Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0331%/8h= −36.3% APRpaid last 24h −0.065%

Price spread now: Phemex against Hyperliquid−0.029%7-day average +0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$270.267% of the position

Long on Hyperliquid Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days−0.114%−$11 on $10k

Price spread, last 3 days (all we have)−0.008%−$1 · spread now −0.029%, 7d avg +0.025%

Together, before fees−0.122%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Phemex is 0.054% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.025%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.114% in total (about -6.0% 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	800.28	0.0331	pay 0.0041% / 1h	43m 03s	$53.2M	$20.9M	10x
Short	Phemex BNBUSDT	800.05	0	get 0.0000% / 8h	7h 43m	$69.9M	$50.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.029%Rate

Funding earned: −$69.56
Price spread: −0.029% → +0.025%: −$5.39
Slippage, 4 orders: −$5.72
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$101.67
Costs to cover: 0.267%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Phemex: live order book, 6 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, 10 min ago	0.25 bp	5.3 bp −$5	8.1 bp −$81	doesn't fit	doesn't fit
Sell Phemex live order book, 6 min ago	1.69 bp	8.4 bp −$8	8.8 bp −$88	13.6 bp −$1,356	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	799.52	−0.095%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0120%	1h	799.42	−0.108%	$2.5M	$980K	50x	as long as short
Bybit BNBUSDT	−0.0085%	8h	799.29	−0.124%	$138.8M	$76.4M	75x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.61	−0.084%	$4K	$239	25x	as long as short
BingX BNB-USDT	−0.0049%	8h	799.52	−0.095%	—	$35.2M	—	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.28	−0.125%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.52	−0.095%	$864K	$2.9M	30x	as long as short
Phemex BNBUSDTshort	0.0000%	8h	800.05	−0.029%	$69.9M	$50.5M	50x
Variational Omni BNB	+0.0006%	8h	797.73	−0.319%	$4.1M	$5.4M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.45	−0.104%	$9.7M	—	150x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.601%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	798.00	−0.285%	$601K	$979K	50x	as long as short
Aster BNBUSDT	+0.0069%	8h	800.12	−0.020%	$6.2M	$19.2M	200x	as long as short
Gate BNB_USDT	+0.0088%	8h	799.25	−0.129%	$35.8M	$56.0M	75x	as long as short
MEXC BNB_USDT	+0.0089%	8h	800.40	+0.015%	$83.2M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0090%	8h	800.23	−0.006%	$497.1M	$812.1M	75x	as long as short
Lighter BNB	+0.0096%	1h	799.77	−0.064%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	798.69	−0.199%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.01	−0.158%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.39	−0.111%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.40	−0.110%	$54.2M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.80	−0.060%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.40	−0.110%	$28.0M	$10.1M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	799.28	−0.125%	$78.9M	$27.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.08	−0.150%	$4.2M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.20	−0.135%	$161K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	799.41	−0.109%	$118K	$871K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.53	−0.094%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.64	−0.080%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	800.08	−0.025%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.60	−0.085%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.09	−0.148%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.20	−0.010%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	799.06	−0.152%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.55	−0.091%	$384K	$108K	10x	as long as short
Bulk BNB-USD	+0.0118%	1h	798.39	−0.236%	$648K	$11K	10x	as long as short
Hibachi BNB/USDT-P	+0.0136%	1h	798.91	−0.171%	$70K	$34K	12x	as long as short
RISEx BNB/USDC	+0.0155%	1h	799.60	−0.084%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0159%	8h	799.70	−0.072%	$90K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0210%	8h	800.10	−0.022%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0216%	1h	800.16	−0.015%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	800.01	−0.034%	$1.6M	$160K	25x	as long as short
dYdX BNB-USD	+0.0307%	1h	798.68	−0.200%	$161K	$63K	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	799.08	−0.150%	$6K	$3K	40x	as long as short
Hyperliquid BNBlong	+0.0331%	1h	800.28	long leg	$53.2M	$20.9M	10x
Backpack BNB_USDC_PERP	+0.0404%	1h	800.36	+0.010%	$2.7M	$5.7M	40x	as long as short