Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0839%/8h= −91.8% APRpaid last 24h −0.054%

Price spread now: Aster against Hyperliquid−0.081%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$87as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$690.694% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.179%−$18 on $10k

Price spread, last 4 days (all we have)+0.011%+$1 · spread now −0.081%, 7d avg −0.083%

Together, before fees−0.168%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board−$17 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.083%, so right now this pair is about funding alone: −$25 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.179% in total (about -9.4% 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	Hyperliquid kBONK	0.000003381	0.0939	pay 0.0117% / 1h	2m 37s	$10.2M	$7.2M	10x
Short	Aster 1000BONKUSDT	0.000003378	0.0100	get 0.0050% / 4h	1h 02m	$65K	$251K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now −0.081%Rate

Funding earned: −$176.13
Price spread: −0.081% → −0.083%: $0.12
Slippage, 4 orders: −$52.37
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$245.39
Costs to cover: 0.694%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Aster: live order book, 14 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 Hyperliquid live order book, 10 min ago	2.97 bp	10.4 bp −$10	27.2 bp −$272	doesn't fit	doesn't fit
Sell Aster live order book, 14 min ago	10.39 bp	20.7 bp −$21	296.5 bp −$2,965	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	−0.0248%	1h	0.000003342	−1.154%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003375	−0.177%	$1.0M	$13.5M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0087%	4h	0.000003375	−0.177%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003373	−0.240%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003373	−0.251%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003374	−0.207%	$2K	$110K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.165%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003372	−0.265%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003377	−0.118%	$189K	$301K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003370	−0.311%	$19K	$106K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000BONKUSDTshort	+0.0100%	4h	0.000003378	−0.081%	$65K	$251K	10x
Pacifica kBONK	+0.0100%	1h	0.000003376	−0.148%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003372	−0.259%	$15.2M	$51.8M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003372	−0.257%	$10.2M	$16.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003376	−0.148%	$2.4M	$7.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003373	−0.237%	$722K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003371	−0.296%	$10.0M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003373	−0.231%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003373	−0.237%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003373	−0.237%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003378	−0.089%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003363	−0.531%	$302K	$121K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003359	−0.651%	$57K	$701K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003377	−0.118%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003375	−0.177%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003385	+0.118%	$91K	$151K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003374	−0.212%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003375	−0.177%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.269%	$564	—	100x	as long as short
Hyperliquid kBONKlong	+0.0939%	1h	0.000003381	long leg	$10.2M	$7.2M	10x
Kraken Futures PF_BONKUSD	+0.0959%	1h	0.000003376	−0.136%	$205K	$149K	50x	as long as short