Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0877%/8h= −96.1% APRpaid last 24h −0.083%

Price spread now: Aster against Hyperliquid−0.197%7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$101as in the Funding arb table

Net, price: spread back to 7d avg − costs−$92as in the Price arb table

costs, in and out, $10k−$810.809% of the position

Long on Hyperliquid Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.204%−$20 on $10k

Price spread, last 4 days (all we have)+0.113%+$11 · spread now −0.197%, 7d avg −0.085%

Together, before fees−0.091%+ Points / potential airdropHyperliquid: Season 2 · Aster: Stage 5 · farm board−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Aster is 0.112% cheaper against Hyperliquid than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.085%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.204% in total (about -10.6% 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	0.000003456	0.0977	pay 0.0122% / 1h	27m 41s	$10.3M	$7.6M	10x
Short	Aster 1000BONKUSDT	0.000003449	0.0100	get 0.0050% / 4h	2h 27m	$66K	$253K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −0.197%Rate

Funding earned: −$184.25
Price spread: −0.197% → −0.085%: −$11.2
Slippage, 4 orders: −$63.86
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Aster: 4 bp × 2 orders: −$8
Net: −$276.31
Costs to cover: 0.809%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 5 min ago; Aster: live order book, 39 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, 5 min ago	1.45 bp	10.5 bp −$10	27.1 bp −$271	doesn't fit	doesn't fit
Sell Aster live order book, 39 min ago	11.73 bp	16.9 bp −$17	doesn't fit	doesn't fit	doesn't fit

BONK on 30 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	−0.0336%	1h	0.000003369	−2.517%	$43K	$26K	50x	as long as short
Orderly PERP_1000BONK_USDC	−0.0007%	4h	0.000003449	−0.203%	$30K	$59K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003449	−0.191%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003449	−0.197%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−5.266%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003446	−0.291%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003443	−0.362%	$26K	$114K	10x	as long as short
Aster 1000BONKUSDTshort	+0.0100%	4h	0.000003449	−0.197%	$66K	$253K	10x
Pacifica kBONK	+0.0100%	1h	0.000003451	−0.145%	$115K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003452	−0.118%	$16.2M	$56.5M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003451	−0.145%	$11.0M	$17.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003453	−0.087%	$2.5M	$8.4M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003448	−0.231%	$761K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003450	−0.174%	$9.5M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003451	−0.156%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003448	−0.231%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003451	−0.145%	—	$4.7M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003437	−0.536%	$313K	$127K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003433	−0.666%	$58K	$708K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003453	−0.087%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003452	−0.116%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003451	−0.145%	$98K	$158K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003452	−0.127%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003449	−0.203%	$4K	—	3x	as long as short
Lighter 1000BONK	+0.0120%	1h	0.000003452	−0.116%	$233K	$670K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−13.194%	$576	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0330%	1h	0.000003452	−0.116%	$2K	$110K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0366%	1h	0.000003455	−0.029%	$31K	$7K	10x	as long as short
Hyperliquid kBONKlong	+0.0977%	1h	0.000003456	long leg	$10.3M	$7.6M	10x
Kraken Futures PF_BONKUSD	+0.2035%	1h	0.000003462	+0.162%	$216K	$165K	50x	as long as short