Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h +0.015%

Price spread now: Hyperliquid against BloFin+0.004%47s7-day average −0.044% · you sell dearer than you buy

Net, funding: paid 7d − costs−$39as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.250% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.143%−$14 on $10k

Price spread, last 3 days (all we have)+0.041%+$4 · spread now +0.004%, 7d avg −0.044%

Together, before fees−0.102%+ Points / potential airdropHyperliquid: Season 2 · farm board−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Hyperliquid is 0.048% dearer against BloFin than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of −0.044%. Mind the row above: over the last 7 days funding on this pair cost −0.143%, so the current rate has only just turned in your favour. The two prices were read 47 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BNB-USDT	803.43	0.0245	pay 0.0245% / 8h	50m 16s	$18.2M	$2.6M	75x
Short	Hyperliquid BNB	803.46	0.0266	get 0.0033% / 1h	50m 16s	$52.0M	$21.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. 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 BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.004%Rate

Funding earned: $4.39
Price spread: +0.004% → −0.044%: $4.77
Slippage, 4 orders: −$4
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$15.84
Costs to cover: 0.250%
Break-even: 32.2 days

Slippage from BloFin: live order book, 4 min ago; Hyperliquid: live order book, 3 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 BloFin live order book, 4 min ago	0.19 bp	7.1 bp −$7	7.9 bp −$79	11.8 bp −$1,177	doesn't fit
Sell Hyperliquid live order book, 3 min ago	0.37 bp	5.4 bp −$5	doesn't fit	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	802.50	−0.115%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	803.34	−0.011%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	802.44	−0.124%	$2.6M	$969K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	802.91	−0.065%	$3.0M	$28.2M	10x	as long as short
StandX BNB-USD	0.0000%	1h	803.42	−0.001%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	802.55	−0.109%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0029%	8h	802.05	−0.172%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0053%	8h	802.85	−0.072%	—	$13.3M	—	as long as short
Bybit BNBUSDT	+0.0064%	8h	802.20	−0.153%	$139.4M	$78.6M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	−0.337%	$607K	$996K	50x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Lighter BNB	+0.0096%	1h	803.21	−0.027%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.45	−0.122%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	803.11	−0.040%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.20	−0.153%	$54.8M	$113.5M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	803.20	−0.029%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.45	−0.122%	$35.9M	$57.7M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	802.68	−0.093%	$28.1M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	802.49	−0.117%	$79.6M	$27.4M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	803.03	−0.050%	$4.2M	$77.7M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	803.26	−0.021%	$162K	$441K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.73	−0.087%	$119K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	802.54	−0.111%	$388K	$497K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	802.70	−0.091%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	803.16	−0.034%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.85	−0.073%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	803.55	+0.015%	$78K	$19K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	802.04	−0.173%	$1.9M	$6.4M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	802.83	−0.074%	$386K	$40K	10x	as long as short
Aster BNBUSDT	+0.0104%	8h	803.43	0.000%	$6.3M	$19.0M	200x	as long as short
Kalshi KXBNBPERP	+0.0113%	8h	803.10	−0.041%	$109K	$2.9M	4.8x	as long as short
Phemex BNBUSDT	+0.0116%	8h	803.15	−0.035%	$70.2M	$51.0M	50x	as long as short
Binance BNBUSDT	+0.0125%	8h	803.20	−0.029%	$502.4M	$818.3M	75x	as long as short
MEXC BNB_USDT	+0.0125%	8h	803.50	+0.009%	$83.5M	$13.5M	200x	as long as short
Phoenix BNB	+0.0127%	1h	803.21	−0.027%	$173K	$36K	10x	as long as short
SoDEX BNB-USD	+0.0161%	1h	802.60	−0.103%	$395K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0200%	1h	802.93	−0.062%	$1.6M	$165K	25x	as long as short
Hibachi BNB/USDT-P	+0.0240%	1h	802.77	−0.082%	$71K	$49K	12x	as long as short
BloFin BNB-USDTlong	+0.0245%	8h	803.43	long leg	$18.2M	$2.6M	75x
RISEx BNB/USDC	+0.0258%	1h	803.04	−0.048%	$1.1M	$1.4M	20x	as long as short
Hyperliquid BNBshort	+0.0266%	1h	803.46	+0.004%	$52.0M	$21.4M	10x
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.207%	$19K	$789K	30x	as long as short
Bulk BNB-USD	+0.0309%	1h	803.58	+0.019%	$653K	$20K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0316%	1h	803.30	−0.016%	$2.7M	$5.7M	40x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	802.28	−0.144%	$6K	$3K	40x	as long as short
01 Exchange BNBUSD	+0.0400%	1h	803.57	+0.017%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0482%	1h	802.89	−0.068%	$162K	$62K	10x	as long as short