Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRnext payment −$0.00 per $10,000 · paid last 24h −0.057%

Price spread now: Nado against Hyperliquid−0.138%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$170.175% of the position

Long on Hyperliquid Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.064%−$6 on $10k

Price spread, last 7 days+0.152%+$15 · spread now −0.138%, 7d avg −0.033%

Together, before fees+0.088%+ Points / potential airdropHyperliquid: Season 2 · Nado: Active · farm board+$9 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Nado is 0.105% cheaper against Hyperliquid than usual: you would sell low and buy high, −$10 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BNB	792.39	0.0100	pay 0.0013% / 1h	18m 06s	$52.0M	$17.6M	10x
Short	Nado BNB-PERP	791.30	0.0100	get 0.0012% / 1h	18m 06s	$1.5M	$2.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now −0.138%Rate

Funding earned: $0
Price spread: −0.138% → −0.033%: −$10.49
Slippage, 4 orders: −$1.48
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$27.97
Costs to cover: 0.175%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Nado: 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	0.13 bp	4.9 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Nado live order book, 1 min ago	0.06 bp	4.0 bp −$4	8.1 bp −$81	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 −0.0167% / S +0.0335%	1h	791.22	−0.147%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	791.73	−0.083%	$4K	$239	25x	as long as short
StandX BNB-USD	0.0000%	1h	792.12	−0.034%	$856K	$3.1M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	791.25	−0.144%	$9.7M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.603%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	792.03	−0.045%	$615K	$1.8M	50x	as long as short
Aster BNBUSDT	+0.0051%	8h	791.98	−0.052%	$6.2M	$18.7M	200x	as long as short
Phemex BNBUSDT	+0.0053%	8h	792.05	−0.043%	$69.4M	$50.6M	50x	as long as short
BingX BNB-USDT	+0.0061%	8h	791.95	−0.056%	—	$34.3M	—	as long as short
Binance BNBUSDT	+0.0076%	8h	792.18	−0.027%	$494.9M	$794.4M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
MEXC BNB_USDT	+0.0076%	8h	792.50	+0.014%	$80.5M	$12.5M	200x	as long as short
Kraken Futures PF_BNBUSD	+0.0091%	1h	791.45	−0.119%	$2.5M	$1.2M	50x	as long as short
Lighter BNB	+0.0096%	1h	791.81	−0.073%	$2.8M	$3.9M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	791.36	−0.130%	$266K	$498K	50x	as long as short
Nado BNB-PERPshort	+0.0100%	1h	791.30	−0.138%	$1.5M	$2.6M	20x
Hyperliquid BNBlong	+0.0100%	1h	792.39	long leg	$52.0M	$17.6M	10x
Pacifica BNB	+0.0100%	1h	791.64	−0.095%	$1.2M	$908K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	791.55	−0.106%	$139.3M	$77.1M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	791.60	−0.100%	$53.7M	$111.8M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	791.60	−0.100%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	791.60	−0.100%	$35.4M	$57.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	791.55	−0.106%	$27.8M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	791.56	−0.105%	$77.0M	$29.9M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	792.09	−0.038%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	791.30	−0.137%	$4.1M	$4.6M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	792.18	−0.027%	$4.1M	$75.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	792.28	−0.014%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	791.33	−0.134%	$134K	$949K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	791.55	−0.106%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	791.98	−0.052%	$12K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	791.60	−0.100%	$389K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	791.71	−0.086%	$8.1M	$9.2M	75x	as long as short
Paradex BNB-USD-PERP	+0.0102%	8h	792.15	−0.030%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	791.04	−0.170%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	791.34	−0.133%	$380K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	792.03	−0.045%	$170K	$35K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0144%	8h	791.54	−0.108%	$3.0M	$28.0M	10x	as long as short
Kalshi KXBNBPERP	+0.0187%	8h	792.00	−0.049%	$83K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0196%	8h	791.81	−0.073%	$18.1M	$2.2M	75x	as long as short
dYdX BNB-USD	+0.0216%	1h	791.12	−0.160%	$160K	$63K	10x	as long as short
01 Exchange BNBUSD	+0.0296%	1h	792.02	−0.047%	$28K	$4K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	791.75	−0.081%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0327%	1h	791.14	−0.158%	$6K	$3K	40x	as long as short
RISEx BNB/USDC	+0.0361%	1h	791.75	−0.081%	$1.1M	$1.0M	20x	as long as short
Bulk BNB-USD	+0.0403%	1h	790.49	−0.239%	$640K	$6K	10x	as long as short
Hibachi BNB/USDT-P	+0.0600%	1h	791.67	−0.091%	$68K	$38K	12x	as long as short