Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0856%/8h= −93.8% APRpaid last 24h −0.083%

Price spread now: OKX against Hyperliquid−0.232%7-day average −0.081% · you buy dearer than you sell

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$560.563% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.181%−$18 on $10k

Price spread, last 7 days+0.220%+$22 · spread now −0.232%, 7d avg −0.081%

Together, before fees+0.039%+ Points / potential airdropHyperliquid: Season 2 · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and OKX is 0.151% cheaper against Hyperliquid than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.081%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.181% in total (about -9.4% 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	0.000003450	0.0956	pay 0.0120% / 1h	30m 11s	$10.2M	$7.6M	10x
Short	OKX BONK-USDT-SWAP	0.000003442	0.0100	get 0.0100% / 8h	6h 30m	$2.5M	$8.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.232%Rate

Funding earned: −$179.86
Price spread: −0.232% → −0.081%: −$15.08
Slippage, 4 orders: −$37.33
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$251.27
Costs to cover: 0.563%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; OKX: live order book, 3 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, 2 min ago	1.45 bp	10.5 bp −$10	27.1 bp −$271	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	1.46 bp	18.2 bp −$18	73.6 bp −$736	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	0.000003369	−2.348%	$43K	$26K	50x	as long as short
Orderly PERP_1000BONK_USDC	−0.0009%	4h	0.000003434	−0.464%	$29K	$59K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003429	−0.596%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003438	−0.345%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−5.101%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003437	−0.377%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003439	−0.304%	$26K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003432	−0.522%	$66K	$253K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003434	−0.464%	$114K	$125K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003443	−0.203%	$16.1M	$56.4M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003441	−0.261%	$11.0M	$17.7M	50x	as long as short
OKX BONK-USDT-SWAPshort	+0.0100%	8h	0.000003442	−0.232%	$2.5M	$8.3M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003440	−0.290%	$759K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003442	−0.232%	$9.5M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003440	−0.290%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003440	−0.290%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003442	−0.232%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003437	−0.363%	$313K	$127K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003417	−0.957%	$58K	$713K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003436	−0.406%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003442	−0.232%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003442	−0.232%	$97K	$158K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003441	−0.259%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003444	−0.174%	$4K	—	3x	as long as short
Lighter 1000BONK	+0.0152%	1h	0.000003445	−0.145%	$232K	$670K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−13.043%	$574	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0354%	1h	0.000003445	−0.145%	$31K	$7K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0914%	1h	0.000003439	−0.319%	$2K	$110K	10x	as long as short
Hyperliquid kBONKlong	+0.0956%	1h	0.000003450	long leg	$10.2M	$7.6M	10x
Kraken Futures PF_BONKUSD	+0.2041%	1h	0.000003451	+0.042%	$215K	$165K	50x	as long as short