Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0217%/8h= +23.8% APRpaid last 24h +0.059%

Price spread now: Hyperliquid against Orderly+0.166%7-day average +0.008% · you sell dearer than you buy

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

Long on Orderly Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.005%$0 on $10k

Price spread, last 3 days (all we have)−0.054%−$5 · spread now +0.166%, 7d avg +0.008%

Together, before fees−0.049%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Hyperliquid is 0.158% dearer against Orderly than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of +0.008%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.005% in total (about 0.3% 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	Orderly PERP_BNB_USDC	800.38	0.0100	pay 0.0100% / 8h	1h 01m	$387K	$489K	50x
Short	Hyperliquid BNB	801.71	0.0317	get 0.0040% / 1h	1m 06s	$51.9M	$21.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Orderly. 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 OrderlybpFee HyperliquidbpOrdersPrice spread, now +0.166%Rate

Funding earned: $45.55
Price spread: +0.166% → +0.008%: $15.79
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $46.34
Costs to cover: 0.150%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Hyperliquid: live order book, 12 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 Orderly no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 12 min ago	0.31 bp	6.4 bp −$6	doesn't fit	doesn't fit	doesn't fit

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	800.39	+0.001%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	800.98	+0.075%	$4K	$1K	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.22	−0.019%	$3.0M	$28.5M	10x	as long as short
StandX BNB-USD	0.0000%	1h	801.12	+0.092%	$866K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	800.43	+0.007%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0028%	8h	798.74	−0.205%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0052%	8h	800.99	+0.076%	—	$34.8M	—	as long as short
Bybit BNBUSDT	+0.0066%	8h	800.57	+0.024%	$139.1M	$78.8M	75x	as long as short
Lighter BNB	+0.0096%	1h	800.83	+0.057%	$2.8M	$4.2M	20x	as long as short
Coinbase International BNB-PERP-INTX	+0.0096%	1h	800.11	−0.034%	$607K	$996K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0098%	8h	801.61	+0.154%	$6.4M	$18.9M	200x	as long as short
Nado BNB-PERP	+0.0100%	1h	800.28	−0.013%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	800.67	+0.036%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	800.80	+0.052%	$54.7M	$113.9M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	800.80	+0.052%	$53K	$134K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	800.55	+0.021%	$35.8M	$59.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	800.61	+0.029%	$28.0M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	800.73	+0.044%	$80.8M	$26.7M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	800.55	+0.021%	$4.2M	$77.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	800.56	+0.022%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	800.46	+0.010%	$121K	$872K	10x	as long as short
Orderly PERP_BNB_USDClong	+0.0100%	8h	800.38	long leg	$387K	$489K	50x
Derive BNB-PERP	+0.0100%	1h	800.61	+0.029%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	801.19	+0.101%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	800.41	+0.003%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	801.10	+0.090%	$78K	$19K	50x	as long as short
SoDEX BNB-USD	+0.0104%	1h	800.50	+0.015%	$394K	$1.0M	10x	as long as short
Extended BNB-USD	+0.0104%	1h	800.58	+0.026%	$1.9M	$6.3M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	800.59	+0.026%	$385K	$40K	10x	as long as short
Kalshi KXBNBPERP	+0.0113%	8h	801.00	+0.077%	$110K	$2.9M	4.8x	as long as short
Phemex BNBUSDT	+0.0114%	8h	801.03	+0.081%	$70.0M	$51.0M	50x	as long as short
MEXC BNB_USDT	+0.0118%	8h	801.70	+0.165%	$83.3M	$13.9M	200x	as long as short
Binance BNBUSDT	+0.0119%	8h	801.67	+0.161%	$501.7M	$818.5M	75x	as long as short
Phoenix BNB	+0.0155%	1h	800.77	+0.049%	$172K	$35K	10x	as long as short
Kraken Futures PF_BNBUSD	+0.0207%	1h	800.38	0.000%	$2.6M	$966K	50x	as long as short
BloFin BNB-USDT	+0.0239%	8h	801.23	+0.106%	$18.3M	$2.5M	75x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	800.46	+0.009%	$71K	$48K	12x	as long as short
Bulk BNB-USD	+0.0298%	1h	800.20	−0.022%	$650K	$21K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	800.95	+0.071%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0311%	1h	805.09	+0.588%	$19K	$789K	30x	as long as short
Hyperliquid BNBshort	+0.0317%	1h	801.71	+0.166%	$51.9M	$21.6M	10x
RISEx BNB/USDC	+0.0318%	1h	800.72	+0.042%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0320%	1h	801.40	+0.127%	$28K	$1K	10x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	800.10	−0.036%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0366%	1h	799.99	−0.049%	$161K	$62K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0556%	1h	801.75	+0.171%	$2.7M	$5.7M	40x	as long as short