Settings8H · net · $10k
LanguageThe language of the site
FundingPeriod funding rates are shown in
UnitsPercent or basis points
CostsCount taker fees and slippage in Net
SizePosition per leg used for Net and slippage
ExchangesWhich exchanges to include everywhere
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Funding arb · Price arb / Crypto

BONK

All BONK markets →
Backtest 30d
LegExchangePriceFund. /8hEach paymentNext inOIVol 24hLev
LONG
HyperliquidkBONK
0.000003709+0.0862pay 0.0108% / 1h35m 29s$18.1M$5.5M10xLong Hyperliquid4% off
SHORT
PhoenixkBONK
0.000003703−0.0325pay 0.0041% / 1h35m 29s$108K$180K10xShort Phoenix
Price gap−0.162%
Funding gap−0.1187% /8h

Both sides work against this direction now: funding costs $36 a day on $10k and the gap is 0.103% under its 7d average. Swap the legs.

If you open now and hold

on $10k a leg · figures of the last 7D, not a forecast
Funding−$95−0.1187% /8h now · paid −0.954% over the last 6 days (all we have)
Price−$10spread −0.162% now, avg −0.059% → −0.103% if it goes back
Costs−$860.862% of $10k · taker + slippage, in and out
Result−$192−1.92%+ Points / potential airdropHyperliquid: Season 2 · farm boardWhat the last 7D really paid, hour by hour → backtest

Funding history

you earnyou payavg
RANGE STATS · 7D
Average /8h—
Highest—
Lowest—
Paid you—

Short leg rate minus long leg rate, per 8h. Above zero: the pair pays you.

Price spread between the two exchanges

Phoenix price against Hyperliquidnow
RANGE STATS · 7D
Now−0.162%
Average—
Range—
Wider than now—

Where the spread has been, last 7D

share of time at each level

Funding on every exchange

/8h

BONK on 31 exchanges

lowest funding first

Before you open

3 ok · 3 to watch
  • Watch: Thin at this size9.8 / 33.4 bp
    At $10k entering Phoenix costs 33.4 bp, fee and slippage, 3.4× Hyperliquid’s.
  • Note: Margin at max leverage$1,000 + $1,000
    Hyperliquid 10x, Phoenix 10x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
  • OK: Same payment interval1h / 1h
    Both legs pay at the same time.
    Next 24h at the current rates, on $10k a leg: −$35.60Long Hyperliquid: 24 payments, −$25.85; short Phoenix: 24 payments, −$9.75.
  • Watch: Gap narrower than usual−0.162% vs −0.059%
    Less room for the price leg to pay you. If it goes back to average, the short loses.
  • Watch: Short leg is thinner$108K vs $18.1M OI
    Phoenix sets your exit cost. Check its book before closing.
  • OK: Points on a legHyperliquid Season 2
    Volume here counts toward the points program.
  • OK: No KYC on either legHyperliquid No · Phoenix No
    Both exchanges let you trade without ID.

Profit calculator

both legs, in and out
Position, each leg
Hold for
Orders
Price spread
Funding rate
Funding earned−0.0528%/8h × 21 periods−$110.97
Price spread−0.162% → −0.059% (7d avg)−$10.30
Slippage, 4 orderslive order books−$70.19
Fee Hyperliquid bp × 2 orders−$9.00
Fee Phoenix bp × 2 orders−$7.00
Net · 7 days · $10k−$207.46
Costs to cover0.862%Break-evennever at this rate
Slippage: Hyperliquid: live order book, 7 min ago; Phoenix: live order book, 7 min ago

Cost to enter

taker + slippage from mid, one side
BUY · LONGHyperliquid1.359.8 bp−$1031.0 bp−$310doesn’t fitdoesn’t fit
SELL · SHORTPhoenix5.4033.4 bp−$33116.0 bp−$1,160doesn’t fitdoesn’t fit

Closing costs about the same again.

Alert

BONK news

posts that mention BONK, from every exchangeSearch all news →
09-24 20:40PhoenixListingNow live: $Bonk - 10x leverage. The coin that started it all is now available on Phoenix. @PhoenixTrade on X ↗
09-24 15:00PhoenixListingnew market kBONK ($BONK) seen by our collector
09-22 07:03ApeX OmniOther59 up, 26 down on the ApeX board, median name +2.5%. Memecoins swept it: ethereum:0x6982508145454ce325ddbe47a25d4ec3d2311933 +25.9%, $BONK +20.5%, $WIF +20.1%, with $TAO +18.2%. $AR -15.0% is the only real casualty. This is what a short squeeze looks like on day two. @OfficialApeXdex on X ↗