Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0890%/8h= +97.4% APRpaid last 24h +0.087%

Price spread now: Hyperliquid against Bitget+0.290%7-day average +0.096% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$36as in the Price arb table

costs, in and out, $10k−$560.559% of the position

Long on Bitget Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 7 days−0.303%−$30 · spread now +0.290%, 7d avg +0.096%

Together, before fees−0.124%+ Points / potential airdropHyperliquid: Season 2 · farm board−$12 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$27 a day on $10k at the current rate, and Hyperliquid is 0.194% dearer against Bitget than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of +0.096%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.179% in total (about 9.3% 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	Bitget 1000BONKUSDT	0.000003444	0.0100	pay 0.0050% / 4h	2h 25m	$4.3M	$3.1M	75x
Short	Hyperliquid kBONK	0.000003454	0.0990	get 0.0124% / 1h	25m 06s	$10.3M	$7.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Bitget. 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 BitgetbpFee HyperliquidbpOrdersPrice spread, now +0.290%Rate

Funding earned: $186.85
Price spread: +0.290% → +0.096%: $19.4
Slippage, 4 orders: −$34.87
Fee Bitget: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $150.37
Costs to cover: 0.559%
Break-even: 1.4 days

Slippage from Bitget: live order book, 3 min ago; Hyperliquid: live order book, 7 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 Bitget live order book, 3 min ago	4.35 bp	16.5 bp −$16	46.5 bp −$465	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 7 min ago	1.45 bp	7.1 bp −$7	25.6 bp −$256	doesn't fit	doesn't fit

BONK on 30 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	0.000003369	−2.178%	$43K	$26K	50x	as long as short
Orderly PERP_1000BONK_USDC	−0.0006%	4h	0.000003446	+0.058%	$30K	$58K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003448	+0.125%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003447	+0.075%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.936%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0040%	1h	0.000003447	+0.087%	$2K	$110K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003446	+0.071%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003449	+0.145%	$232K	$671K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003448	+0.116%	$27K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003453	+0.269%	$66K	$253K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003448	+0.116%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003448	+0.117%	$16.2M	$56.7M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003447	+0.096%	$11.0M	$17.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003445	+0.029%	$2.5M	$8.4M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003448	+0.116%	$763K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003448	+0.116%	$9.6M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003447	+0.090%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDTlong	+0.0100%	4h	0.000003444	long leg	$4.3M	$3.1M	75x
BingX 1000BONK-USDC	+0.0100%	4h	0.000003448	+0.116%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003458	+0.404%	$315K	$127K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003439	−0.145%	$58K	$707K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003450	+0.174%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003446	+0.058%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003451	+0.203%	$98K	$158K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003445	+0.017%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003446	+0.058%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.892%	$576	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0379%	1h	0.000003447	+0.087%	$31K	$7K	10x	as long as short
Hyperliquid kBONKshort	+0.0990%	1h	0.000003454	+0.290%	$10.3M	$7.6M	10x
Kraken Futures PF_BONKUSD	+0.2037%	1h	0.000003458	+0.401%	$216K	$165K	50x	as long as short