Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0650%/8h= +71.2% APRpaid last 24h +0.046%

Price spread now: Hyperliquid against HTX−0.059%48s7-day average −0.049% · you buy dearer than you sell

Net, funding: paid 7d − costs−$140as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1511.507% of the position

Long on HTX Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.104%+$10 on $10k

Price spread, last 3 days (all we have)+0.460%+$46 · spread now −0.059%, 7d avg −0.049%

Together, before fees+0.564%+ Points / potential airdropHyperliquid: Season 2 · farm board+$56 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.049%, so right now this pair is about funding alone: +$20 a day on $10k at the current rate. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.104% in total (about 5.4% 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	HTX BONK-USDT	0.000003379	0.0100	pay 0.0050% / 4h	2h 21m	$79K	$118K	30x
Short	Hyperliquid kBONK	0.000003377	0.0750	get 0.0094% / 1h	21m 35s	$10.0M	$7.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against HTX. 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 HTXbpFee HyperliquidbpOrdersPrice spread, now −0.059%Rate

Funding earned: $136.59
Price spread: −0.059% → −0.049%: −$0.97
Slippage, 4 orders: −$129.73
Fee HTX: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$15.11
Costs to cover: 1.507%
Break-even: 7.8 days

Slippage from HTX: live order book, 64 min ago; Hyperliquid: live order book, 11 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 HTX live order book, 64 min ago	48.64 bp	75.2 bp −$75	doesn't fit	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 11 min ago	2.97 bp	11.7 bp −$12	24.6 bp −$246	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	0.000003368	−0.326%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003373	−0.178%	$1.0M	$13.2M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0040%	4h	0.000003373	−0.178%	$29K	$41K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003370	−0.266%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003374	−0.148%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003374	−0.160%	$2K	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.107%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003368	−0.315%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003374	−0.148%	$199K	$290K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003371	−0.222%	$20K	$109K	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	0.000003372	−0.210%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003372	−0.207%	$115K	$117K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003372	−0.210%	$15.3M	$50.8M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003371	−0.237%	$10.2M	$16.5M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003373	−0.178%	$2.5M	$7.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003372	−0.207%	$742K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003371	−0.237%	$10.2M	$6.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003372	−0.195%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003369	−0.296%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003372	−0.207%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003375	−0.118%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003417	+1.121%	$305K	$104K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003370	−0.266%	$57K	$693K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003375	−0.118%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003374	−0.148%	$2K	$6K	10x	as long as short
HTX BONK-USDTlong	+0.0100%	4h	0.000003379	long leg	$79K	$118K	30x
Extended 1000BONK-USD	+0.0104%	1h	0.000003372	−0.204%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003372	−0.207%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.216%	$564	—	100x	as long as short
Hyperliquid kBONKshort	+0.0750%	1h	0.000003377	−0.059%	$10.0M	$7.2M	10x
Kraken Futures PF_BONKUSD	+0.1137%	1h	0.000003379	0.000%	$205K	$149K	50x	as long as short