Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1442%/8h= −157.9% APRpaid last 24h −0.124%

Price spread now: Bybit against Hyperliquid−0.173%7-day average −0.090% · 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−$60as in the Price arb table

costs, in and out, $10k−$520.517% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.255%−$26 on $10k

Price spread, last 7 days+0.185%+$18 · spread now −0.173%, 7d avg −0.090%

Together, before fees−0.070%+ Points / potential airdropHyperliquid: Season 2 · farm board−$7 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$43 a day on $10k at the current rate, and Bybit is 0.083% cheaper against Hyperliquid than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of −0.090%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.255% in total (about -13.3% 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	0.000003651	0.1542	pay 0.0193% / 1h	0m 35s	$12.2M	$7.1M	10x
Short	Bybit 1000BONKUSDT	0.000003645	0.0100	get 0.0050% / 4h	2h 00m	$12.3M	$23.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.173%Rate

Funding earned: −$302.81
Price spread: −0.173% → −0.090%: −$8.3
Slippage, 4 orders: −$31.75
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$362.85
Costs to cover: 0.517%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; Bybit: live order book, 3 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	2.74 bp	11.9 bp −$12	33.5 bp −$335	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.38 bp	14.9 bp −$15	36.1 bp −$361	138.1 bp −$13.8K	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	−0.0136%	1h	0.000003638	−0.356%	$45K	$52K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003638	−0.349%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003637	−0.373%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−10.326%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0082%	4h	0.000003644	−0.192%	$1.1M	$18.9M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003644	−0.195%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003642	−0.233%	$51K	$119K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003646	−0.140%	$61K	$301K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003642	−0.247%	$124K	$129K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003644	−0.195%	$18.8M	$75.8M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003645	−0.173%	$12.3M	$23.5M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003644	−0.192%	$3.0M	$12.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003639	−0.329%	$992K	$3.3M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003647	−0.110%	$11.3M	$8.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003636	−0.411%	$3.0M	$10.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003644	−0.192%	$4.7M	$4.2M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003640	−0.301%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003633	−0.484%	$337K	$142K	—	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003638	−0.356%	$31K	$53K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003644	−0.192%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003639	−0.329%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003642	−0.247%	$104K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003641	−0.263%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003636	−0.411%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−17.831%	$401	—	100x	as long as short
Lighter 1000BONK	+0.0216%	1h	0.000003646	−0.137%	$255K	$739K	10x	as long as short
ApeX Omni 1000BONKUSDT	+0.0245%	1h	0.000003647	−0.110%	$62K	$704K	25x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0850%	1h	0.000003642	−0.247%	$20K	$155K	10x	as long as short
Hyperliquid kBONKlong	+0.1542%	1h	0.000003651	long leg	$12.2M	$7.1M	10x
Backpack kBONK_USDC_PERP	+0.1653%	1h	0.000003645	−0.164%	$49K	$18K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2547%	1h	0.000003651	−0.010%	$225K	$219K	50x	as long as short