Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0491%/8h= −53.8% APRpaid last 24h −0.167%

Price spread now: Aster against Hyperliquid−0.049%7-day average −0.091% · you buy dearer than you sell

Net, funding: paid 7d − costs−$99as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$700.701% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.286%−$29 on $10k

Price spread, last 4 days (all we have)+0.025%+$2 · spread now −0.049%, 7d avg −0.091%

Together, before fees−0.261%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board−$26 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.042% dearer against Hyperliquid than usual: you sell high and buy low (spread −0.049% now, against its 7-day average of −0.091%): +$4 on $10k if it goes back. Holding the pair costs −$15 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.286% in total) that is about 25 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.286% in total (about -14.9% 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	Hyperliquid kBONK	0.000003486	0.0591	pay 0.0074% / 1h	14m 44s	$11.9M	$8.3M	10x
Short	Aster 1000BONKUSDT	0.000003484	0.0100	get 0.0050% / 4h	3h 14m	$48K	$295K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Hyperliquid. 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 HyperliquidbpFee AsterbpOrdersPrice spread, now −0.049%Rate

Funding earned: −$103.14
Price spread: −0.049% → −0.091%: $4.21
Slippage, 4 orders: −$53.09
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$169.03
Costs to cover: 0.701%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 8 min ago; Aster: live order book, 17 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 Hyperliquid live order book, 8 min ago	2.88 bp	10.3 bp −$10	28.2 bp −$282	doesn't fit	doesn't fit
Sell Aster live order book, 17 min ago	7.24 bp	17.8 bp −$18	212.0 bp −$2,120	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	−0.0024%	1h	0.000003430	−1.606%	$43K	$82K	50x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003480	−0.184%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.081%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0067%	4h	0.000003484	−0.057%	$1.0M	$19.9M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003480	−0.158%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003481	−0.129%	$66K	$140K	10x	as long as short
Aster 1000BONKUSDTshort	+0.0100%	4h	0.000003484	−0.049%	$48K	$295K	10x
Pacifica kBONK	+0.0100%	1h	0.000003482	−0.115%	$116K	$162K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003481	−0.142%	$18.0M	$90.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003480	−0.178%	$12.4M	$27.5M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003481	−0.143%	$3.0M	$15.2M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003482	−0.115%	$922K	$3.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003482	−0.115%	$11.2M	$10.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003483	−0.100%	$2.9M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003479	−0.201%	$4.5M	$5.4M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003481	−0.143%	—	$5.1M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003484	−0.043%	$335K	$115K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003476	−0.287%	$59K	$698K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003479	−0.201%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003488	+0.057%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003481	−0.143%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003487	+0.029%	$100K	$137K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003480	−0.184%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003480	−0.172%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−13.941%	$531	—	100x	as long as short
dYdX BONK-USD	+0.0266%	1h	0.000003479	−0.187%	$13K	$10K	10x	as long as short
Lighter 1000BONK	+0.0272%	1h	0.000003485	−0.029%	$247K	$770K	10x	as long as short
Hyperliquid kBONKlong	+0.0591%	1h	0.000003486	long leg	$11.9M	$8.3M	10x
Deribit 1000BONK_USDC-PERPETUAL	+0.0612%	1h	0.000003482	−0.115%	$24K	$174K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1636%	1h	0.000003484	−0.057%	$54K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2979%	1h	0.000003485	−0.040%	$177K	$273K	50x	as long as short