Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1336%/8h= −146.3% APRpaid last 24h −0.171%

Price spread now: Orderly against Hyperliquid−0.266%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$40 a day on $10k at the current rate, and Orderly is 0.266% cheaper against Hyperliquid than usual: you would sell low and buy high (−$27 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid kBONK	0.000003381	0.1262	pay 0.0158% / 1h	33m 59s	$10.2M	$7.2M	10x
Short	Orderly PERP_1000BONK_USDC	0.000003372	−0.0074	pay 0.0037% / 4h	33m 59s	$29K	$40K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.266%Rate

Funding earned: −$280.54
Price spread: −0.266% → 0.000%: −$26.62
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$322.16
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 8 min ago; Orderly: no order-book sample. Net counts fees only.

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, 8 min ago	1.47 bp	9.4 bp −$9	21.7 bp −$217	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0456%	1h	0.000003342	−1.154%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003369	−0.355%	$1.0M	$13.7M	75x	as long as short
Orderly PERP_1000BONK_USDCshort	−0.0074%	4h	0.000003372	−0.266%	$29K	$40K	20x
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003372	−0.251%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003373	−0.250%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003373	−0.237%	$2K	$110K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.165%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003372	−0.262%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003376	−0.148%	$189K	$299K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003371	−0.281%	$19K	$106K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000BONKUSDT	+0.0100%	4h	0.000003378	−0.093%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003375	−0.177%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003376	−0.148%	$15.3M	$52.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003375	−0.192%	$10.3M	$16.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003374	−0.207%	$2.5M	$7.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003371	−0.296%	$725K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003377	−0.118%	$9.8M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003374	−0.201%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003372	−0.266%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003375	−0.177%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003375	−0.177%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003369	−0.352%	$303K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003370	−0.325%	$57K	$701K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003377	−0.118%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003373	−0.237%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003381	0.000%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003374	−0.210%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003370	−0.325%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.269%	$564	—	100x	as long as short
Hyperliquid kBONKlong	+0.1262%	1h	0.000003381	long leg	$10.2M	$7.2M	10x
Kraken Futures PF_BONKUSD	+0.1450%	1h	0.000003379	−0.073%	$206K	$150K	50x	as long as short