Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0921%/8h= −100.9% APRpaid last 24h −0.083%

Price spread now: Gate against Hyperliquid−0.290%7-day average −0.134% · you buy dearer than you sell

Net, funding: paid 7d − costs−$89as in the Funding arb table

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

costs, in and out, $10k−$690.686% of the position

Long on Hyperliquid Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.207%−$21 on $10k

Price spread, last 4 days (all we have)+0.154%+$15 · spread now −0.290%, 7d avg −0.134%

Together, before fees−0.054%+ Points / potential airdropHyperliquid: Season 2 · farm board−$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$28 a day on $10k at the current rate, and Gate is 0.157% cheaper against Hyperliquid than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.134%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.207% in total (about -10.8% 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	0.000003444	0.1021	pay 0.0128% / 1h	11m 32s	$10.3M	$7.6M	10x
Short	Gate BONK_USDT	0.000003434	0.0100	get 0.0050% / 4h	2h 11m	$829K	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.290%Rate

Funding earned: −$193.41
Price spread: −0.290% → −0.134%: −$15.68
Slippage, 4 orders: −$44.55
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$277.65
Costs to cover: 0.686%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; Gate: live order book, 1 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, 11 min ago	2.90 bp	10.6 bp −$11	26.1 bp −$261	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.91 bp	30.7 bp −$31	99.5 bp −$995	doesn't fit	doesn't fit

BONK on 30 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	−0.0336%	1h	0.000003426	−0.523%	$44K	$27K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003432	−0.337%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003438	−0.168%	$24	—	150x	as long as short
Orderly PERP_1000BONK_USDC	+0.0007%	4h	0.000003440	−0.116%	$29K	$58K	20x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.936%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003435	−0.264%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003436	−0.232%	$232K	$671K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003433	−0.305%	$27K	$115K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003437	−0.215%	$66K	$254K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003435	−0.261%	$114K	$123K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003432	−0.335%	$16.2M	$57.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003432	−0.363%	$10.9M	$18.0M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003433	−0.319%	$2.5M	$8.4M	20x	as long as short
Gate BONK_USDTshort	+0.0100%	4h	0.000003434	−0.290%	$829K	$2.6M	50x
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003435	−0.261%	$9.6M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003433	−0.308%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003433	−0.319%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003434	−0.290%	—	$4.7M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003433	−0.323%	$316K	$131K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003430	−0.407%	$58K	$709K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003442	−0.058%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003442	−0.058%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003441	−0.087%	$97K	$150K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003433	−0.330%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003437	−0.203%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.892%	$574	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0331%	1h	0.000003443	−0.029%	$2K	$110K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0374%	1h	0.000003442	−0.058%	$30K	$7K	10x	as long as short
Hyperliquid kBONKlong	+0.1021%	1h	0.000003444	long leg	$10.3M	$7.6M	10x
Kraken Futures PF_BONKUSD	+0.2043%	1h	0.000003448	+0.122%	$215K	$165K	50x	as long as short