Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0814%/8h= −89.1% APRpaid last 24h −0.060%

Price spread now: Bybit against Hyperliquid−0.386%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$530.531% of the position

Long on Hyperliquid Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.218%−$22 on $10k

Price spread, last 7 days+0.374%+$37 · spread now −0.386%, 7d avg −0.080%

Together, before fees+0.156%+ Points / potential airdropHyperliquid: Season 2 · farm board+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Bybit is 0.306% cheaper against Hyperliquid than usual: you would sell low and buy high (−$31 if the spread goes back to its 7-day average of −0.080%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.218% in total (about -11.4% 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	Hyperliquid kBONK	0.000003365	0.0914	pay 0.0114% / 1h	32m 30s	$10.1M	$7.4M	10x
Short	Bybit 1000BONKUSDT	0.000003352	0.0100	get 0.0050% / 4h	1h 32m	$10.1M	$16.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.386%Rate

Funding earned: −$170.92
Price spread: −0.386% → −0.080%: −$30.63
Slippage, 4 orders: −$33.07
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$254.62
Costs to cover: 0.531%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Bybit: live order book, 1 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, 10 min ago	1.48 bp	14.1 bp −$14	32.7 bp −$327	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.49 bp	12.1 bp −$12	28.2 bp −$282	161.7 bp −$16.2K	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	−0.0248%	1h	0.000003350	−0.446%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003362	−0.089%	$1.0M	$13.2M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0078%	4h	0.000003359	−0.178%	$29K	$41K	20x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	−0.0047%	1h	0.000003361	−0.119%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003361	−0.104%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003360	−0.162%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.704%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003353	−0.356%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003358	−0.208%	$194K	$295K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003355	−0.295%	$64K	$251K	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	0.000003357	−0.238%	$113K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003353	−0.351%	$15.1M	$51.5M	75x	as long as short
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003352	−0.386%	$10.1M	$16.6M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003353	−0.357%	$2.4M	$7.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003354	−0.327%	$742K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003352	−0.386%	$10.2M	$6.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003356	−0.267%	$2.6M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003358	−0.208%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003358	−0.208%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003364	−0.030%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003374	+0.271%	$313K	$112K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003370	+0.149%	$57K	$699K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003352	−0.371%	$19K	$106K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003366	+0.030%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003360	−0.149%	$2K	$6K	10x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003356	−0.270%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003359	−0.178%	$4K	—	3x	as long as short
HTX BONK-USDT	+0.0130%	4h	0.000003380	+0.446%	$91K	$150K	30x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.847%	$562	—	100x	as long as short
Hyperliquid kBONKlong	+0.0914%	1h	0.000003365	long leg	$10.1M	$7.4M	10x
Kraken Futures PF_BONKUSD	+0.0962%	1h	0.000003366	+0.043%	$205K	$149K	50x	as long as short