Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0634%/8h= −69.4% APRpaid last 24h −0.046%

Price spread now: OKX against Hyperliquid−0.120%7-day average −0.077% · you buy dearer than you sell

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$610.613% of the position

Long on Hyperliquid Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.147%−$15 on $10k

Price spread, last 7 days+0.108%+$11 · spread now −0.120%, 7d avg −0.077%

Together, before fees−0.040%+ Points / potential airdropHyperliquid: Season 2 · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and OKX is 0.043% cheaper against Hyperliquid than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.077%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.147% in total (about -7.7% 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	0.000003340	0.0734	pay 0.0092% / 1h	3m 17s	$9.8M	$7.2M	10x
Short	OKX BONK-USDT-SWAP	0.000003336	0.0100	get 0.0100% / 8h	2h 03m	$2.4M	$7.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.120%Rate

Funding earned: −$133.09
Price spread: −0.120% → −0.077%: −$4.27
Slippage, 4 orders: −$42.29
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee OKX: 5 bp × 2 orders: −$10
Net: −$198.65
Costs to cover: 0.613%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 9 min ago; OKX: live order book, 5 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, 9 min ago	1.49 bp	8.3 bp −$8	17.2 bp −$172	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	2.99 bp	22.6 bp −$23	64.7 bp −$647	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	−0.0320%	1h	0.000003327	−0.389%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003333	−0.210%	$1.0M	$13.1M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0057%	4h	0.000003334	−0.180%	$29K	$41K	20x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	−0.0050%	1h	0.000003330	−0.299%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003334	−0.177%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003332	−0.249%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−1.976%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003333	−0.214%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003333	−0.210%	$197K	$290K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003332	−0.225%	$19K	$108K	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	0.000003337	−0.098%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003334	−0.180%	$113K	$120K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003335	−0.150%	$14.9M	$51.1M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003334	−0.180%	$10.1M	$16.6M	50x	as long as short
OKX BONK-USDT-SWAPshort	+0.0100%	8h	0.000003336	−0.120%	$2.4M	$7.6M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003330	−0.299%	$736K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003334	−0.180%	$10.0M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003334	−0.180%	$2.6M	$10.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003331	−0.269%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003334	−0.180%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003333	−0.210%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003332	−0.229%	$300K	$104K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003330	−0.299%	$56K	$696K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003333	−0.210%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003330	−0.299%	$2K	$6K	10x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003332	−0.236%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003335	−0.150%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.180%	$557	—	100x	as long as short
HTX BONK-USDT	+0.0494%	4h	0.000003331	−0.269%	$77K	$123K	30x	as long as short
Hyperliquid kBONKlong	+0.0734%	1h	0.000003340	long leg	$9.8M	$7.2M	10x
Kraken Futures PF_BONKUSD	+0.1152%	1h	0.000003336	−0.134%	$203K	$149K	50x	as long as short