Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.068%

Price spread now: Variational Omni against Hyperliquid−0.457%7-day average −0.059% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.136%−$14 on $10k

Price spread, last 7 days+0.421%+$42 · spread now −0.457%, 7d avg −0.059%

Together, before fees+0.285%+ Points / potential airdropHyperliquid: Season 2 · Variational Omni: Active · farm board+$28 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: Variational Omni is 0.398% cheaper against Hyperliquid than usual: you would sell low and buy high, −$40 on $10k if it goes back to its 7-day average of −0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BNB	791.63	0.0100	pay 0.0013% / 1h	32m 19s	$51.9M	$17.6M	10x
Short	Variational Omni BNB	788.01	0.0100	get 0.0100% / 8h	4h 32m	$4.1M	$4.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.457%Rate

Funding earned: $0
Price spread: −0.457% → −0.059%: −$39.84
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$48.84
Costs to cover: 0.090%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 11 min ago; Variational Omni: RFQ quote, 2 min ago. Net counts fees only.

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, 11 min ago	0.13 bp	6.1 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 2 min ago	3.34 bp	doesn't fit	5.7 bp −$57	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 −0.0185% / S +0.0350%	1h	791.01	−0.079%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	791.41	−0.028%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	789.31	−0.293%	$851K	$3.2M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	790.96	−0.085%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+1.700%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0043%	8h	791.58	−0.006%	$6.1M	$18.7M	200x	as long as short
BingX BNB-USDT	+0.0053%	8h	791.11	−0.066%	—	$34.4M	—	as long as short
Phemex BNBUSDT	+0.0063%	8h	791.74	+0.014%	$69.3M	$49.9M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0064%	1h	789.45	−0.275%	$582K	$1.9M	50x	as long as short
MEXC BNB_USDT	+0.0065%	8h	791.90	+0.034%	$80.3M	$12.3M	200x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance BNBUSDT	+0.0066%	8h	791.65	+0.002%	$494.2M	$788.9M	75x	as long as short
Lighter BNB	+0.0096%	1h	791.24	−0.050%	$2.8M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	791.12	−0.064%	$266K	$492K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	790.80	−0.105%	$1.5M	$2.6M	20x	as long as short
Hyperliquid BNBlong	+0.0100%	1h	791.63	long leg	$51.9M	$17.6M	10x
Pacifica BNB	+0.0100%	1h	791.24	−0.049%	$1.2M	$931K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	790.80	−0.105%	$139.1M	$74.6M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	790.80	−0.105%	$53.5M	$111.4M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	791.20	−0.054%	$52K	$130K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	790.90	−0.092%	$35.4M	$56.8M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	790.85	−0.099%	$27.7M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	790.65	−0.124%	$76.5M	$30.1M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	791.25	−0.048%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNBshort	+0.0100%	8h	788.01	−0.457%	$4.1M	$4.6M	—
edgeX BNBUSDC	+0.0100%	4h	789.56	−0.262%	$4.1M	$73.6M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	789.35	−0.288%	$159K	$440K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	790.95	−0.086%	$134K	$950K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	791.16	−0.060%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	791.62	−0.001%	$12K	$1.5M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	791.20	−0.054%	$389K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	791.11	−0.066%	$8.1M	$9.4M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	791.71	+0.011%	$77K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	790.59	−0.131%	$1.8M	$5.9M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	791.09	−0.069%	$380K	$110K	10x	as long as short
Phoenix BNB	+0.0117%	1h	789.61	−0.255%	$170K	$35K	10x	as long as short
dYdX BNB-USD	+0.0133%	1h	790.55	−0.136%	$160K	$64K	10x	as long as short
GRVT BNB_USDT_Perp	+0.0139%	8h	789.87	−0.222%	$2.9M	$28.3M	10x	as long as short
Kalshi KXBNBPERP	+0.0180%	8h	790.30	−0.168%	$124K	$2.7M	4.8x	as long as short
BloFin BNB-USDT	+0.0185%	8h	791.14	−0.062%	$18.1M	$2.2M	75x	as long as short
01 Exchange BNBUSD	+0.0232%	1h	791.65	+0.003%	$28K	$4K	10x	as long as short
Bulk BNB-USD	+0.0245%	1h	789.82	−0.229%	$640K	$9K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0263%	1h	791.10	−0.067%	$2.5M	$1.2M	50x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	791.56	−0.009%	$1.5M	$143K	25x	as long as short
Reya BNBRUSDPERP	+0.0326%	1h	790.65	−0.124%	$6K	$3K	40x	as long as short
Hibachi BNB/USDT-P	+0.0448%	1h	790.70	−0.118%	$68K	$38K	12x	as long as short
RISEx BNB/USDC	+0.0461%	1h	791.36	−0.034%	$1.1M	$973K	20x	as long as short