BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0350%/8h= −38.3% APRnext payment −$0.44 per $10,000 · paid last 24h −0.077%

Price spread now: Lighter against Hyperliquid−0.147%7-day average −0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$59as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$450.447% of the position

Long on Hyperliquid Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.145%−$14 on $10k

Price spread, last 4 days (all we have)+0.037%+$4 · spread now −0.147%, 7d avg −0.078%

Together, before fees−0.107%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board−$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and Lighter is 0.069% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.078%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.145% in total (about -7.5% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.44 per $10,000. 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	0.000003401	0.0598	pay 0.0075% / 1h	42m 36s	$10.0M	$7.5M	10x
Short	Lighter 1000BONK	0.000003396	0.0248	get 0.0031% / 1h	42m 36s	$291K	$399K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.147%Rate

Funding earned: −$73.52
Price spread: −0.147% → −0.078%: −$6.86
Slippage, 4 orders: −$35.65
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$125.03
Costs to cover: 0.447%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Lighter: live order book, 13 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	2.96 bp	9.2 bp −$9	23.2 bp −$232	doesn't fit	doesn't fit
Sell Lighter live order book, 13 min ago	1.48 bp	10.7 bp −$11	34.7 bp −$347	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	−0.0376%	1h	0.000003363	−1.117%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003389	−0.353%	$1.0M	$14.3M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0058%	4h	0.000003391	−0.294%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003391	−0.282%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003389	−0.340%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.734%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003394	−0.206%	$4	—	15x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003390	−0.309%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003392	−0.265%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003393	−0.241%	$15.6M	$53.2M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003393	−0.241%	$10.5M	$17.0M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003396	−0.147%	$2.5M	$8.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003393	−0.235%	$728K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003391	−0.294%	$9.9M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003390	−0.329%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003391	−0.294%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003394	−0.206%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003375	−0.765%	$303K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003380	−0.617%	$57K	$705K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003394	−0.191%	$19K	$103K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003397	−0.118%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003393	−0.235%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003391	−0.294%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003394	−0.197%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003390	−0.323%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.791%	$567	—	100x	as long as short
Lighter 1000BONKshort	+0.0248%	1h	0.000003396	−0.147%	$291K	$399K	10x
Backpack kBONK_USDC_PERP	+0.0269%	1h	0.000003393	−0.235%	$30K	$7K	10x	as long as short
Hyperliquid kBONKlong	+0.0598%	1h	0.000003401	long leg	$10.0M	$7.5M	10x
Deribit 1000BONK_USDC-PERPETUAL	+0.1224%	1h	0.000003396	−0.147%	$2K	$110K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1467%	1h	0.000003395	−0.182%	$208K	$156K	50x	as long as short