Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.1202%/8h= +131.6% APRpaid last 24h +0.142%

Price spread now: Hyperliquid against HTX+0.028%7-day average −0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$216as in the Funding arb table

Net, price: spread back to 7d avg − costs−$230as in the Price arb table

costs, in and out, $10k−$2372.368% of the position

Long on HTX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.205%+$20 on $10k

Price spread, last 4 days (all we have)+0.100%+$10 · spread now +0.028%, 7d avg −0.035%

Together, before fees+0.305%+ Points / potential airdropHyperliquid: Season 2 · farm board+$30 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$36 a day on $10k at the current rate, and Hyperliquid is 0.063% dearer against HTX than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of −0.035%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.205% in total (about 10.7% 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	HTX BONK-USDT	0.000003591	0.0100	pay 0.0050% / 4h	1h 08m	$102K	$131K	30x
Short	Hyperliquid kBONK	0.000003592	0.1302	get 0.0163% / 1h	8m 19s	$12.3M	$8.0M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against HTX. 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 HTXbpFee HyperliquidbpOrdersPrice spread, now +0.028%Rate

Funding earned: $252.43
Price spread: +0.028% → −0.035%: $6.31
Slippage, 4 orders: −$215.78
Fee HTX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $21.96
Costs to cover: 2.368%
Break-even: 6.4 days

Slippage from HTX: live order book, 33 min ago; Hyperliquid: live order book, 4 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 HTX live order book, 33 min ago	13.54 bp	200.2 bp −$200	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	1.40 bp	6.0 bp −$6	18.7 bp −$187	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	−0.0016%	1h	0.000003579	−0.334%	$45K	$63K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003589	−0.047%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003585	−0.167%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−8.828%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003586	−0.128%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003586	−0.125%	$57K	$124K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003595	+0.120%	$60K	$303K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003591	0.000%	$119K	$139K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003591	−0.011%	$18.6M	$81.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003587	−0.114%	$12.4M	$25.1M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003589	−0.056%	$3.0M	$14.1M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003584	−0.195%	$978K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003587	−0.111%	$12.4M	$9.3M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003587	−0.111%	$3.0M	$10.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003584	−0.195%	$4.6M	$4.8M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003587	−0.111%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003553	−1.063%	$334K	$147K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003554	−1.030%	$60K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003587	−0.111%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003594	+0.084%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003588	−0.084%	$2K	$7K	10x	as long as short
HTX BONK-USDTlong	+0.0100%	4h	0.000003591	long leg	$102K	$131K	30x
Extended 1000BONK-USD	+0.0104%	1h	0.000003586	−0.139%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003584	−0.195%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0156%	4h	0.000003595	+0.111%	$1.1M	$19.5M	75x	as long as short
Lighter 1000BONK	+0.0192%	1h	0.000003599	+0.223%	$252K	$750K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−16.458%	$547	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0865%	1h	0.000003590	−0.028%	$35K	$176K	10x	as long as short
Hyperliquid kBONKshort	+0.1302%	1h	0.000003592	+0.028%	$12.3M	$8.0M	10x
Backpack kBONK_USDC_PERP	+0.1622%	1h	0.000003600	+0.251%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.3000%	1h	0.000003599	+0.218%	$222K	$223K	50x	as long as short