Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.1052%/8h= −115.2% APRpaid last 24h −0.157%

Price spread now: KuCoin against Hyperliquid−0.083%7-day average −0.073% · you buy dearer than you sell

Net, funding: paid 7d − costs−$117as in the Funding arb table

Net, price: spread back to 7d avg − costs−$90as in the Price arb table

costs, in and out, $10k−$890.891% of the position

Long on Hyperliquid Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.282%−$28 on $10k

Price spread, last 7 days+0.058%+$6 · spread now −0.083%, 7d avg −0.073%

Together, before fees−0.223%+ Points / potential airdropHyperliquid: Season 2 · farm board−$22 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.073%, so right now this pair is about funding alone: −$32 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.282% in total (about -14.7% 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	0.000003597	0.1152	pay 0.0144% / 1h	42m 35s	$12.3M	$8.1M	10x
Short	KuCoin 1000BONKUSDTM	0.000003594	0.0100	get 0.0050% / 4h	42m 35s	$3.0M	$11.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.083%Rate

Funding earned: −$220.92
Price spread: −0.083% → −0.073%: −$1.06
Slippage, 4 orders: −$68.13
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$311.1
Costs to cover: 0.891%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; KuCoin: live order book, 6 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, 10 min ago	2.84 bp	14.5 bp −$15	34.9 bp −$349	doesn't fit	doesn't fit
Sell KuCoin live order book, 6 min ago	4.22 bp	31.7 bp −$32	166.0 bp −$1,660	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	−0.0040%	1h	0.000003550	−1.307%	$43K	$64K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003590	−0.195%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003592	−0.150%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−8.980%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003594	−0.073%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003596	−0.014%	$65K	$134K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003591	−0.167%	$60K	$318K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003595	−0.056%	$119K	$145K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003594	−0.073%	$18.5M	$84.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003590	−0.181%	$12.5M	$25.9M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003594	−0.083%	$3.0M	$14.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003592	−0.139%	$1.0M	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003592	−0.139%	$11.8M	$9.6M	125x	as long as short
KuCoin 1000BONKUSDTMshort	+0.0100%	4h	0.000003594	−0.083%	$3.0M	$11.0M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003591	−0.167%	$4.6M	$5.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003596	−0.028%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003568	−0.812%	$334K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003579	−0.500%	$60K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003590	−0.195%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003594	−0.083%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003591	−0.167%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003592	−0.139%	$102K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003595	−0.054%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003590	−0.195%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0120%	4h	0.000003589	−0.222%	$1.1M	$20.1M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−16.597%	$549	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0307%	1h	0.000003593	−0.111%	$35K	$165K	10x	as long as short
Lighter 1000BONK	+0.0672%	1h	0.000003599	+0.056%	$250K	$761K	10x	as long as short
Hyperliquid kBONKlong	+0.1152%	1h	0.000003597	long leg	$12.3M	$8.1M	10x
Backpack kBONK_USDC_PERP	+0.1680%	1h	0.000003601	+0.111%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.4419%	1h	0.000003606	+0.247%	$184K	$262K	50x	as long as short