Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0922%/8h= +100.9% APRpaid last 24h +0.083%

Price spread now: Hyperliquid against Gate+0.204%7-day average +0.134% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$62as in the Price arb table

costs, in and out, $10k−$690.686% of the position

Long on Gate Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.207%+$21 on $10k

Price spread, last 4 days (all we have)−0.067%−$7 · spread now +0.204%, 7d avg +0.134%

Together, before fees+0.140%+ Points / potential airdropHyperliquid: Season 2 · farm board+$14 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$28 a day on $10k at the current rate, and Hyperliquid is 0.070% dearer against Gate than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.134%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.207% in total (about 10.8% 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	Gate BONK_USDT	0.000003433	0.0100	pay 0.0050% / 4h	2h 11m	$829K	$2.6M	50x
Short	Hyperliquid kBONK	0.000003440	0.1022	get 0.0128% / 1h	11m 17s	$10.2M	$7.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Gate. 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 GatebpFee HyperliquidbpOrdersPrice spread, now +0.204%Rate

Funding earned: $193.53
Price spread: +0.204% → +0.134%: $7.04
Slippage, 4 orders: −$44.55
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $132.01
Costs to cover: 0.686%
Break-even: 2.2 days

Slippage from Gate: live order book, 2 min ago; Hyperliquid: live order book, 11 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 Gate live order book, 2 min ago	2.91 bp	15.1 bp −$15	92.1 bp −$921	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	2.90 bp	12.1 bp −$12	28.8 bp −$288	doesn't fit	doesn't fit

BONK on 30 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	−0.0336%	1h	0.000003426	−0.204%	$44K	$27K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003432	−0.018%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003431	−0.055%	$24	—	150x	as long as short
Orderly PERP_1000BONK_USDC	+0.0010%	4h	0.000003432	−0.029%	$29K	$58K	20x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.632%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003432	−0.032%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003439	+0.175%	$232K	$671K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003433	+0.015%	$27K	$115K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003436	+0.078%	$66K	$254K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003435	+0.058%	$114K	$123K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003434	+0.029%	$16.2M	$57.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003432	−0.035%	$10.9M	$18.0M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003438	+0.146%	$2.5M	$8.4M	20x	as long as short
Gate BONK_USDTlong	+0.0100%	4h	0.000003433	long leg	$829K	$2.6M	50x
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003434	+0.029%	$9.6M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003433	0.000%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003430	−0.087%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003432	−0.029%	—	$4.7M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003433	−0.004%	$316K	$131K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003430	−0.087%	$58K	$709K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003442	+0.262%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003436	+0.087%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003441	+0.233%	$97K	$150K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003436	+0.091%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003430	−0.087%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.613%	$574	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0332%	1h	0.000003436	+0.087%	$2K	$110K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0374%	1h	0.000003442	+0.262%	$30K	$7K	10x	as long as short
Hyperliquid kBONKshort	+0.1022%	1h	0.000003440	+0.204%	$10.2M	$7.6M	10x
Kraken Futures PF_BONKUSD	+0.2046%	1h	0.000003443	+0.305%	$215K	$165K	50x	as long as short