BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0710%/8h= −77.8% APRnext payment −$0.89 per $10,000 · paid last 24h −0.097%

Price spread now: Pacifica against Hyperliquid−0.175%7-day average −0.105% · you buy dearer than you sell

Net, funding: paid 7d − costs−$78as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$570.573% of the position

Long on Hyperliquid Short on Pacifica

What this pair did over the last

the charts below follow

Funding, last 7 days−0.204%−$20 on $10k

Price spread, last 4 days (all we have)+0.107%+$11 · spread now −0.175%, 7d avg −0.105%

Together, before fees−0.097%+ Points / potential airdropHyperliquid: Season 2 · Pacifica: Active · farm board−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$21 a day on $10k at the current rate, and Pacifica is 0.071% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.105%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.204% in total (about -10.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.89 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	0.000003420	0.0810	pay 0.0101% / 1h	20m 20s	$10.1M	$4.7M	10x
Short	Pacifica kBONK	0.000003414	0.0100	get 0.0013% / 1h	20m 20s	$115K	$104K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Pacifica 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 PacificabpOrdersPrice spread, now −0.175%Rate

Funding earned: −$149.17
Price spread: −0.175% → −0.105%: −$7.09
Slippage, 4 orders: −$40.28
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Pacifica: 4 bp × 2 orders: −$8
Net: −$213.54
Costs to cover: 0.573%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; Pacifica: live order book, 42 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	2.92 bp	12.6 bp −$13	28.4 bp −$284	doesn't fit	doesn't fit
Sell Pacifica live order book, 42 min ago	4.35 bp	17.9 bp −$18	doesn't fit	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	−0.0336%	1h	0.000003406	−0.409%	$44K	$34K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003413	−0.195%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003413	−0.205%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003411	−0.257%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.269%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0057%	4h	0.000003415	−0.146%	$29K	$57K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003411	−0.253%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003413	−0.205%	$225K	$670K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003413	−0.190%	$27K	$97K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003413	−0.217%	$79K	$250K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONKshort	+0.0100%	1h	0.000003414	−0.175%	$115K	$104K	10x
Binance 1000BONKUSDT	+0.0100%	4h	0.000003411	−0.255%	$16.1M	$57.1M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003417	−0.096%	$10.8M	$17.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003411	−0.263%	$2.5M	$8.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003414	−0.175%	$848K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003414	−0.175%	$9.6M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003413	−0.202%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003413	−0.205%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003412	−0.234%	—	$4.7M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003419	−0.029%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003416	−0.121%	$311K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003421	+0.029%	$58K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003418	−0.058%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003412	−0.234%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003436	+0.468%	$97K	$119K	30x	as long as short
BloFin 1000BONK-USDT	+0.0103%	4h	0.000003419	−0.029%	$948K	$15.1M	75x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003410	−0.303%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003412	−0.234%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.281%	$571	—	100x	as long as short
Hyperliquid kBONKlong	+0.0810%	1h	0.000003420	long leg	$10.1M	$4.7M	10x
Kraken Futures PF_BONKUSD	+0.2029%	1h	0.000003425	+0.150%	$221K	$174K	50x	as long as short