Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0574%/8h= −62.9% APRpaid last 24h −0.099%

Price spread now: MEXC against Hyperliquid−0.146%7-day average −0.084% · you buy dearer than you sell

Net, funding: paid 7d − costs−$64as in the Funding arb table

Net, price: spread back to 7d avg − costs−$37as in the Price arb table

costs, in and out, $10k−$300.305% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.339%−$34 on $10k

Price spread, last 7 days+0.153%+$15 · spread now −0.146%, 7d avg −0.084%

Together, before fees−0.186%+ Points / potential airdropHyperliquid: Season 2 · farm board−$19 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and MEXC is 0.062% cheaper against Hyperliquid than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.084%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.339% in total (about -17.7% 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	0.000003414	0.0674	pay 0.0084% / 1h	43m 53s	$10.1M	$5.3M	10x
Short	MEXC 1000BONK_USDT	0.000003409	0.0100	get 0.0050% / 4h	1h 43m	$9.7M	$7.0M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.146%Rate

Funding earned: −$120.6
Price spread: −0.146% → −0.084%: −$6.2
Slippage, 4 orders: −$21.47
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 0 bp × 2 orders: $0
Net: −$157.28
Costs to cover: 0.305%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; MEXC: live order book, 4 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, 9 min ago	2.91 bp	8.4 bp −$8	19.4 bp −$194	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	1.48 bp	3.8 bp −$4	10.0 bp −$100	63.4 bp −$6,340	132.8 bp −$66.4K

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	−0.0336%	1h	0.000003381	−0.967%	$46K	$31K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003402	−0.351%	$950K	$15.2M	75x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003404	−0.283%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003407	−0.217%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.101%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0040%	4h	0.000003407	−0.205%	$29K	$58K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003407	−0.192%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003409	−0.146%	$225K	$670K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003409	−0.132%	$27K	$101K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003411	−0.088%	$79K	$256K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003408	−0.176%	$115K	$115K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003409	−0.155%	$16.0M	$57.0M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003409	−0.138%	$10.8M	$17.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003412	−0.059%	$2.5M	$8.4M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003405	−0.264%	$849K	$2.6M	50x	as long as short
MEXC 1000BONK_USDTshort	+0.0100%	4h	0.000003409	−0.146%	$9.7M	$7.0M	125x
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003408	−0.185%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003408	−0.176%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003407	−0.205%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003410	−0.117%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003392	−0.633%	$308K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003394	−0.586%	$57K	$707K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003411	−0.088%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003406	−0.234%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003412	−0.059%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003407	−0.217%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003407	−0.205%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.127%	$569	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0337%	1h	0.000003408	−0.176%	$2K	$110K	10x	as long as short
Hyperliquid kBONKlong	+0.0674%	1h	0.000003414	long leg	$10.1M	$5.3M	10x
Kraken Futures PF_BONKUSD	+0.2035%	1h	0.000003414	+0.001%	$220K	$174K	50x	as long as short