Funding arb · Price arb /

BIO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0454%/8h= +49.8% APRpaid last 24h +0.063%

Price spread now: Hyperliquid against Bitget+0.255%7-day average +0.170% · you sell dearer than you buy

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$75as in the Price arb table

costs, in and out, $10k−$830.830% of the position

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.044%+$4 on $10k

Price spread, last 4 days (all we have)−0.248%−$25 · spread now +0.255%, 7d avg +0.170%

Together, before fees−0.203%+ Points / potential airdropHyperliquid: Season 2 · farm board−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$14 a day on $10k at the current rate, and Hyperliquid is 0.084% dearer against Bitget than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.170%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.044% in total (about 2.3% 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	Bitget BIOUSDT	0.02864	0.0100	pay 0.0050% / 4h	2h 49m	$1.3M	$520K	50x
Short	Hyperliquid BIO	0.02871	0.0554	get 0.0069% / 1h	49m 21s	$753K	$216K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now +0.255%Rate

Funding earned: $95.42
Price spread: +0.255% → +0.170%: $8.44
Slippage, 4 orders: −$61.96
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $20.9
Costs to cover: 0.830%
Break-even: 5.5 days

Slippage from Bitget: live order book, 2 min ago; Hyperliquid: live order book, 35 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 Bitget live order book, 2 min ago	6.98 bp	26.5 bp −$27	75.3 bp −$753	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 35 min ago	2.25 bp	17.4 bp −$17	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	−0.0670%	1h	0.02868	+0.125%	$11K	$6K	20x	as long as short
Lighter BIO	+0.0096%	1h	0.02869	+0.171%	$11K	$3K	3x	as long as short
Orderly PERP_BIO_USDC	+0.0097%	4h	0.02867	+0.105%	$13K	—	10x	as long as short
Aster BIOUSDT	+0.0100%	4h	0.02866	+0.071%	$19K	$93K	5x	as long as short
Binance BIOUSDT	+0.0100%	4h	0.02864	0.000%	$6.1M	$6.9M	50x	as long as short
Bybit BIOUSDT	+0.0100%	4h	0.02867	+0.105%	$2.2M	$2.6M	50x	as long as short
OKX BIO-USDT-SWAP	+0.0100%	4h	0.02866	+0.070%	$1.2M	$2.3M	20x	as long as short
Gate BIO_USDT	+0.0100%	8h	0.02867	+0.105%	$1.4M	$265K	50x	as long as short
MEXC BIO_USDT	+0.0100%	4h	0.02864	0.000%	$379K	$124K	20x	as long as short
KuCoin BIOUSDTM	+0.0100%	4h	0.02870	+0.209%	$547K	$126K	20x	as long as short

Show all 15 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BIOUSDTlong	+0.0100%	4h	0.02864	long leg	$1.3M	$520K	50x
BingX BIO-USDT	+0.0100%	4h	0.02866	+0.070%	—	$1.4M	—	as long as short
Variational Omni BIO	+0.0100%	4h	0.02865	+0.018%	$33K	$70K	—	as long as short
BloFin BIO-USDT	+0.0106%	4h	0.02863	−0.035%	$262K	$9K	50x	as long as short
Hyperliquid BIOshort	+0.0554%	1h	0.02871	+0.255%	$753K	$216K	3x