Funding arb · Price arb /

BIO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0357%/8h= −39.1% APRpaid last 24h −0.070%

Price spread now: OKX against Hyperliquid−0.174%7-day average −0.127% · you buy dearer than you sell

Net, funding: paid 7d − costs−$94as in the Funding arb table

Net, price: spread back to 7d avg − costs−$89as in the Price arb table

costs, in and out, $10k−$840.844% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.097%−$10 on $10k

Price spread, last 4 days (all we have)+0.130%+$13 · spread now −0.174%, 7d avg −0.127%

Together, before fees+0.033%+ Points / potential airdropHyperliquid: Season 2 · farm board+$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and OKX is 0.046% cheaper against Hyperliquid than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.127%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.097% in total (about -5.1% 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	Hyperliquid BIO	0.02879	0.0457	pay 0.0057% / 1h	30m 11s	$750K	$219K	3x
Short	OKX BIO-USDT-SWAP	0.02874	0.0100	get 0.0050% / 4h	1h 30m	$1.2M	$2.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX against Hyperliquid. 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 HyperliquidbpFee OKXbpOrdersPrice spread, now −0.174%Rate

Funding earned: −$74.94
Price spread: −0.174% → −0.127%: −$4.63
Slippage, 4 orders: −$65.35
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$163.91
Costs to cover: 0.844%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 50 min ago; OKX: live order book, 2 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 Hyperliquid live order book, 50 min ago	1.21 bp	16.0 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	3.48 bp	22.9 bp −$23	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	0.02878	−0.045%	$11K	$3K	3x	as long as short
Orderly PERP_BIO_USDC	+0.0097%	4h	0.02873	−0.208%	$13K	—	10x	as long as short
Aster BIOUSDT	+0.0100%	4h	0.02876	−0.121%	$18K	$94K	5x	as long as short
Binance BIOUSDT	+0.0100%	4h	0.02873	−0.208%	$6.1M	$6.8M	50x	as long as short
Bybit BIOUSDT	+0.0100%	4h	0.02875	−0.139%	$2.2M	$2.6M	50x	as long as short
OKX BIO-USDT-SWAPshort	+0.0100%	4h	0.02874	−0.174%	$1.2M	$2.3M	20x
Gate BIO_USDT	+0.0100%	8h	0.02875	−0.139%	$1.4M	$265K	50x	as long as short
MEXC BIO_USDT	+0.0100%	4h	0.02873	−0.208%	$385K	$126K	20x	as long as short
KuCoin BIOUSDTM	+0.0100%	4h	0.02879	0.000%	$554K	$124K	20x	as long as short
Bitget BIOUSDT	+0.0100%	4h	0.02874	−0.174%	$1.3M	$529K	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-USDT	+0.0100%	4h	0.02875	−0.139%	—	$1.4M	—	as long as short
Variational Omni BIO	+0.0100%	4h	0.02876	−0.099%	$33K	$71K	—	as long as short
BloFin BIO-USDT	+0.0101%	4h	0.02872	−0.243%	$262K	$9K	50x	as long as short
Kraken Futures PF_BIOUSD	+0.0169%	1h	0.02876	−0.101%	$11K	$6K	20x	as long as short
Hyperliquid BIOlong	+0.0457%	1h	0.02879	long leg	$750K	$219K	3x