Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0841%/8h= −92.1% APRpaid last 24h −0.054%

Price spread now: BingX against Hyperliquid−0.236%7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$81as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$680.685% of the position

Long on Hyperliquid Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.126%−$13 on $10k

Price spread, last 7 days+0.193%+$19 · spread now −0.236%, 7d avg −0.077%

Together, before fees+0.067%+ Points / potential airdropHyperliquid: Season 2 · farm board+$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$25 a day on $10k at the current rate, and BingX is 0.159% cheaper against Hyperliquid than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.077%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.126% in total (about -6.6% 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	0.000003389	0.0941	pay 0.0118% / 1h	0m 14s	$10.2M	$7.2M	10x
Short	BingX 1000BONK-USDC	0.000003381	0.0100	get 0.0050% / 4h	1h 00m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.236%Rate

Funding earned: −$176.57
Price spread: −0.236% → −0.077%: −$15.86
Slippage, 4 orders: −$49.49
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BingX: 5 bp × 2 orders: −$10
Net: −$260.92
Costs to cover: 0.685%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; BingX: live order book, 15 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, 2 min ago	1.48 bp	11.5 bp −$12	32.8 bp −$328	doesn't fit	doesn't fit
Sell BingX live order book, 15 min ago	4.46 bp	31.2 bp −$31	77.3 bp −$773	384.4 bp −$38.4K	714.8 bp −$357.4K

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	−1.387%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003376	−0.384%	$1.0M	$13.5M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0086%	4h	0.000003380	−0.266%	$29K	$41K	20x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	−0.0046%	1h	0.000003381	−0.236%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003381	−0.224%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003380	−0.266%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.393%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003381	−0.235%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003384	−0.148%	$190K	$301K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003378	−0.310%	$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 1000BONKUSDT	+0.0100%	4h	0.000003381	−0.244%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003380	−0.266%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003380	−0.271%	$15.3M	$51.8M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003380	−0.266%	$10.2M	$16.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003381	−0.236%	$2.5M	$7.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003379	−0.295%	$724K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003380	−0.266%	$10.0M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003380	−0.251%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003383	−0.177%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDCshort	+0.0100%	4h	0.000003381	−0.236%	—	$6.5M	—
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003381	−0.236%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003369	−0.589%	$303K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003372	−0.502%	$57K	$700K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003386	−0.089%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003382	−0.207%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003390	+0.030%	$92K	$151K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003380	−0.256%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003379	−0.295%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.478%	$565	—	100x	as long as short
Hyperliquid kBONKlong	+0.0941%	1h	0.000003389	long leg	$10.2M	$7.2M	10x
Kraken Futures PF_BONKUSD	+0.0956%	1h	0.000003389	+0.002%	$206K	$149K	50x	as long as short