Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0807%/8h= +88.4% APRpaid last 24h +0.103%

Price spread now: Hyperliquid against OKX+0.446%7-day average +0.082% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$570.572% of the position

Long on OKX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.202%+$20 on $10k

Price spread, last 7 days−0.446%−$45 · spread now +0.446%, 7d avg +0.082%

Together, before fees−0.244%+ Points / potential airdropHyperliquid: Season 2 · farm board−$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$24 a day on $10k at the current rate, and Hyperliquid is 0.364% dearer against OKX than usual: you sell high and buy low: +$36 more if the spread goes back to its 7-day average of +0.082%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.202% in total (about 10.5% a year). A funding rate is set anew for every payment. 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	OKX BONK-USDT-SWAP	0.000003362	0.0100	pay 0.0100% / 8h	4h 52m	$2.5M	$8.6M	20x
Short	Hyperliquid kBONK	0.000003377	0.0907	get 0.0113% / 1h	52m 44s	$10.0M	$4.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against OKX. 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 OKXbpFee HyperliquidbpOrdersPrice spread, now +0.446%Rate

Funding earned: $169.47
Price spread: +0.446% → +0.082%: $36.39
Slippage, 4 orders: −$38.16
Fee OKX: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $148.7
Costs to cover: 0.572%
Break-even: 0.9 days

Slippage from OKX: live order book, 5 min ago; Hyperliquid: live order book, 10 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 OKX live order book, 5 min ago	1.49 bp	17.2 bp −$17	73.1 bp −$731	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 10 min ago	1.48 bp	11.0 bp −$11	25.4 bp −$254	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	−0.0320%	1h	0.000003350	−0.357%	$43K	$33K	50x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	−0.0047%	1h	0.000003371	+0.268%	$2K	$110K	10x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003361	−0.018%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003371	+0.256%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.617%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0069%	4h	0.000003370	+0.238%	$29K	$56K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003370	+0.251%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0089%	4h	0.000003374	+0.357%	$958K	$15.0M	75x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003368	+0.178%	$223K	$667K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003371	+0.283%	$27K	$96K	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	0.000003371	+0.267%	$78K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003368	+0.178%	$113K	$104K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003368	+0.179%	$16.1M	$58.0M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003359	−0.089%	$10.7M	$18.2M	50x	as long as short
OKX BONK-USDT-SWAPlong	+0.0100%	8h	0.000003362	long leg	$2.5M	$8.6M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003371	+0.268%	$813K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003360	−0.059%	$9.3M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003370	+0.226%	$2.6M	$9.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003367	+0.149%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003371	+0.268%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003372	+0.296%	$307K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003360	−0.059%	$57K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003376	+0.416%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003373	+0.327%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003371	+0.268%	$95K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003371	+0.255%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003369	+0.208%	$4K	—	3x	as long as short
Backpack kBONK_USDC_PERP	+0.0176%	1h	0.000003375	+0.387%	$30K	$7K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−10.767%	$564	—	100x	as long as short
Hyperliquid kBONKshort	+0.0907%	1h	0.000003377	+0.446%	$10.0M	$4.7M	10x
Kraken Futures PF_BONKUSD	+0.2494%	1h	0.000003380	+0.534%	$218K	$174K	50x	as long as short