Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0991%/8h= −108.5% APRpaid last 24h −0.161%

Price spread now: Orderly against Hyperliquid−0.238%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Hyperliquid Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHyperliquid: Season 2 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and Orderly is 0.238% cheaper against Hyperliquid than usual: you would sell low and buy high (−$24 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid kBONK	0.000003358	0.0912	pay 0.0114% / 1h	26m 17s	$10.1M	$7.4M	10x
Short	Orderly PERP_1000BONK_USDC	0.000003350	−0.0079	pay 0.0040% / 4h	1h 26m	$29K	$41K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.238%Rate

Funding earned: −$208.13
Price spread: −0.238% → 0.000%: −$23.82
Slippage, 4 orders: no order book: not counted
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$246.96
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Hyperliquid: live order book, 6 min ago; Orderly: no order-book sample. Net counts fees only.

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, 6 min ago	1.49 bp	10.0 bp −$10	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.000003342	−0.476%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003355	−0.089%	$1.0M	$13.2M	75x	as long as short
Orderly PERP_1000BONK_USDCshort	−0.0079%	4h	0.000003350	−0.238%	$29K	$41K	20x
Deribit 1000BONK_USDC-PERPETUAL	−0.0049%	1h	0.000003347	−0.328%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003349	−0.256%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003349	−0.255%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.501%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003350	−0.236%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003349	−0.268%	$188K	$300K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003348	−0.298%	$19K	$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	0.000003350	−0.228%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003351	−0.208%	$113K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003349	−0.266%	$15.1M	$51.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003345	−0.375%	$10.1M	$16.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003347	−0.328%	$2.4M	$7.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003349	−0.268%	$740K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003349	−0.268%	$10.1M	$6.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003349	−0.268%	$2.6M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003345	−0.387%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003348	−0.298%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003354	−0.119%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003352	−0.176%	$301K	$121K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003353	−0.149%	$57K	$700K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003355	−0.089%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003347	−0.328%	$2K	$6K	10x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003347	−0.330%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003346	−0.357%	$4K	—	3x	as long as short
HTX BONK-USDT	+0.0107%	4h	0.000003361	+0.089%	$91K	$150K	30x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.661%	$560	—	100x	as long as short
Hyperliquid kBONKlong	+0.0912%	1h	0.000003358	long leg	$10.1M	$7.4M	10x
Kraken Futures PF_BONKUSD	+0.0967%	1h	0.000003352	−0.192%	$204K	$149K	50x	as long as short