Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0214%/8h= +23.4% APRpaid last 24h +0.060%

Price spread now: Hyperliquid against BingX+0.111%7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$250.248% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.047%+$5 on $10k

Price spread, last 7 days−0.145%−$14 · spread now +0.111%, 7d avg +0.031%

Together, before fees−0.098%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Hyperliquid is 0.080% dearer against BingX than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of +0.031%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.047% in total (about 2.5% 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 BNB-USDC	799.05	0.0030	pay 0.0030% / 8h	4m 34s	—	$13.4M	—
Short	Hyperliquid BNB	799.94	0.0244	get 0.0030% / 1h	4m 34s	$52.5M	$20.8M	10x

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 +0.111%Rate

Funding earned: $44.88
Price spread: +0.111% → +0.031%: $8.04
Slippage, 4 orders: −$5.85
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $28.08
Costs to cover: 0.248%
Break-even: 2.6 days

Slippage from BingX: live order book, 9 min ago; Hyperliquid: live order book, 9 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, 9 min ago	0.31 bp	7.4 bp −$7	9.0 bp −$90	17.5 bp −$1,749	60.4 bp −$30.2K
Sell Hyperliquid live order book, 9 min ago	0.19 bp	4.9 bp −$5	6.6 bp −$66	doesn't fit	doesn't fit

BNB on 46 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
GMX BNB/USD [WBTC.b-USDC]	L −0.0201% / S +0.0372%	1h	798.33	−0.090%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	799.29	+0.030%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	798.21	−0.105%	$2.5M	$975K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.60	−0.056%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	798.91	−0.018%	$863K	$2.9M	30x	as long as short
Variational Omni BNB	+0.0007%	8h	797.54	−0.189%	$4.1M	$5.4M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.36	−0.086%	$9.7M	—	150x	as long as short
BingX BNB-USDClong	+0.0030%	8h	799.05	long leg	—	$13.4M	—
Bybit BNBUSDT	+0.0037%	8h	798.95	−0.013%	$138.7M	$77.0M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	798.14	−0.114%	$601K	$984K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BNBUSDT	+0.0078%	8h	799.63	+0.073%	$6.2M	$19.2M	200x	as long as short
Lighter BNB	+0.0096%	1h	799.33	+0.035%	$2.8M	$4.1M	20x	as long as short
Phemex BNBUSDT	+0.0098%	8h	798.84	−0.026%	$69.9M	$50.6M	50x	as long as short
MEXC BNB_USDT	+0.0099%	8h	800.00	+0.119%	$83.1M	$13.6M	200x	as long as short
Binance BNBUSDT	+0.0099%	8h	799.79	+0.093%	$497.9M	$818.0M	75x	as long as short
Nado BNB-PERP	+0.0100%	1h	799.00	−0.006%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	799.33	+0.035%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	799.00	−0.006%	$54.3M	$112.7M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	799.30	+0.031%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	798.75	−0.038%	$35.7M	$58.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.96	−0.011%	$28.0M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	798.84	−0.026%	$79.1M	$27.5M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	798.64	−0.051%	$4.1M	$76.3M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.12	+0.009%	$161K	$437K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.25	−0.100%	$116K	$872K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.23	−0.103%	$386K	$494K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.44	−0.076%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	798.79	−0.033%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.50	−0.069%	$393K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	798.74	−0.039%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.08	−0.121%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.64	+0.074%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	798.67	−0.047%	$1.8M	$6.6M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.45	−0.076%	$384K	$40K	10x	as long as short
Phoenix BNB	+0.0127%	1h	798.37	−0.085%	$172K	$36K	10x	as long as short
Kalshi KXBNBPERP	+0.0149%	8h	798.80	−0.031%	$90K	$2.9M	4.8x	as long as short
Hibachi BNB/USDT-P	+0.0152%	1h	798.02	−0.129%	$70K	$43K	12x	as long as short
Bulk BNB-USD	+0.0191%	1h	798.83	−0.028%	$649K	$17K	10x	as long as short
BloFin BNB-USDT	+0.0219%	8h	798.91	−0.018%	$18.1M	$2.5M	75x	as long as short
Hyperliquid BNBshort	+0.0244%	1h	799.94	+0.111%	$52.5M	$20.8M	10x
RISEx BNB/USDC	+0.0258%	1h	799.18	+0.016%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0264%	1h	799.64	+0.074%	$28K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.756%	$19K	$789K	30x	as long as short
dYdX BNB-USD	+0.0331%	1h	798.88	−0.022%	$161K	$63K	10x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	797.91	−0.143%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0343%	1h	799.14	+0.011%	$2.7M	$5.7M	40x	as long as short