Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0135%/8h= −14.7% APRpaid last 24h −0.061%

Price spread now: Bitget against Hyperliquid−0.139%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.052%−$5 on $10k

Price spread, last 7 days+0.097%+$10 · spread now −0.139%, 7d avg −0.067%

Together, before fees+0.045%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bitget is 0.072% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.067%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid BNB	799.40	0.0235	pay 0.0029% / 1h	7m 59s	$52.5M	$20.8M	10x
Short	Bitget BNBUSDT	798.29	0.0100	get 0.0100% / 8h	7m 59s	$79.0M	$27.5M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.139%Rate

Funding earned: −$28.25
Price spread: −0.139% → −0.067%: −$7.16
Slippage, 4 orders: −$3.01
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$59.41
Costs to cover: 0.240%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Bitget: live order book, 1 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, 5 min ago	0.19 bp	5.7 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	0.06 bp	7.0 bp −$7	9.0 bp −$90	21.4 bp −$2,145	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	798.59	−0.101%	$47K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	798.54	−0.108%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	798.47	−0.116%	$2.5M	$974K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	798.45	−0.119%	$3.0M	$27.9M	10x	as long as short
StandX BNB-USD	0.0000%	1h	798.90	−0.063%	$863K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	798.56	−0.105%	$9.7M	—	150x	as long as short
Variational Omni BNB	+0.0008%	8h	797.53	−0.233%	$4.0M	$5.4M	—	as long as short
BingX BNB-USDT	+0.0033%	8h	798.59	−0.101%	—	$34.7M	—	as long as short
Bybit BNBUSDT	+0.0037%	8h	798.30	−0.138%	$138.5M	$76.8M	75x	as long as short
Coinbase International BNB-PERP-INTX	+0.0072%	1h	798.14	−0.158%	$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	+0.0081%	8h	798.95	−0.056%	$6.2M	$19.1M	200x	as long as short
Lighter BNB	+0.0096%	1h	798.80	−0.075%	$2.8M	$4.1M	20x	as long as short
Phemex BNBUSDT	+0.0097%	8h	799.03	−0.046%	$69.9M	$50.6M	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	798.15	−0.156%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	798.40	−0.125%	$1.2M	$925K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	798.40	−0.125%	$54.3M	$112.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	798.50	−0.113%	$53K	$133K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	798.25	−0.144%	$35.7M	$58.6M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	798.48	−0.115%	$28.0M	$10.2M	75x	as long as short
Bitget BNBUSDTshort	+0.0100%	8h	798.29	−0.139%	$79.0M	$27.5M	75x
edgeX BNBUSDC	+0.0100%	4h	798.97	−0.054%	$4.1M	$76.2M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	799.19	−0.026%	$161K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	798.38	−0.128%	$116K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	798.41	−0.124%	$386K	$494K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	798.67	−0.092%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	799.08	−0.041%	$13K	$1.7M	50x	as long as short
SoDEX BNB-USD	+0.0100%	1h	798.80	−0.075%	$393K	$1.0M	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0100%	1h	798.97	−0.054%	$1.6M	$165K	25x	as long as short
HTX BNB-USDT	+0.0100%	8h	798.43	−0.122%	$8.2M	$8.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	798.79	−0.076%	$78K	$19K	50x	as long as short
Binance BNBUSDT	+0.0101%	8h	799.10	−0.038%	$497.7M	$817.8M	75x	as long as short
MEXC BNB_USDT	+0.0102%	8h	799.20	−0.025%	$83.0M	$13.6M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	798.14	−0.157%	$1.7M	$6.5M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	798.73	−0.084%	$384K	$40K	10x	as long as short
Phoenix BNB	+0.0127%	1h	799.20	−0.025%	$172K	$36K	10x	as long as short
Kalshi KXBNBPERP	+0.0145%	8h	799.00	−0.050%	$90K	$2.9M	4.8x	as long as short
Hibachi BNB/USDT-P	+0.0160%	1h	798.58	−0.103%	$70K	$43K	12x	as long as short
Bulk BNB-USD	+0.0191%	1h	798.83	−0.072%	$649K	$17K	10x	as long as short
BloFin BNB-USDT	+0.0223%	8h	798.84	−0.070%	$18.1M	$2.5M	75x	as long as short
Hyperliquid BNBlong	+0.0235%	1h	799.40	long leg	$52.5M	$20.8M	10x
RISEx BNB/USDC	+0.0258%	1h	798.28	−0.140%	$1.1M	$1.4M	20x	as long as short
01 Exchange BNBUSD	+0.0272%	1h	799.01	−0.049%	$28K	$1K	10x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.712%	$19K	$789K	30x	as long as short
Reya BNBRUSDPERP	+0.0331%	1h	798.11	−0.162%	$6K	$3K	40x	as long as short
dYdX BNB-USD	+0.0338%	1h	798.04	−0.171%	$161K	$63K	10x	as long as short
Backpack BNB_USDC_PERP	+0.0343%	1h	799.36	−0.005%	$2.7M	$5.7M	40x	as long as short