Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0523%/8h= +57.3% APRpaid last 24h +0.077%

Price spread now: Hyperliquid against Bybit+0.453%7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$16as in the Price arb table

costs, in and out, $10k−$530.532% of the position

Long on Bybit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.211%+$21 on $10k

Price spread, last 7 days−0.434%−$43 · spread now +0.453%, 7d avg +0.084%

Together, before fees−0.224%+ Points / potential airdropHyperliquid: Season 2 · farm board−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and Hyperliquid is 0.369% dearer against Bybit than usual: you sell high and buy low: +$37 more if the spread goes back to its 7-day average of +0.084%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.211% in total (about 11.0% 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	Bybit 1000BONKUSDT	0.000003379	0.0100	pay 0.0050% / 4h	3h 19m	$10.5M	$17.0M	50x
Short	Hyperliquid kBONK	0.000003394	0.0623	get 0.0078% / 1h	19m 16s	$9.7M	$7.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bybit. 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 BybitbpFee HyperliquidbpOrdersPrice spread, now +0.453%Rate

Funding earned: $109.83
Price spread: +0.453% → +0.084%: $36.87
Slippage, 4 orders: −$33.2
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $93.49
Costs to cover: 0.532%
Break-even: 1.0 days

Slippage from Bybit: live order book, 4 min ago; Hyperliquid: 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 Bybit live order book, 4 min ago	2.95 bp	15.7 bp −$16	36.4 bp −$364	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 3 min ago	1.47 bp	14.7 bp −$15	28.4 bp −$284	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	−0.0376%	1h	0.000003382	+0.098%	$44K	$25K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003374	−0.139%	$1.0M	$14.3M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0045%	4h	0.000003387	+0.246%	$29K	$39K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003388	+0.284%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003390	+0.344%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.099%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0046%	1h	0.000003384	+0.157%	$2K	$110K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003388	+0.275%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003385	+0.201%	$18K	$101K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003391	+0.364%	$65K	$262K	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	0.000003390	+0.334%	$114K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003378	−0.008%	$15.4M	$53.0M	75x	as long as short
Bybit 1000BONKUSDTlong	+0.0100%	4h	0.000003379	long leg	$10.5M	$17.0M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003375	−0.110%	$2.5M	$7.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003385	+0.186%	$731K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003389	+0.305%	$10.0M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003389	+0.296%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003376	−0.080%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003389	+0.305%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003384	+0.155%	$304K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003385	+0.186%	$57K	$708K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003389	+0.305%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003374	−0.139%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003390	+0.334%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003378	−0.029%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003388	+0.275%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.208%	$566	—	100x	as long as short
Lighter 1000BONK	+0.0312%	1h	0.000003380	+0.038%	$320K	$441K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0321%	1h	0.000003391	+0.364%	$30K	$7K	10x	as long as short
Hyperliquid kBONKshort	+0.0623%	1h	0.000003394	+0.453%	$9.7M	$7.4M	10x
Kraken Futures PF_BONKUSD	+0.1473%	1h	0.000003382	+0.090%	$211K	$165K	50x	as long as short