Funding arb · Price arb /

BIO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0392%/8h= +43.0% APRpaid last 24h +0.070%

Price spread now: Hyperliquid against BingX+0.208%7-day average +0.129% · you sell dearer than you buy

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$56as in the Price arb table

costs, in and out, $10k−$640.640% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.051%+$5 on $10k

Price spread, last 4 days (all we have)−0.152%−$15 · spread now +0.208%, 7d avg +0.129%

Together, before fees−0.100%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Hyperliquid is 0.079% dearer against BingX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.129%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.051% in total (about 2.7% 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	BingX BIO-USDT	0.02883	0.0100	pay 0.0050% / 4h	1h 42m	—	$1.4M	—
Short	Hyperliquid BIO	0.02889	0.0492	get 0.0062% / 1h	42m 17s	$752K	$219K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.208%Rate

Funding earned: $82.41
Price spread: +0.208% → +0.129%: $7.89
Slippage, 4 orders: −$44.98
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $26.31
Costs to cover: 0.640%
Break-even: 4.8 days

Slippage from BingX: live order book, 4 min ago; Hyperliquid: live order book, 38 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 BingX live order book, 4 min ago	3.48 bp	15.7 bp −$16	44.5 bp −$445	546.6 bp −$54.7K	801.7 bp −$400.9K
Sell Hyperliquid live order book, 38 min ago	1.21 bp	15.8 bp −$16	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
Lighter BIO	+0.0096%	1h	0.02884	+0.042%	$11K	$3K	3x	as long as short
Orderly PERP_BIO_USDC	+0.0097%	4h	0.02884	+0.035%	$13K	—	10x	as long as short
Aster BIOUSDT	+0.0100%	4h	0.02883	+0.010%	$19K	$92K	5x	as long as short
Binance BIOUSDT	+0.0100%	4h	0.02883	+0.010%	$6.1M	$6.8M	50x	as long as short
Bybit BIOUSDT	+0.0100%	4h	0.02887	+0.139%	$2.2M	$2.6M	50x	as long as short
OKX BIO-USDT-SWAP	+0.0100%	4h	0.02886	+0.104%	$1.2M	$2.3M	20x	as long as short
Gate BIO_USDT	+0.0100%	8h	0.02883	0.000%	$1.4M	$265K	50x	as long as short
MEXC BIO_USDT	+0.0100%	4h	0.02883	0.000%	$386K	$126K	20x	as long as short
KuCoin BIOUSDTM	+0.0100%	4h	0.02888	+0.173%	$556K	$126K	20x	as long as short
Bitget BIOUSDT	+0.0100%	4h	0.02884	+0.035%	$1.3M	$528K	50x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BIO-USDTlong	+0.0100%	4h	0.02883	long leg	—	$1.4M	—
Variational Omni BIO	+0.0100%	4h	0.02877	−0.200%	$33K	$71K	—	as long as short
BloFin BIO-USDT	+0.0117%	4h	0.02877	−0.208%	$262K	$9K	50x	as long as short
Kraken Futures PF_BIOUSD	+0.0168%	1h	0.02888	+0.159%	$11K	$6K	20x	as long as short
Hyperliquid BIOshort	+0.0492%	1h	0.02889	+0.208%	$752K	$219K	3x