BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0374%/8h= −41.0% APRnext payment −$0.47 per $10,000 · paid last 24h −0.154%

Price spread now: Lighter against Hyperliquid−0.085%7-day average −0.080% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$42as in the Price arb table

costs, in and out, $10k−$410.410% of the position

Long on Hyperliquid Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.225%−$22 on $10k

Price spread, last 4 days (all we have)+0.016%+$2 · spread now −0.085%, 7d avg −0.080%

Together, before fees−0.208%+ Points / potential airdropHyperliquid: Season 2 · Lighter: Season 3 · farm board−$21 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.080%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.225% in total (about -11.7% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.47 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	0.000003520	0.0590	pay 0.0074% / 1h	0m 18s	$12.0M	$8.5M	10x
Short	Lighter 1000BONK	0.000003517	0.0216	get 0.0027% / 1h	0m 18s	$247K	$776K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$78.58
Price spread: −0.085% → −0.080%: −$0.52
Slippage, 4 orders: −$32.02
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$120.11
Costs to cover: 0.410%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; Lighter: live order book, 15 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, 2 min ago	1.42 bp	7.1 bp −$7	27.1 bp −$271	doesn't fit	doesn't fit
Sell Lighter live order book, 15 min ago	2.87 bp	11.6 bp −$12	24.0 bp −$240	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	0.000003510	−0.284%	$47K	$94K	50x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003513	−0.185%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.989%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003520	−0.004%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003514	−0.156%	$65K	$142K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003518	−0.067%	$48K	$292K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003517	−0.085%	$117K	$161K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003516	−0.101%	$18.1M	$91.5M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003517	−0.082%	$12.5M	$27.5M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003515	−0.142%	$3.1M	$15.3M	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BONK_USDT	+0.0100%	4h	0.000003515	−0.142%	$931K	$3.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003516	−0.114%	$11.4M	$10.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003515	−0.131%	$2.9M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003514	−0.170%	$4.5M	$5.5M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003517	−0.085%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003517	−0.090%	$343K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003488	−0.909%	$59K	$697K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003516	−0.114%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003522	+0.057%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003515	−0.142%	$3K	$8K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003516	−0.114%	$100K	$136K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003514	−0.170%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003514	−0.170%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0114%	4h	0.000003523	+0.085%	$1.1M	$20.2M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−14.773%	$538	—	100x	as long as short
Lighter 1000BONKshort	+0.0216%	1h	0.000003517	−0.085%	$247K	$776K	10x
Deribit 1000BONK_USDC-PERPETUAL	+0.0319%	1h	0.000003517	−0.085%	$24K	$162K	10x	as long as short
dYdX BONK-USD	+0.0565%	1h	0.000003516	−0.104%	$14K	$10K	10x	as long as short
Hyperliquid kBONKlong	+0.0590%	1h	0.000003520	long leg	$12.0M	$8.5M	10x
Backpack kBONK_USDC_PERP	+0.1633%	1h	0.000003527	+0.199%	$54K	$24K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2953%	1h	0.000003516	−0.111%	$179K	$272K	50x	as long as short