Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0449%/8h= −49.2% APRpaid last 24h −0.082%

Price spread now: Binance against Hyperliquid−0.207%7-day average −0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$480.482% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.320%−$32 on $10k

Price spread, last 7 days+0.189%+$19 · spread now −0.207%, 7d avg −0.076%

Together, before fees−0.132%+ Points / potential airdropHyperliquid: Season 2 · farm board−$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Binance is 0.131% cheaper against Hyperliquid than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.076%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid kBONK	0.000003382	0.0549	pay 0.0069% / 1h	46m 21s	$10.0M	$7.5M	10x
Short	Binance 1000BONKUSDT	0.000003375	0.0100	get 0.0050% / 4h	3h 46m	$15.5M	$53.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.207%Rate

Funding earned: −$94.31
Price spread: −0.207% → −0.076%: −$13.11
Slippage, 4 orders: −$29.22
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$155.64
Costs to cover: 0.482%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; Binance: 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 Hyperliquid live order book, 6 min ago	2.96 bp	9.2 bp −$9	23.2 bp −$232	doesn't fit	doesn't fit
Sell Binance live order book, 11 min ago	1.48 bp	13.5 bp −$14	32.6 bp −$326	123.0 bp −$12.3K	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	0.000003363	−0.562%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003375	−0.207%	$1.0M	$14.2M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0059%	4h	0.000003372	−0.296%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003375	−0.210%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003375	−0.193%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.193%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003373	−0.252%	$4	—	15x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003373	−0.262%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003378	−0.118%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDTshort	+0.0100%	4h	0.000003375	−0.207%	$15.5M	$53.2M	75x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003372	−0.290%	$10.5M	$17.1M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003375	−0.207%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003375	−0.207%	$724K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003377	−0.148%	$9.9M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003375	−0.201%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003373	−0.266%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003376	−0.177%	—	$8.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003375	−0.208%	$303K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003366	−0.473%	$57K	$704K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003375	−0.207%	$19K	$106K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003377	−0.148%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003373	−0.266%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003380	−0.059%	$93K	$152K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003377	−0.154%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003372	−0.296%	$4K	—	3x	as long as short
Backpack kBONK_USDC_PERP	+0.0189%	1h	0.000003379	−0.089%	$30K	$7K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.295%	$564	—	100x	as long as short
Lighter 1000BONK	+0.0248%	1h	0.000003381	−0.030%	$272K	$379K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0343%	1h	0.000003375	−0.207%	$2K	$110K	10x	as long as short
Hyperliquid kBONKlong	+0.0549%	1h	0.000003382	long leg	$10.0M	$7.5M	10x
Kraken Futures PF_BONKUSD	+0.1474%	1h	0.000003379	−0.095%	$207K	$156K	50x	as long as short