Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0738%/8h= −80.8% APRpaid last 24h −0.112%

Price spread now: HTX against Hyperliquid−0.057%7-day average +0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$359as in the Funding arb table

Net, price: spread back to 7d avg − costs−$352as in the Price arb table

costs, in and out, $10k−$3423.420% of the position

Long on Hyperliquid Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.175%−$17 on $10k

Price spread, last 4 days (all we have)−0.156%−$16 · spread now −0.057%, 7d avg +0.042%

Together, before fees−0.331%+ Points / potential airdropHyperliquid: Season 2 · farm board−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$22 a day on $10k at the current rate, and HTX is 0.099% cheaper against Hyperliquid than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.042%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.175% in total (about -9.1% 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	0.000003512	0.0838	pay 0.0105% / 1h	21m 50s	$10.4M	$5.0M	10x
Short	HTX BONK-USDT	0.000003510	0.0100	get 0.0050% / 4h	3h 21m	$99K	$121K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.057%Rate

Funding earned: −$155
Price spread: −0.057% → +0.042%: −$9.92
Slippage, 4 orders: −$320.97
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee HTX: 6 bp × 2 orders: −$12
Net: −$506.88
Costs to cover: 3.420%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 11 min ago; HTX: live order book, 29 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, 11 min ago	1.42 bp	9.4 bp −$9	26.7 bp −$267	doesn't fit	doesn't fit
Sell HTX live order book, 29 min ago	90.93 bp	99.7 bp −$100	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	−0.0312%	1h	0.000003493	−0.541%	$44K	$39K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003500	−0.331%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003503	−0.268%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.777%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0036%	1h	0.000003502	−0.285%	$6K	$123K	10x	as long as short
BloFin 1000BONK-USDT	+0.0045%	4h	0.000003514	+0.057%	$990K	$16.6M	75x	as long as short
Orderly PERP_1000BONK_USDC	+0.0083%	4h	0.000003503	−0.256%	$30K	$54K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003498	−0.401%	$4	—	15x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003522	+0.288%	$82K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003500	−0.342%	$118K	$107K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003522	+0.287%	$17.5M	$63.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003517	+0.142%	$11.4M	$19.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003520	+0.228%	$2.6M	$9.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003509	−0.085%	$877K	$2.8M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003514	+0.057%	$9.7M	$7.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003513	+0.034%	$3.0M	$10.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003524	+0.342%	$4.5M	$3.2M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003514	+0.057%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003522	+0.280%	$326K	$140K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003504	−0.228%	$59K	$706K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003500	−0.342%	$38K	$108K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003510	−0.057%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003504	−0.228%	$2K	$7K	10x	as long as short
HTX BONK-USDTshort	+0.0100%	4h	0.000003510	−0.057%	$99K	$121K	30x
Extended 1000BONK-USD	+0.0104%	1h	0.000003513	+0.029%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003500	−0.342%	$4K	—	3x	as long as short
Lighter 1000BONK	+0.0184%	1h	0.000003508	−0.114%	$246K	$692K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−14.579%	$584	—	100x	as long as short
Hyperliquid kBONKlong	+0.0838%	1h	0.000003512	long leg	$10.4M	$5.0M	10x
Backpack kBONK_USDC_PERP	+0.1406%	1h	0.000003513	+0.028%	$48K	$16K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2389%	1h	0.000003516	+0.103%	$224K	$178K	50x	as long as short