Funding arb · Price arb /

BIO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0248%/8h= +27.2% APRpaid last 24h +0.076%

Price spread now: Hyperliquid against Binance+0.205%7-day average +0.178% · you sell dearer than you buy

Net, funding: paid 7d − costs−$53as in the Funding arb table

Net, price: spread back to 7d avg − costs−$58as in the Price arb table

costs, in and out, $10k−$610.609% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.082%+$8 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now +0.205%, 7d avg +0.178%

Together, before fees+0.018%+ Points / potential airdropHyperliquid: Season 2 · farm board+$2 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 0.028% dearer against Binance than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.178%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.082% in total (about 4.3% 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	Binance BIOUSDT	0.02887	0.0100	pay 0.0050% / 4h	42m 21s	$6.1M	$7.6M	50x
Short	Hyperliquid BIO	0.02893	0.0348	get 0.0044% / 1h	42m 21s	$754K	$214K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.205%Rate

Funding earned: $52.1
Price spread: +0.205% → +0.178%: $2.8
Slippage, 4 orders: −$41.87
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$5.97
Costs to cover: 0.609%
Break-even: 7.8 days

Slippage from Binance: live order book, 11 min ago; Hyperliquid: live order book, 18 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 Binance live order book, 11 min ago	1.74 bp	14.1 bp −$14	56.9 bp −$569	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 18 min ago	0.69 bp	13.2 bp −$13	doesn't fit	doesn't fit	doesn't fit

BIO on 15 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
Kraken Futures PF_BIOUSD	−0.0893%	1h	0.02886	−0.008%	$11K	$6K	20x	as long as short
Lighter BIO	+0.0096%	1h	0.02892	+0.174%	$15K	$7K	3x	as long as short
Orderly PERP_BIO_USDC	+0.0099%	4h	0.02886	−0.023%	$13K	—	10x	as long as short
Aster BIOUSDT	+0.0100%	4h	0.02885	−0.050%	$21K	$101K	5x	as long as short
Binance BIOUSDTlong	+0.0100%	4h	0.02887	long leg	$6.1M	$7.6M	50x
Bybit BIOUSDT	+0.0100%	4h	0.02887	+0.012%	$2.1M	$2.4M	50x	as long as short
OKX BIO-USDT-SWAP	+0.0100%	4h	0.02887	+0.012%	$1.1M	$2.1M	20x	as long as short
Gate BIO_USDT	+0.0100%	8h	0.02888	+0.046%	$1.5M	$339K	50x	as long as short
MEXC BIO_USDT	+0.0100%	4h	0.02886	−0.023%	$411K	$138K	20x	as long as short
KuCoin BIOUSDTM	+0.0100%	4h	0.02887	+0.012%	$546K	$119K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BIOUSDT	+0.0100%	4h	0.02888	+0.046%	$1.3M	$548K	50x	as long as short
BingX BIO-USDT	+0.0100%	4h	0.02888	+0.046%	—	$1.3M	—	as long as short
Variational Omni BIO	+0.0100%	4h	0.02886	−0.008%	$31K	$68K	—	as long as short
BloFin BIO-USDT	+0.0106%	4h	0.02881	−0.196%	$261K	$7K	50x	as long as short
Hyperliquid BIOshort	+0.0348%	1h	0.02893	+0.205%	$754K	$214K	3x