Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0649%/8h= +71.0% APRpaid last 24h +0.046%

Price spread now: Hyperliquid against BingX+0.208%7-day average +0.076% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$700.702% of the position

Long on BingX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.118%+$12 on $10k

Price spread, last 7 days−0.190%−$19 · spread now +0.208%, 7d avg +0.076%

Together, before fees−0.072%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Hyperliquid is 0.133% dearer against BingX than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of +0.076%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.118% in total (about 6.2% 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	BingX 1000BONK-USDC	0.000003362	0.0100	pay 0.0050% / 4h	2h 17m	—	$6.5M	—
Short	Hyperliquid kBONK	0.000003369	0.0749	get 0.0094% / 1h	17m 30s	$9.9M	$7.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BingX. 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 BingXbpFee HyperliquidbpOrdersPrice spread, now +0.208%Rate

Funding earned: $136.23
Price spread: +0.208% → +0.076%: $13.26
Slippage, 4 orders: −$51.24
Fee BingX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $79.25
Costs to cover: 0.702%
Break-even: 2.9 days

Slippage from BingX: live order book, 2 min ago; Hyperliquid: live order book, 5 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 BingX live order book, 2 min ago	4.46 bp	23.3 bp −$23	71.9 bp −$719	519.5 bp −$52.0K	753.1 bp −$376.5K
Sell Hyperliquid live order book, 5 min ago	2.96 bp	9.7 bp −$10	28.1 bp −$281	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
Deribit 1000BONK_USDC-PERPETUAL	−0.0344%	1h	0.000003363	+0.030%	$2K	$110K	10x	as long as short
Coinbase International 1000BONK-PERP-INTX	−0.0320%	1h	0.000003365	+0.089%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003363	+0.030%	$1.0M	$13.2M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0042%	4h	0.000003362	0.000%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003362	−0.012%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003360	−0.059%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.617%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003361	−0.020%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003363	+0.030%	$199K	$290K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003366	+0.106%	$65K	$251K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003361	−0.030%	$114K	$120K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003364	+0.060%	$15.1M	$50.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003362	+0.012%	$10.2M	$16.5M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003362	0.000%	$2.5M	$7.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003360	−0.059%	$742K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003364	+0.059%	$10.2M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003364	+0.057%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003361	−0.030%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDClong	+0.0100%	4h	0.000003362	long leg	—	$6.5M	—
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003361	−0.030%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003370	+0.247%	$303K	$104K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003371	+0.268%	$57K	$693K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003360	−0.045%	$19K	$109K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003366	+0.119%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003363	+0.030%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003378	+0.476%	$78K	$121K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003361	−0.027%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003365	+0.089%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.767%	$562	—	100x	as long as short
Hyperliquid kBONKshort	+0.0749%	1h	0.000003369	+0.208%	$9.9M	$7.2M	10x
Kraken Futures PF_BONKUSD	+0.1141%	1h	0.000003368	+0.168%	$205K	$148K	50x	as long as short