BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0302%/8h= +33.0% APRnext payment +$0.38 per $10,000 · paid last 24h +0.077%

Price spread now: Hyperliquid against Lighter0.000%7-day average +0.078% · you sell dearer than you buy

Net, funding: paid 7d − costs−$32as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$470.467% of the position

Long on Lighter Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.145%+$14 on $10k

Price spread, last 4 days (all we have)+0.110%+$11 · spread now 0.000%, 7d avg +0.078%

Together, before fees+0.254%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board+$25 on $10k · with fees, hour by hour

Funding pays, the price is against you. Hyperliquid is 0.078% cheaper against Lighter than usual: you would sell low and buy high (spread 0.000% now, against its 7-day average of +0.078%). If the spread goes back, that is −$8 on $10k: about 21 hours of funding at the current rate (+$9 a day). At the pace of the last 7 days (+0.145% in total) that is about 3.8 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.145% in total (about 7.5% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.38 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	Lighter 1000BONK	0.000003380	0.0312	pay 0.0039% / 1h	18m 46s	$320K	$441K	10x
Short	Hyperliquid kBONK	0.000003380	0.0614	get 0.0077% / 1h	18m 46s	$9.6M	$7.4M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Lighter. 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 LighterbpFee HyperliquidbpOrdersPrice spread, now 0.000%Rate

Funding earned: $63.37
Price spread: 0.000% → +0.078%: −$7.84
Slippage, 4 orders: −$37.73
Fee Lighter: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $8.8
Costs to cover: 0.467%
Break-even: 6.0 days

Slippage from Lighter: live order book, 37 min ago; Hyperliquid: live order book, 4 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 Lighter live order book, 37 min ago	1.48 bp	10.0 bp −$10	27.5 bp −$275	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 4 min ago	1.47 bp	14.7 bp −$15	28.4 bp −$284	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	−0.0376%	1h	0.000003382	+0.059%	$44K	$25K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003374	−0.178%	$1.0M	$14.3M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0045%	4h	0.000003387	+0.207%	$29K	$39K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003388	+0.246%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003371	−0.257%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.136%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0046%	1h	0.000003384	+0.118%	$2K	$110K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003388	+0.236%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003385	+0.163%	$18K	$101K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003382	+0.069%	$65K	$262K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003374	−0.178%	$114K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003372	−0.237%	$15.4M	$52.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003372	−0.225%	$10.5M	$17.0M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003377	−0.089%	$2.5M	$7.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003378	−0.059%	$729K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003371	−0.266%	$9.9M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003374	−0.178%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003373	−0.207%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003373	−0.207%	—	$4.7M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003384	+0.117%	$304K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003385	+0.148%	$57K	$708K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003389	+0.266%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003374	−0.178%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003390	+0.296%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003372	−0.229%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003388	+0.237%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.243%	$566	—	100x	as long as short
Lighter 1000BONKlong	+0.0312%	1h	0.000003380	long leg	$320K	$441K	10x
Backpack kBONK_USDC_PERP	+0.0325%	1h	0.000003380	0.000%	$30K	$7K	10x	as long as short
Hyperliquid kBONKshort	+0.0614%	1h	0.000003380	0.000%	$9.6M	$7.4M	10x
Kraken Futures PF_BONKUSD	+0.1473%	1h	0.000003382	+0.051%	$211K	$165K	50x	as long as short