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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0623%/8hnext payment +$0.78 per $10,000 · paid last 24h +0.189%

Price spread now: Hyperliquid against Deribit+0.179%50s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$19 a day on $10k at the current rate, and Hyperliquid is 0.179% dearer against Deribit than usual: you sell high and buy low: +$18 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000BONK_USDC-PERPETUAL	0.000003346	0.0049	pay 0.0006% / 1h	6m 32s	$11K	$100K	10x
Short	Hyperliquid kBONK	0.000003352	0.0672	get 0.0084% / 1h	6m 32s	$9.8M	$6.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Deribit. 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 DeribitbpFee HyperliquidbpOrdersPrice spread, now +0.179%Rate

Funding earned: $130.9
Price spread: +0.179% → 0.000%: $17.93
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $132.83
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Deribit: no order-book sample; Hyperliquid: live order book, 10 min ago. Net counts fees only.

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 Deribit no order-book sample	—	—	—	—	—
Sell Hyperliquid live order book, 10 min ago	1.50 bp	8.1 bp −$8	20.3 bp −$203	doesn't fit	doesn't fit

Deribit: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0280%	1h	0.000003314	−0.956%	$42K	$20K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003350	+0.120%	$1.0M	$12.8M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0033%	4h	0.000003345	−0.030%	$29K	$42K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003346	−0.006%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003345	−0.031%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.152%	$3K	$9K	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	+0.0049%	1h	0.000003346	long leg	$11K	$100K	10x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003346	+0.013%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003347	+0.030%	$197K	$274K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003344	−0.045%	$17K	$104K	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	0.000003349	+0.081%	$64K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003346	0.000%	$112K	$110K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003347	+0.030%	$15.0M	$48.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003347	+0.024%	$10.0M	$15.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003346	0.000%	$2.4M	$7.3M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003347	+0.030%	$737K	$2.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003341	−0.149%	$9.5M	$6.4M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003347	+0.039%	$2.7M	$9.5M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003343	−0.090%	$4.2M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003345	−0.030%	—	$8.2M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003347	+0.030%	$30K	$6K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003342	−0.105%	$300K	$105K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003350	+0.120%	$57K	$690K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003350	+0.120%	$2K	$11K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003345	−0.030%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003351	+0.149%	$79K	$117K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003344	−0.053%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003347	+0.030%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.341%	$559	—	100x	as long as short
Hyperliquid kBONKshort	+0.0672%	1h	0.000003352	+0.179%	$9.8M	$6.8M	10x
Kraken Futures PF_BONKUSD	+0.1255%	1h	0.000003352	+0.180%	$204K	$181K	50x	as long as short