Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0333%/8h= +36.4% APRpaid last 24h +0.065%

Price spread now: Hyperliquid against Phemex+0.027%7-day average −0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$15as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

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

Long on Phemex Short on Hyperliquid

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)+0.009%+$1 · spread now +0.027%, 7d avg −0.025%

Together, before fees+0.123%+ Points / potential airdropHyperliquid: Season 2 · farm board+$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Hyperliquid is 0.053% dearer against Phemex than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.025%.

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	Phemex BNBUSDT	800.05	0	get 0.0000% / 8h	7h 43m	$69.9M	$50.5M	50x
Short	Hyperliquid BNB	800.27	0.0333	get 0.0042% / 1h	43m 12s	$53.2M	$20.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Phemex. 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 PhemexbpFee HyperliquidbpOrdersPrice spread, now +0.027%Rate

Funding earned: $69.83
Price spread: +0.027% → −0.025%: $5.27
Slippage, 4 orders: −$5.72
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $48.37
Costs to cover: 0.267%
Break-even: 2.2 days

Slippage from Phemex: live order book, 6 min ago; Hyperliquid: live order book, 10 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 Phemex live order book, 6 min ago	1.69 bp	8.1 bp −$8	9.1 bp −$91	13.5 bp −$1,353	doesn't fit
Sell Hyperliquid live order book, 10 min ago	0.25 bp	4.9 bp −$5	5.1 bp −$51	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 −0.0201% / S +0.0372%	1h	799.52	−0.067%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0120%	1h	799.42	−0.079%	$2.5M	$980K	50x	as long as short
Bybit BNBUSDT	−0.0085%	8h	799.20	−0.106%	$138.8M	$76.7M	75x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.61	−0.055%	$4K	$239	25x	as long as short
BingX BNB-USDT	−0.0049%	8h	799.52	−0.066%	—	$35.2M	—	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.28	−0.097%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.52	−0.066%	$864K	$2.9M	30x	as long as short
Phemex BNBUSDTlong	0.0000%	8h	800.05	long leg	$69.9M	$50.5M	50x
Variational Omni BNB	+0.0006%	8h	797.73	−0.290%	$4.1M	$5.4M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	799.45	−0.075%	$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	+0.630%	$19K	$789K	30x	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	798.00	−0.256%	$601K	$979K	50x	as long as short
Aster BNBUSDT	+0.0069%	8h	800.07	+0.002%	$6.2M	$19.2M	200x	as long as short
Gate BNB_USDT	+0.0088%	8h	799.30	−0.094%	$35.8M	$56.0M	75x	as long as short
MEXC BNB_USDT	+0.0089%	8h	800.40	+0.044%	$83.2M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0090%	8h	800.04	−0.001%	$497.0M	$812.0M	75x	as long as short
Lighter BNB	+0.0096%	1h	799.77	−0.035%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	798.69	−0.170%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.01	−0.130%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.39	−0.082%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.30	−0.094%	$54.2M	$111.2M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.80	−0.031%	$53K	$133K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	799.40	−0.081%	$28.0M	$10.1M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	799.19	−0.107%	$78.8M	$27.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.08	−0.122%	$4.2M	$76.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.20	−0.106%	$161K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	799.41	−0.080%	$118K	$871K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	799.53	−0.065%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	799.64	−0.051%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	800.08	+0.004%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	799.60	−0.056%	$393K	$1.0M	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	799.09	−0.120%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	800.20	+0.019%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	799.06	−0.124%	$1.8M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	799.55	−0.062%	$384K	$108K	10x	as long as short
Bulk BNB-USD	+0.0118%	1h	798.39	−0.207%	$648K	$11K	10x	as long as short
Hibachi BNB/USDT-P	+0.0136%	1h	798.91	−0.143%	$70K	$34K	12x	as long as short
RISEx BNB/USDC	+0.0155%	1h	799.60	−0.056%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0159%	8h	799.70	−0.044%	$90K	$2.8M	4.8x	as long as short
BloFin BNB-USDT	+0.0210%	8h	800.10	+0.006%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0216%	1h	800.16	+0.014%	$28K	$1K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	800.01	−0.005%	$1.6M	$160K	25x	as long as short
dYdX BNB-USD	+0.0307%	1h	798.68	−0.171%	$161K	$63K	10x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	799.08	−0.122%	$6K	$3K	40x	as long as short
Hyperliquid BNBshort	+0.0333%	1h	800.27	+0.027%	$53.2M	$20.9M	10x
Backpack BNB_USDC_PERP	+0.0398%	1h	799.30	−0.094%	$2.7M	$5.7M	40x	as long as short