Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0836%/8h= −91.6% APRpaid last 24h −0.058%

Price spread now: Bitget against Hyperliquid−0.206%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$74as in the Price arb table

costs, in and out, $10k−$620.621% of the position

Long on Hyperliquid Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.146%−$15 on $10k

Price spread, last 7 days+0.194%+$19 · spread now −0.206%, 7d avg −0.093%

Together, before fees+0.048%+ Points / potential airdropHyperliquid: Season 2 · farm board+$5 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 Bitget is 0.114% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.093%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.146% in total (about -7.6% 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	0.000003392	0.0936	pay 0.0117% / 1h	39m 24s	$10.2M	$7.3M	10x
Short	Bitget 1000BONKUSDT	0.000003385	0.0100	get 0.0050% / 4h	1h 39m	$4.2M	$3.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.206%Rate

Funding earned: −$175.61
Price spread: −0.206% → −0.093%: −$11.36
Slippage, 4 orders: −$41.14
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$249.11
Costs to cover: 0.621%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 3 min ago; Bitget: 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 Hyperliquid live order book, 3 min ago	1.48 bp	14.1 bp −$14	32.7 bp −$327	doesn't fit	doesn't fit
Sell Bitget live order book, 4 min ago	4.46 bp	21.1 bp −$21	45.9 bp −$459	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	0.000003327	−1.916%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003386	−0.177%	$1.0M	$13.3M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0071%	4h	0.000003396	+0.118%	$29K	$41K	20x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	−0.0045%	1h	0.000003394	+0.059%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003387	−0.162%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003389	−0.074%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.479%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003384	−0.232%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003390	−0.059%	$197K	$294K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003383	−0.280%	$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	0.000003391	−0.038%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003390	−0.059%	$115K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003388	−0.119%	$15.3M	$51.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003387	−0.156%	$10.3M	$16.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003384	−0.236%	$2.5M	$7.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003390	−0.059%	$753K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003386	−0.177%	$10.1M	$6.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003388	−0.109%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDTshort	+0.0100%	4h	0.000003385	−0.206%	$4.2M	$3.1M	75x
BingX 1000BONK-USDT	+0.0100%	4h	0.000003388	−0.118%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003395	+0.088%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003380	−0.350%	$303K	$102K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003379	−0.383%	$57K	$698K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003395	+0.088%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003393	+0.029%	$2K	$6K	10x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003386	−0.179%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003394	+0.059%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.557%	$566	—	100x	as long as short
HTX BONK-USDT	+0.0208%	4h	0.000003391	−0.029%	$92K	$150K	30x	as long as short
Hyperliquid kBONKlong	+0.0936%	1h	0.000003392	long leg	$10.2M	$7.3M	10x
Kraken Futures PF_BONKUSD	+0.0953%	1h	0.000003400	+0.223%	$207K	$149K	50x	as long as short