Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.1098%/8h= +120.2% APRpaid last 24h +0.075%

Price spread now: Hyperliquid against Binance+0.124%7-day average +0.075% · you sell dearer than you buy

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$450.448% of the position

Long on Binance Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.323%+$32 on $10k

Price spread, last 7 days−0.093%−$9 · spread now +0.124%, 7d avg +0.075%

Together, before fees+0.230%+ Points / potential airdropHyperliquid: Season 2 · farm board+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$33 a day on $10k at the current rate, and Hyperliquid is 0.049% dearer against Binance than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.075%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.323% in total (about 16.8% 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	Binance 1000BONKUSDT	0.000003350	0.0100	pay 0.0050% / 4h	10m 54s	$15.2M	$52.6M	75x
Short	Hyperliquid kBONK	0.000003354	0.1198	get 0.0150% / 1h	10m 54s	$10.1M	$7.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Binance. 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 BinancebpFee HyperliquidbpOrdersPrice spread, now +0.124%Rate

Funding earned: $230.52
Price spread: +0.124% → +0.075%: $4.88
Slippage, 4 orders: −$25.76
Fee Binance: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $190.64
Costs to cover: 0.448%
Break-even: 1.2 days

Slippage from Binance: live order book, 16 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 Binance live order book, 16 min ago	1.48 bp	12.0 bp −$12	27.3 bp −$273	215.0 bp −$21.5K	doesn't fit
Sell Hyperliquid live order book, 12 min ago	4.44 bp	11.2 bp −$11	26.9 bp −$269	doesn't fit	doesn't fit

BONK on 31 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
Coinbase International 1000BONK-PERP-INTX	−0.0456%	1h	0.000003344	−0.175%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003348	−0.055%	$1.0M	$13.8M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0065%	4h	0.000003344	−0.175%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003347	−0.088%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003347	−0.072%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003345	−0.145%	$2K	$110K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.264%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003345	−0.144%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003347	−0.085%	$193K	$306K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003346	−0.100%	$19K	$106K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000BONKUSDT	+0.0100%	4h	0.000003345	−0.144%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003349	−0.025%	$113K	$123K	10x	as long as short
Binance 1000BONKUSDTlong	+0.0100%	4h	0.000003350	long leg	$15.2M	$52.6M	75x
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003349	−0.016%	$10.2M	$16.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003351	+0.034%	$2.4M	$7.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003345	−0.145%	$713K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003349	−0.025%	$9.7M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003345	−0.139%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003346	−0.115%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003347	−0.085%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003348	−0.055%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003344	−0.174%	$300K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003352	+0.064%	$56K	$702K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003350	+0.004%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003346	−0.115%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003352	+0.064%	$92K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003349	−0.030%	$22K	$3K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003342	−0.234%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.444%	$559	—	100x	as long as short
Hyperliquid kBONKshort	+0.1198%	1h	0.000003354	+0.124%	$10.1M	$7.2M	10x
Kraken Futures PF_BONKUSD	+0.1462%	1h	0.000003352	+0.067%	$204K	$150K	50x	as long as short