	75x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	797.74	−0.158%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	798.41	−0.074%	$1.6M	$161K	25x	as long as short
dYdX BNB-USD	+0.0201%	1h	796.94	−0.258%	$161K	$63K	10x	as long as short
Hibachi BNB/USDT-P	+0.0272%	1h	798.92	−0.010%	$68K	$38K	12x	as long as short
Hyperliquid BNBlong	+0.0295%	1h	799.00	long leg	$53.1M	$20.3M	10x
Reya BNBRUSDPERP	+0.0330%	1h	797.06	−0.243%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0424%	1h	799.12	+0.015%	$2.7M	$5.7M	40x	as long as short