Recently, I encountered a pitfall while doing BNB hedging across different exchanges. I found that the funding fee on a major exchange has already been maxed out, which is completely different from other platforms—on the former, fees are charged every 4 hours, while on the latter, they are charged every hour, with a price difference maintained at 3-5%.

Initially, I entered at a price of 0.83, but when it dropped to 0.6, I exited early. The problem is: each transaction incurs a fee of 16 USDT. Even more frustrating, by 19:00 on the 12th, I was charged 15 more times. Calculations show that the arbitrage space on these exchanges has been almost entirely eaten up by the funding fees, and the actual profit from BNB has turned into a loss.