Funding arb · Price arb /

BIO

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0385%/8h= −42.2% APRpaid last 24h −0.072%

Price spread now: Orderly against Hyperliquid−0.180%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Orderly is 0.180% cheaper against Hyperliquid than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BIO	0.02886	0.0482	pay 0.0060% / 1h	34m 37s	$751K	$218K	3x
Short	Orderly PERP_BIO_USDC	0.02881	0.0097	get 0.0048% / 4h	1h 34m	$13K	—	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.180%Rate

Funding earned: −$80.85
Price spread: −0.180% → 0.000%: −$18.02
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$113.87
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 45 min ago; Orderly: no order-book sample. Net counts fees only.

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, 45 min ago	1.21 bp	16.0 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.090%	$11K	$3K	3x	as long as short
BloFin BIO-USDT	+0.0096%	4h	0.02881	−0.180%	$261K	$9K	50x	as long as short
Orderly PERP_BIO_USDCshort	+0.0097%	4h	0.02881	−0.180%	$13K	—	10x
Aster BIOUSDT	+0.0100%	4h	0.02882	−0.139%	$18K	$93K	5x	as long as short
Binance BIOUSDT	+0.0100%	4h	0.02879	−0.244%	$6.1M	$6.8M	50x	as long as short
Bybit BIOUSDT	+0.0100%	4h	0.02882	−0.146%	$2.2M	$2.6M	50x	as long as short
OKX BIO-USDT-SWAP	+0.0100%	4h	0.02880	−0.215%	$1.2M	$2.3M	20x	as long as short
Gate BIO_USDT	+0.0100%	8h	0.02884	−0.076%	$1.4M	$265K	50x	as long as short
MEXC BIO_USDT	+0.0100%	4h	0.02880	−0.215%	$386K	$126K	20x	as long as short
KuCoin BIOUSDTM	+0.0100%	4h	0.02883	−0.111%	$555K	$124K	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	0.02881	−0.180%	$1.3M	$528K	50x	as long as short
BingX BIO-USDT	+0.0100%	4h	0.02881	−0.180%	—	$1.4M	—	as long as short
Variational Omni BIO	+0.0100%	4h	0.02883	−0.105%	$33K	$71K	—	as long as short
Kraken Futures PF_BIOUSD	+0.0169%	1h	0.02882	−0.159%	$11K	$6K	20x	as long as short
Hyperliquid BIOlong	+0.0482%	1h	0.02886	long leg	$751K	$218K	3x