Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.1143%/8h= −125.1% APRpaid last 24h −0.075%

Price spread now: Binance against Hyperliquid−0.147%7-day average −0.075% · you buy dearer than you sell

Net, funding: paid 7d − costs−$77as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$450.447% of the position

Long on Hyperliquid Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.323%−$32 on $10k

Price spread, last 7 days+0.116%+$12 · spread now −0.147%, 7d avg −0.075%

Together, before fees−0.207%+ Points / potential airdropHyperliquid: Season 2 · farm board−$21 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$34 a day on $10k at the current rate, and Binance is 0.072% cheaper against Hyperliquid than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.075%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.323% in total (about -16.8% 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	0.000003401	0.1243	pay 0.0155% / 1h	50m 47s	$10.2M	$7.2M	10x
Short	Binance 1000BONKUSDT	0.000003396	0.0100	get 0.0050% / 4h	50m 47s	$15.3M	$52.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.147%Rate

Funding earned: −$239.96
Price spread: −0.147% → −0.075%: −$7.19
Slippage, 4 orders: −$25.65
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Binance: 5 bp × 2 orders: −$10
Net: −$291.8
Costs to cover: 0.447%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; Binance: live order book, 6 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	2.94 bp	11.0 bp −$11	29.0 bp −$290	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	1.47 bp	11.2 bp −$11	25.0 bp −$250	101.8 bp −$10.2K	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	−0.0456%	1h	0.000003342	−1.735%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003398	−0.088%	$1.0M	$13.7M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0085%	4h	0.000003395	−0.176%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003395	−0.179%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003396	−0.161%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003393	−0.235%	$2K	$110K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.734%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003393	−0.233%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003396	−0.147%	$191K	$298K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003394	−0.191%	$20K	$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	0.000003398	−0.093%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003399	−0.059%	$115K	$123K	10x	as long as short
Binance 1000BONKUSDTshort	+0.0100%	4h	0.000003396	−0.147%	$15.3M	$52.0M	75x
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003396	−0.156%	$10.3M	$16.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003395	−0.176%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003392	−0.265%	$728K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003394	−0.206%	$9.8M	$6.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003393	−0.229%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003391	−0.294%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003396	−0.147%	—	$8.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003392	−0.263%	$304K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003398	−0.088%	$57K	$699K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003399	−0.059%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003394	−0.206%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003408	+0.206%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003394	−0.211%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003394	−0.206%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.791%	$567	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0251%	1h	0.000003396	−0.147%	$30K	$7K	10x	as long as short
Hyperliquid kBONKlong	+0.1243%	1h	0.000003401	long leg	$10.2M	$7.2M	10x
Kraken Futures PF_BONKUSD	+0.1441%	1h	0.000003401	+0.006%	$207K	$149K	50x	as long as short