BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1298%/8h= −142.2% APRnext payment −$1.62 per $10,000 · paid last 24h −0.201%

Price spread now: Deribit against Hyperliquid−0.206%7-day average −0.117% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$59as in the Price arb table

costs, in and out, $10k−$500.501% of the position

Long on Hyperliquid Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.705%−$71 on $10k

Price spread, last 3 days (all we have)−0.011%−$1 · spread now −0.206%, 7d avg −0.117%

Together, before fees−0.716%+ Points / potential airdropHyperliquid: Season 2 · farm board−$72 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$39 a day on $10k at the current rate, and Deribit is 0.089% cheaper against Hyperliquid than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of −0.117%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 6 days it paid -0.705% in total (about -45.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.62 per $10,000. 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	0.000003395	0.1298	pay 0.0162% / 1h	42m 49s	$10.2M	$7.2M	10x
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003388	0	get 0.0000% / 1h	42m 49s	$2K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.206%Rate

Funding earned: −$272.67
Price spread: −0.206% → −0.117%: −$8.89
Slippage, 4 orders: −$34.13
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$331.69
Costs to cover: 0.501%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 10 min ago; Deribit: 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	2.94 bp	11.0 bp −$11	29.0 bp −$290	doesn't fit	doesn't fit
Sell Deribit live order book, 1 min ago	8.83 bp	12.3 bp −$12	doesn't fit	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	−0.0456%	1h	0.000003342	−1.561%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003386	−0.265%	$1.0M	$13.8M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0080%	4h	0.000003391	−0.118%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003391	−0.121%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003395	−0.014%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	0.0000%	1h	0.000003388	−0.206%	$2K	$110K	10x
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.564%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003393	−0.071%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003388	−0.206%	$189K	$299K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003392	−0.074%	$20K	$106K	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	0.000003386	−0.254%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003394	−0.029%	$115K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003387	−0.225%	$15.4M	$52.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003383	−0.345%	$10.3M	$16.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003387	−0.236%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003386	−0.265%	$734K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003386	−0.265%	$9.8M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003386	−0.259%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003385	−0.295%	$4.2M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003384	−0.324%	—	$8.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003408	+0.385%	$306K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003408	+0.383%	$58K	$700K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003392	−0.088%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003388	−0.206%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003401	+0.177%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003388	−0.209%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003388	−0.206%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.635%	$567	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0200%	1h	0.000003390	−0.147%	$30K	$7K	10x	as long as short
Hyperliquid kBONKlong	+0.1298%	1h	0.000003395	long leg	$10.2M	$7.2M	10x
Kraken Futures PF_BONKUSD	+0.1444%	1h	0.000003393	−0.071%	$207K	$150K	50x	as long as short