Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1031%/8h= −112.9% APRpaid last 24h −0.095%

Price spread now: BloFin against Hyperliquid+0.059%167s7-day average −0.078% · 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—prices read too far apart to compare

costs, in and out, $10k−$440.437% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.054%+$5 on $10k

Price spread, last 3 days (all we have)−0.263%−$26 · spread now +0.059%, 7d avg −0.078%

Together, before fees−0.209%+ Points / potential airdropHyperliquid: Season 2 · farm board−$21 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.137% dearer against Hyperliquid than usual: you sell high and buy low (spread +0.059% now, against its 7-day average of −0.078%): +$14 on $10k if it goes back. Holding the pair costs −$31 a day in funding at the current rate, which eats that in about 11 hours. Mind the row above: over the last 7 days funding on this pair paid +0.054%, so the current rate has only just turned against you. The two prices were read 167 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 0.054% in total (about 2.8% 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	0.000003412	0.0891	pay 0.0111% / 1h	46m 19s	$10.1M	$7.5M	10x
Short	BloFin 1000BONK-USDT	0.000003414	−0.0140	pay 0.0070% / 4h	2h 46m	$939K	$14.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.059%Rate

Funding earned: −$216.58
Price spread: +0.059% → −0.078%: $13.7
Slippage, 4 orders: −$22.68
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$246.57
Costs to cover: 0.437%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 6 min ago; BloFin: live order book, 3 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, 6 min ago	2.93 bp	16.3 bp −$16	30.2 bp −$302	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	1.46 bp	7.5 bp −$7	25.4 bp −$254	73.1 bp −$7,314	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
Deribit 1000BONK_USDC-PERPETUAL	−0.0338%	1h	0.000003402	−0.293%	$2K	$110K	10x	as long as short
Coinbase International 1000BONK-PERP-INTX	−0.0336%	1h	0.000003390	−0.645%	$44K	$26K	50x	as long as short
BloFin 1000BONK-USDTshort	−0.0140%	4h	0.000003414	+0.059%	$939K	$14.9M	75x
Orderly PERP_1000BONK_USDC	−0.0024%	4h	0.000003404	−0.234%	$29K	$49K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003410	−0.059%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003404	−0.246%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.045%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003402	−0.294%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003405	−0.220%	$27K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003410	−0.068%	$66K	$253K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003409	−0.088%	$113K	$125K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003406	−0.190%	$16.1M	$55.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003407	−0.152%	$10.7M	$17.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003404	−0.234%	$2.5M	$8.2M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003407	−0.147%	$742K	$2.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003407	−0.147%	$9.6M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003409	−0.094%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003404	−0.234%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003408	−0.117%	—	$4.7M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003402	−0.279%	$310K	$127K	—	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003409	−0.088%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003403	−0.264%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003420	+0.234%	$97K	$161K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003402	−0.304%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003404	−0.234%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.075%	$569	—	100x	as long as short
Lighter 1000BONK	+0.0288%	1h	0.000003409	−0.088%	$374K	$498K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0526%	1h	0.000003410	−0.059%	$30K	$7K	10x	as long as short
ApeX Omni 1000BONKUSDT	+0.0532%	1h	0.000003412	0.000%	$57K	$712K	25x	as long as short
Hyperliquid kBONKlong	+0.0891%	1h	0.000003412	long leg	$10.1M	$7.5M	10x
Kraken Futures PF_BONKUSD	+0.2063%	1h	0.000003414	+0.069%	$213K	$165K	50x	as long as short