Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1456%/8h= −159.4% APRpaid last 24h −0.124%

Price spread now: HTX against Hyperliquid−0.284%7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$450as in the Funding arb table

Net, price: spread back to 7d avg − costs−$463as in the Price arb table

costs, in and out, $10k−$4314.312% of the position

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.187%−$19 on $10k

Price spread, last 4 days (all we have)+0.108%+$11 · spread now −0.284%, 7d avg +0.031%

Together, before fees−0.079%+ Points / potential airdropHyperliquid: Season 2 · farm board−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$44 a day on $10k at the current rate, and HTX is 0.314% cheaper against Hyperliquid than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of +0.031%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.187% in total (about -9.7% 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	0.000003524	0.1556	pay 0.0194% / 1h	21m 17s	$11.7M	$6.7M	10x
Short	HTX BONK-USDT	0.000003514	0.0100	get 0.0050% / 4h	2h 21m	$100K	$130K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.284%Rate

Funding earned: −$305.73
Price spread: −0.284% → +0.031%: −$31.44
Slippage, 4 orders: −$410.18
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$768.35
Costs to cover: 4.312%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; HTX: live order book, 25 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	1.43 bp	6.6 bp −$7	28.0 bp −$280	doesn't fit	doesn't fit
Sell HTX live order book, 25 min ago	66.56 bp	75.3 bp −$75	doesn't fit	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	−0.0136%	1h	0.000003499	−0.709%	$43K	$47K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003509	−0.415%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003511	−0.366%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.094%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0047%	4h	0.000003499	−0.709%	$1.0M	$17.8M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003517	−0.186%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0095%	4h	0.000003509	−0.426%	$30K	$53K	20x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003519	−0.128%	$42K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003523	−0.029%	$59K	$299K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003515	−0.255%	$117K	$123K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003517	−0.206%	$18.0M	$71.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003510	−0.392%	$11.6M	$22.4M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003512	−0.341%	$2.8M	$11.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003519	−0.142%	$910K	$3.1M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003518	−0.170%	$10.4M	$8.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003514	−0.272%	$3.0M	$10.4M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003511	−0.369%	$4.5M	$3.9M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003514	−0.284%	—	$4.9M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003487	−1.052%	$324K	$141K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003490	−0.965%	$59K	$703K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003516	−0.227%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003511	−0.369%	$2K	$7K	10x	as long as short
HTX BONK-USDTshort	+0.0100%	4h	0.000003514	−0.284%	$100K	$130K	30x
Extended 1000BONK-USD	+0.0104%	1h	0.000003511	−0.368%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003510	−0.397%	$4K	—	3x	as long as short
Lighter 1000BONK	+0.0184%	1h	0.000003516	−0.227%	$246K	$722K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−14.869%	$388	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0320%	1h	0.000003511	−0.369%	$9K	$134K	10x	as long as short
Hyperliquid kBONKlong	+0.1556%	1h	0.000003524	long leg	$11.7M	$6.7M	10x
Backpack kBONK_USDC_PERP	+0.1586%	1h	0.000003519	−0.142%	$46K	$17K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2642%	1h	0.000003520	−0.118%	$216K	$218K	50x	as long as short