BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0275%/8h= −30.1% APRnext payment −$0.34 per $10,000 · paid last 24h +0.036%

Price spread now: Hyperliquid against Kraken Futures+0.211%7-day average −0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$132as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$1061.057% of the position

Long on Kraken Futures Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.267%−$27 on $10k

Price spread, last 3 days (all we have)−0.093%−$9 · spread now +0.211%, 7d avg −0.008%

Together, before fees−0.360%+ Points / potential airdropHyperliquid: Season 2 · farm board−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Hyperliquid is 0.219% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.211% now, against its 7-day average of −0.008%): +$22 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 2.7 days. At the pace of the last 7 days (−0.267% in total) that is about 5.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BONKUSD	0.000003402	0.1441	pay 0.0180% / 1h	54m 54s	$207K	$149K	50x
Short	Hyperliquid kBONK	0.000003409	0.1165	get 0.0146% / 1h	54m 54s	$10.2M	$7.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Kraken Futures. 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 Kraken FuturesbpFee HyperliquidbpOrdersPrice spread, now +0.211%Rate

Funding earned: −$57.79
Price spread: +0.211% → −0.008%: $21.94
Slippage, 4 orders: −$86.75
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$141.59
Costs to cover: 1.057%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 23 min ago; Hyperliquid: live order book, 8 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 Kraken Futures live order book, 23 min ago	34.16 bp	43.5 bp −$43	114.5 bp −$1,145	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.48 bp	7.1 bp −$7	25.9 bp −$259	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	−0.0456%	1h	0.000003342	−1.758%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003397	−0.142%	$1.0M	$13.6M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0085%	4h	0.000003399	−0.083%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003399	−0.086%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003398	−0.126%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003398	−0.112%	$2K	$110K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.757%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003401	−0.037%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003399	−0.083%	$191K	$298K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003399	−0.098%	$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	0.000003407	+0.150%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003399	−0.083%	$115K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003399	−0.081%	$15.4M	$51.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003398	−0.121%	$10.3M	$16.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003399	−0.083%	$2.5M	$7.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003401	−0.024%	$729K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003405	+0.093%	$10.1M	$6.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003403	+0.049%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003400	−0.054%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003399	−0.083%	—	$8.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003392	−0.287%	$304K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003389	−0.377%	$57K	$699K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003406	+0.123%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003398	−0.112%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003402	+0.005%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003401	−0.028%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003397	−0.142%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.812%	$568	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0342%	1h	0.000003403	+0.035%	$30K	$7K	10x	as long as short
Hyperliquid kBONKshort	+0.1165%	1h	0.000003409	+0.211%	$10.2M	$7.2M	10x
Kraken Futures PF_BONKUSDlong	+0.1441%	1h	0.000003402	long leg	$207K	$149K	50x