BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0110%/8h= −12.1% APRnext payment −$0.14 per $10,000 · paid last 24h −0.039%

Price spread now: Kraken Futures against Hyperliquid−0.159%50s7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$41as 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−$330.330% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.084%−$8 on $10k

Price spread, last 3 days (all we have)−0.051%−$5 · spread now −0.159%, 7d avg −0.049%

Together, before fees−0.136%+ Points / potential airdropHyperliquid: Season 2 · farm board−$14 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Kraken Futures is 0.110% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.049%). Swap the legs. The two prices were read 50 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	803.40	0.0149	pay 0.0019% / 1h	38m 22s	$51.6M	$21.3M	10x
Short	Kraken Futures PF_BNBUSD	802.12	0.0038	get 0.0005% / 1h	38m 22s	$2.5M	$910K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.159%Rate

Funding earned: −$23.17
Price spread: −0.159% → −0.049%: −$10.98
Slippage, 4 orders: −$14.04
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$67.19
Costs to cover: 0.330%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Kraken Futures: 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, 5 min ago	0.31 bp	5.9 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 5 min ago	2.93 bp	12.2 bp −$12	17.2 bp −$172	31.1 bp −$3,106	114.0 bp −$57.0K

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 −0.0195% / S +0.0371%	1h	803.00	−0.050%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	802.88	−0.065%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	803.28	−0.015%	$3.0M	$29.7M	10x	as long as short
Kalshi KXBNBPERP	0.0000%	8h	803.20	−0.025%	$112K	$2.5M	4.8x	as long as short
StandX BNB-USD	0.0000%	1h	803.58	+0.022%	$868K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	803.03	−0.046%	$9.8M	—	150x	as long as short
Kraken Futures PF_BNBUSDshort	+0.0038%	1h	802.12	−0.159%	$2.5M	$910K	50x
Variational Omni BNB	+0.0055%	8h	802.35	−0.130%	$4.0M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0062%	8h	802.83	−0.071%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0080%	8h	802.41	−0.123%	$138.7M	$82.5M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0086%	8h	803.08	−0.040%	$6.4M	$18.8M	200x	as long as short
Coinbase International BNB-PERP-INTX	+0.0088%	1h	803.99	+0.073%	$608K	$878K	50x	as long as short
Lighter BNB	+0.0096%	1h	802.56	−0.105%	$2.8M	$4.2M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.34	−0.132%	$1.4M	$2.8M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.67	−0.091%	$1.2M	$923K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.80	−0.075%	$55.1M	$115.3M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	802.80	−0.075%	$52K	$161K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.70	−0.087%	$35.9M	$58.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	802.43	−0.121%	$28.1M	$10.5M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	802.40	−0.124%	$78.9M	$24.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.51	+0.014%	$4.2M	$76.8M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	803.43	+0.004%	$158K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.58	−0.102%	$118K	$868K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	803.07	−0.041%	$388K	$593K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	802.45	−0.118%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	802.92	−0.059%	$13K	$1.7M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	802.78	−0.077%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.64	−0.094%	$8.2M	$7.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	803.23	−0.021%	$78K	$19K	50x	as long as short
MEXC BNB_USDT	+0.0103%	8h	803.80	+0.050%	$84.3M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0103%	8h	803.59	+0.024%	$518.2M	$803.1M	75x	as long as short
Extended BNB-USD	+0.0104%	1h	802.74	−0.082%	$1.9M	$6.1M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	803.28	−0.015%	$386K	$40K	10x	as long as short
SoDEX BNB-USD	+0.0117%	1h	802.30	−0.137%	$395K	$1.0M	10x	as long as short
Phemex BNBUSDT	+0.0122%	8h	802.86	−0.067%	$70.0M	$51.7M	50x	as long as short
Phoenix BNB	+0.0125%	1h	803.50	+0.012%	$173K	$35K	10x	as long as short
Hyperliquid BNBlong	+0.0149%	1h	803.40	long leg	$51.6M	$21.3M	10x
Bulk BNB-USD	+0.0194%	1h	803.61	+0.026%	$649K	$11K	10x	as long as short
RISEx BNB/USDC	+0.0209%	1h	802.93	−0.058%	$1.1M	$1.4M	20x	as long as short
BloFin BNB-USDT	+0.0223%	8h	802.88	−0.065%	$18.8M	$3.1M	75x	as long as short
Hibachi BNB/USDT-P	+0.0256%	1h	802.85	−0.068%	$71K	$49K	12x	as long as short
dYdX BNB-USD	+0.0259%	1h	802.24	−0.144%	$170K	$55K	10x	as long as short
01 Exchange BNBUSD	+0.0312%	1h	803.37	−0.004%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0334%	1h	802.56	−0.104%	$6K	$3K	40x	as long as short
Injective BNB/USDC PERP	+0.0353%	1h	804.92	+0.189%	$19K	$526K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0680%	1h	803.34	−0.007%	$3.0M	$5.3M	40x	as long as short