Funding arb · Price arb /

BNB

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0272%/8h= −29.8% APRpaid last 24h −0.062%

Price spread now: Bybit against Hyperliquid−0.125%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$32as in the Price arb table

costs, in and out, $10k−$240.245% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.115%−$11 on $10k

Price spread, last 7 days+0.109%+$11 · spread now −0.125%, 7d avg −0.051%

Together, before fees−0.006%+ Points / potential airdropHyperliquid: Season 2 · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Bybit is 0.074% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.051%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.115% in total (about -6.0% 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	Hyperliquid BNB	803.21	0.0338	pay 0.0042% / 1h	56m 20s	$52.0M	$21.6M	10x
Short	Bybit BNBUSDT	802.21	0.0066	get 0.0066% / 8h	56m 20s	$139.4M	$78.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$57.14
Price spread: −0.125% → −0.051%: −$7.37
Slippage, 4 orders: −$4.46
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$88.96
Costs to cover: 0.245%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 7 min ago; Bybit: 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 Hyperliquid live order book, 7 min ago	0.25 bp	5.9 bp −$6	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.62 bp	6.1 bp −$6	8.0 bp −$80	25.4 bp −$2,539	143.2 bp −$71.6K

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	802.44	−0.096%	$48K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	802.52	−0.086%	$4K	$1K	25x	as long as short
Kraken Futures PF_BNBUSD	−0.0074%	1h	802.20	−0.126%	$2.6M	$969K	50x	as long as short
GRVT BNB_USDT_Perp	0.0000%	8h	800.99	−0.277%	$3.0M	$28.4M	10x	as long as short
StandX BNB-USD	0.0000%	1h	802.75	−0.057%	$868K	$2.9M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0008% / S −0.0007%	1h	802.48	−0.091%	$9.8M	—	150x	as long as short
Variational Omni BNB	+0.0031%	8h	800.04	−0.394%	$4.2M	$5.4M	—	as long as short
BingX BNB-USDC	+0.0053%	8h	802.47	−0.092%	—	$13.3M	—	as long as short
Bybit BNBUSDTshort	+0.0066%	8h	802.21	−0.125%	$139.4M	$78.6M	75x
Coinbase International BNB-PERP-INTX	+0.0072%	1h	800.72	−0.310%	$607K	$998K	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	802.44	−0.096%	$2.8M	$4.1M	20x	as long as short
Nado BNB-PERP	+0.0100%	1h	802.06	−0.143%	$1.4M	$2.7M	20x	as long as short
Pacifica BNB	+0.0100%	1h	802.42	−0.098%	$1.2M	$926K	20x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	802.30	−0.113%	$54.8M	$113.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	802.70	−0.063%	$53K	$134K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	802.30	−0.113%	$35.8M	$57.4M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	802.24	−0.121%	$28.1M	$10.3M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	802.23	−0.122%	$79.8M	$27.3M	75x	as long as short
edgeX BNBUSDC	+0.0100%	4h	801.60	−0.201%	$4.2M	$77.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	801.48	−0.215%	$161K	$442K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	802.36	−0.106%	$119K	$874K	10x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	802.62	−0.073%	$388K	$489K	50x	as long as short
Derive BNB-PERP	+0.0100%	1h	802.76	−0.056%	$32K	$5K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	802.93	−0.035%	$13K	$1.7M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	802.16	−0.130%	$8.2M	$7.9M	75x	as long as short
Paradex BNB-USD-PERP	+0.0100%	8h	802.75	−0.058%	$78K	$19K	50x	as long as short
Aster BNBUSDT	+0.0102%	8h	803.00	−0.026%	$6.4M	$18.9M	200x	as long as short
Extended BNB-USD	+0.0104%	1h	801.71	−0.186%	$1.9M	$6.4M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	802.77	−0.054%	$386K	$40K	10x	as long as short
Phemex BNBUSDT	+0.0114%	8h	802.81	−0.050%	$70.2M	$51.1M	50x	as long as short
Kalshi KXBNBPERP	+0.0117%	8h	802.40	−0.101%	$109K	$2.9M	4.8x	as long as short
MEXC BNB_USDT	+0.0121%	8h	803.40	+0.024%	$83.6M	$13.5M	200x	as long as short
Binance BNBUSDT	+0.0123%	8h	803.23	+0.002%	$502.6M	$818.9M	75x	as long as short
Phoenix BNB	+0.0155%	1h	800.77	−0.304%	$172K	$34K	10x	as long as short
BloFin BNB-USDT	+0.0242%	8h	802.83	−0.047%	$18.2M	$2.5M	75x	as long as short
Hibachi BNB/USDT-P	+0.0248%	1h	802.25	−0.119%	$71K	$48K	12x	as long as short
SoDEX BNB-USD	+0.0254%	1h	802.30	−0.113%	$394K	$1.0M	10x	as long as short
RISEx BNB/USDC	+0.0258%	1h	802.49	−0.090%	$1.1M	$1.4M	20x	as long as short
Bulk BNB-USD	+0.0289%	1h	801.15	−0.256%	$651K	$20K	10x	as long as short
Deribit BNB_USDC-PERPETUAL	+0.0300%	1h	802.74	−0.059%	$1.6M	$165K	25x	as long as short
Injective BNB/USDC PERP	+0.0306%	1h	805.09	+0.234%	$19K	$789K	30x	as long as short
Backpack BNB_USDC_PERP	+0.0332%	1h	802.48	−0.091%	$2.7M	$5.7M	40x	as long as short
Reya BNBRUSDPERP	+0.0332%	1h	801.99	−0.152%	$6K	$3K	40x	as long as short
Hyperliquid BNBlong	+0.0338%	1h	803.21	long leg	$52.0M	$21.6M	10x
01 Exchange BNBUSD	+0.0432%	1h	803.42	+0.026%	$28K	$1K	10x	as long as short
dYdX BNB-USD	+0.0510%	1h	802.23	−0.122%	$162K	$62K	10x	as long as short