BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0350%/8h= +38.3% APRnext payment +$0.44 per $10,000 · paid last 24h +0.212%

Price spread now: Hyperliquid against Deribit+0.223%7-day average +0.118% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$35as in the Price arb table

costs, in and out, $10k−$450.451% of the position

Long on Deribit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.759%+$76 on $10k

Price spread, last 4 days (all we have)+0.056%+$6 · spread now +0.223%, 7d avg +0.118%

Together, before fees+0.815%+ Points / potential airdropHyperliquid: Season 2 · farm board+$81 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Hyperliquid is 0.105% dearer against Deribit than usual: you sell high and buy low: +$10 more if the spread goes back to its 7-day average of +0.118%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000BONK_USDC-PERPETUAL	0.000003587	0.0587	pay 0.0073% / 1h	13m 09s	$6K	$123K	10x
Short	Hyperliquid kBONK	0.000003595	0.0937	get 0.0117% / 1h	13m 09s	$11.9M	$5.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Deribit. 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 DeribitbpFee HyperliquidbpOrdersPrice spread, now +0.223%Rate

Funding earned: $73.44
Price spread: +0.223% → +0.118%: $10.47
Slippage, 4 orders: −$29.07
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $38.84
Costs to cover: 0.451%
Break-even: 3.3 days

Slippage from Deribit: live order book, 6 min ago; Hyperliquid: live order book, 9 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 Deribit live order book, 6 min ago	4.26 bp	7.8 bp −$8	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	2.85 bp	12.8 bp −$13	27.5 bp −$275	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	−0.0312%	1h	0.000003581	−0.167%	$45K	$42K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003580	−0.195%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003581	−0.153%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−8.726%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0082%	4h	0.000003581	−0.167%	$31K	$54K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003578	−0.253%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0088%	4h	0.000003580	−0.195%	$1.0M	$17.1M	75x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003576	−0.307%	$43K	$110K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003585	−0.056%	$83K	$259K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003581	−0.167%	$122K	$110K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003585	−0.068%	$18.1M	$65.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003582	−0.151%	$11.7M	$20.3M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003587	0.000%	$2.7M	$10.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003583	−0.112%	$904K	$2.8M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003584	−0.084%	$10.0M	$7.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003583	−0.103%	$3.1M	$10.1M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003582	−0.139%	$4.6M	$3.4M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003584	−0.084%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003540	−1.300%	$328K	$140K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003531	−1.561%	$59K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003593	+0.167%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003588	+0.028%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003590	+0.084%	$102K	$121K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003584	−0.070%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003580	−0.195%	$4K	—	3x	as long as short
Lighter 1000BONK	+0.0192%	1h	0.000003589	+0.056%	$250K	$695K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−16.365%	$395	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	+0.0587%	1h	0.000003587	long leg	$6K	$123K	10x
Hyperliquid kBONKshort	+0.0937%	1h	0.000003595	+0.223%	$11.9M	$5.8M	10x
Backpack kBONK_USDC_PERP	+0.1514%	1h	0.000003594	+0.195%	$49K	$16K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2336%	1h	0.000003595	+0.220%	$229K	$176K	50x	as long as short