BNB

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0200%/8h= +21.9% APRnext payment +$0.25 per $10,000 · paid last 24h −0.024%

Price spread now: Deribit against Hyperliquid+0.020%7-day average −0.003% · you sell dearer than you buy

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$270.272% of the position

Long on Hyperliquid Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.083%+$8 on $10k

Price spread, last 4 days (all we have)−0.086%−$9 · spread now +0.020%, 7d avg −0.003%

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 +$6 a day on $10k at the current rate, and Deribit is 0.023% dearer against Hyperliquid than usual: you sell high and buy low: +$2 more if the spread goes back to its 7-day average of −0.003%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.083% in total (about 4.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.25 per $10,000. 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	786.93	0.0100	pay 0.0013% / 1h	17m 41s	$51.5M	$17.6M	10x
Short	Deribit BNB_USDC-PERPETUAL	787.09	0.0300	get 0.0037% / 1h	17m 41s	$1.5M	$143K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.020%Rate

Funding earned: $42
Price spread: +0.020% → −0.003%: $2.33
Slippage, 4 orders: −$11.17
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $17.16
Costs to cover: 0.272%
Break-even: 4.1 days

Slippage from Hyperliquid: live order book, 6 min ago; Deribit: 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, 6 min ago	0.19 bp	4.9 bp −$5	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 1 min ago	3.24 bp	6.7 bp −$7	10.9 bp −$109	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 −0.0192% / S +0.0356%	1h	786.41	−0.066%	$46K	—	200x	as long as short
Hotstuff BNB-PERP	−0.0080%	1h	787.19	+0.033%	$4K	$42	25x	as long as short
StandX BNB-USD	0.0000%	1h	787.37	+0.056%	$849K	$3.0M	30x	as long as short
gTrade (Gains Network) BNB/USD	L +0.0007% / S −0.0007%	1h	786.53	−0.050%	$9.5M	—	150x	as long as short
Injective BNB/USDC PERP	+0.0033%	1h	805.09	+2.308%	$19K	$789K	30x	as long as short
Aster BNBUSDT	+0.0037%	8h	786.81	−0.015%	$6.1M	$19.0M	200x	as long as short
BingX BNB-USDT	+0.0045%	8h	786.40	−0.067%	—	$22.1M	—	as long as short
Phemex BNBUSDT	+0.0055%	8h	787.13	+0.025%	$68.9M	$50.6M	50x	as long as short
MEXC BNB_USDT	+0.0061%	8h	787.30	+0.047%	$80.4M	$12.0M	200x	as long as short
Binance BNBUSDT	+0.0061%	8h	786.92	−0.001%	$490.2M	$812.4M	75x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_BNBUSD	+0.0069%	1h	786.55	−0.048%	$2.5M	$1.2M	50x	as long as short
Coinbase International BNB-PERP-INTX	+0.0080%	1h	785.85	−0.137%	$568K	$1.9M	50x	as long as short
Lighter BNB	+0.0096%	1h	786.51	−0.053%	$2.7M	$3.8M	20x	as long as short
Orderly PERP_BNB_USDC	+0.0100%	8h	786.63	−0.038%	$265K	$489K	50x	as long as short
Nado BNB-PERP	+0.0100%	1h	786.35	−0.074%	$1.4M	$2.7M	20x	as long as short
Hyperliquid BNBlong	+0.0100%	1h	786.93	long leg	$51.5M	$17.6M	10x
Pacifica BNB	+0.0100%	1h	786.66	−0.035%	$1.2M	$933K	20x	as long as short
Bybit BNBUSDT	+0.0100%	8h	786.40	−0.067%	$138.1M	$74.7M	75x	as long as short
OKX BNB-USDT-SWAP	+0.0100%	8h	786.40	−0.067%	$53.4M	$112.6M	50x	as long as short
Arcus BNB-USD	+0.0100%	1h	786.70	−0.029%	$52K	$129K	10x	as long as short
Gate BNB_USDT	+0.0100%	8h	786.35	−0.074%	$36.6M	$59.2M	75x	as long as short
KuCoin BNBUSDTM	+0.0100%	8h	786.08	−0.108%	$27.7M	$10.2M	75x	as long as short
Bitget BNBUSDT	+0.0100%	8h	786.16	−0.098%	$76.1M	$31.0M	75x	as long as short
Backpack BNB_USDC_PERP	+0.0100%	1h	786.85	−0.010%	$2.2M	$6.1M	40x	as long as short
Variational Omni BNB	+0.0100%	8h	785.81	−0.142%	$4.0M	$4.8M	—	as long as short
edgeX BNBUSDC	+0.0100%	4h	786.59	−0.044%	$4.1M	$75.5M	30x	as long as short
ApeX Omni BNBUSDT	+0.0100%	1h	785.20	−0.220%	$158K	$438K	50x	as long as short
Polymarket Perps BNB-USD	+0.0100%	1h	786.46	−0.060%	$131K	$951K	10x	as long as short
Derive BNB-PERP	+0.0100%	1h	786.81	−0.015%	$31K	$12K	10x	as long as short
SunX BNB-USDT	+0.0100%	8h	786.99	+0.008%	$12K	$1.5M	50x	as long as short
HTX BNB-USDT	+0.0100%	8h	786.31	−0.079%	$8.0M	$10.1M	75x	as long as short
Paradex BNB-USD-PERP	+0.0101%	8h	786.90	−0.004%	$76K	$17K	50x	as long as short
Extended BNB-USD	+0.0104%	1h	786.05	−0.112%	$1.8M	$6.2M	50x	as long as short
Aevo BNB-PERP	+0.0104%	1h	787.14	+0.026%	$378K	$110K	10x	as long as short
Phoenix BNB	+0.0107%	1h	786.33	−0.076%	$169K	$35K	10x	as long as short
SoDEX BNB-USD	+0.0128%	1h	786.70	−0.029%	$387K	$993K	10x	as long as short
Kalshi KXBNBPERP	+0.0142%	8h	786.80	−0.017%	$160K	$2.7M	4.8x	as long as short
dYdX BNB-USD	+0.0160%	1h	786.37	−0.072%	$159K	$62K	10x	as long as short
BloFin BNB-USDT	+0.0180%	8h	787.41	+0.061%	$17.7M	$2.2M	75x	as long as short
GRVT BNB_USDT_Perp	+0.0211%	8h	785.17	−0.223%	$2.9M	$29.3M	10x	as long as short
Deribit BNB_USDC-PERPETUALshort	+0.0300%	1h	787.09	+0.020%	$1.5M	$143K	25x
01 Exchange BNBUSD	+0.0304%	1h	787.16	+0.029%	$28K	$4K	10x	as long as short
Reya BNBRUSDPERP	+0.0323%	1h	786.31	−0.079%	$6K	$3K	40x	as long as short
Bulk BNB-USD	+0.0341%	1h	785.39	−0.195%	$637K	$4K	10x	as long as short
RISEx BNB/USDC	+0.0432%	1h	786.74	−0.024%	$1.1M	$901K	20x	as long as short
Hibachi BNB/USDT-P	+0.0528%	1h	786.48	−0.057%	$67K	$39K	12x	as long as short