Funding arb · Price arb /

BNB

all BNB markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0225%/8h= +24.6% APRpaid last 24h +0.070%

Price spread now: Hyperliquid against Bybit+0.139%7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$13as in the Funding arb table

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

costs, in and out, $10k−$250.253% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.126%+$13 on $10k

Price spread, last 7 days−0.123%−$12 · spread now +0.139%, 7d avg +0.053%

Together, before fees+0.003%+ Points / potential airdropHyperliquid: Season 2 · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Hyperliquid is 0.087% dearer against Bybit than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.053%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.126% in total (about 6.6% 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	Bybit BNBUSDT	798.00	0.0064	pay 0.0064% / 8h	7h 11m	$138.6M	$76.0M	75x
Short	Hyperliquid BNB	799.11	0.0289	get 0.0036% / 1h	11m 27s	$53.1M	$20.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.139%Rate

Funding earned: $47.17
Price spread: +0.139% → +0.053%: $8.65
Slippage, 4 orders: −$5.3
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $30.52
Costs to cover: 0.253%
Break-even: 2.5 days

Slippage from Bybit: live order book, 3 min ago; Hyperliquid: live order book, 12 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 Bybit live order book, 3 min ago	0.63 bp	7.4 bp −$7	8.9 bp −$89	22.1 bp −$2,209	127.9 bp −$64.0K
Sell Hyperliquid live order book, 12 min ago	0.19 bp	5.2 bp −$5	7.5 bp −$75	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 −0.0159% / S +0.0335%	1h	798.19	+0.024%	$47K	—	200x	as long as short
Kraken Futures PF_BNBUSD	−0.0121%	1h	798.59	+0.074%	$2.5M	$1.0M	50x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	798.63	+0.079%	$4K	$239	25x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	799.74	+0.218%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	799.92	+0.241%	$864K	$2.9M	30x	as long as short
Gate BNB_USDT	+0.0002%	8h	797.90	−0.013%	$35.9M	$57.0M	75x	as long as short
Variational Omni BNB	+0.0008%	8h	797.92	−0.010%	$4.1M	$5.1M	—	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.13	+0.017%	$9.7M	—	150x	as long as short
Phemex BNBUSDT	+0.0025%	8h	799.10	+0.138%	$69.8M	$50.1M	50x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+0.888%	$19K	$789K	30x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX BNB-USDT	+0.0035%	8h	798.43	+0.054%	—	$35.0M	—	as long as short
Coinbase International BNB-PERP-INTX	+0.0048%	1h	799.07	+0.134%	$615K	$1.1M	50x	as long as short
Aster BNBUSDT	+0.0051%	8h	798.71	+0.090%	$6.1M	$19.4M	200x	as long as short
Bybit BNBUSDTlong	+0.0064%	8h	798.00	long leg	$138.6M	$76.0M	75x
Binance BNBUSDT	+0.0073%	8h	798.71	+0.089%	$496.1M	$809.1M	75x	as long as short
MEXC BNB_USDT	+0.0074%	8h	799.20	+0.150%	$83.1M	$13.7M	200x	as long as short
Lighter BNB	+0.0096%	1h	798.49	+0.061%	$2.8M	$4.0M	20x	as long as short
Phoenix BNB	+0.0099%	1h	800.04	+0.256%	$172K	$36K	10x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.20	+0.025%	$1.5M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	798.46	+0.058%	$1.2M	$937K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	797.90	−0.013%	$54.2M	$110.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	798.60	+0.075%	$53K	$127K	10x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.15	+0.019%	$27.9M	$10.0M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	797.82	−0.023%	$78.1M	$28.0M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	799.52	+0.191%	$4.2M	$76.9M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.37	+0.172%	$161K	$435K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.21	+0.026%	$113K	$884K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.15	+0.019%	$386K	$459K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.23	+0.029%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.17	+0.146%	$13K	$1.6M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.70	+0.088%	$393K	$996K	10x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.49	+0.061%	$8.2M	$8.3M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	799.04	+0.130%	$78K	$18K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	797.82	−0.023%	$1.8M	$6.0M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.14	+0.018%	$383K	$110K	10x	as long as short
Bulk BNB-USD	+0.0138%	1h	797.80	−0.025%	$648K	$10K	10x	as long as short
RISEx BNB/USDC	+0.0155%	1h	798.33	+0.041%	$1.1M	$1.4M	20x	as long as short
Kalshi KXBNBPERP	+0.0162%	8h	799.20	+0.150%	$90K	$2.8M	4.8x	as long as short
dYdX BNB-USD	+0.0190%	1h	798.50	+0.063%	$161K	$63K	10x	as long as short
BloFin BNB-USDT	+0.0194%	8h	799.67	+0.209%	$18.1M	$2.5M	75x	as long as short
01 Exchange BNBUSD	+0.0200%	1h	798.83	+0.104%	$28K	$1K	10x	as long as short
Hyperliquid BNBshort	+0.0289%	1h	799.11	+0.139%	$53.1M	$20.3M	10x
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	799.04	+0.130%	$1.6M	$161K	25x	as long as short
Hibachi BNB/USDT-P	+0.0320%	1h	799.02	+0.128%	$68K	$38K	12x	as long as short
Reya BNBRUSDPERP	+0.0330%	1h	798.06	+0.007%	$6K	$3K	40x	as long as short
Backpack BNB_USDC_PERP	+0.0429%	1h	799.22	+0.153%	$2.7M	$5.7M	40x	as long as short