Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0565%/8h= −61.8% APRpaid last 24h −0.115%

Price spread now: BloFin against Hyperliquid−0.533%7-day average −0.101% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

Net, price: spread back to 7d avg − costs−$100as in the Price arb table

costs, in and out, $10k−$570.572% of the position

Long on Hyperliquid Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 4 days (all we have)+0.133%+$13 · spread now −0.533%, 7d avg −0.101%

Together, before fees+0.165%+ Points / potential airdropHyperliquid: Season 2 · farm board+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and BloFin is 0.433% cheaper against Hyperliquid than usual: you would sell low and buy high (−$43 if the spread goes back to its 7-day average of −0.101%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.032% in total (about 1.7% 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	0.000003374	0.0696	pay 0.0087% / 1h	40m 44s	$9.9M	$4.8M	10x
Short	BloFin 1000BONK-USDT	0.000003356	0.0132	get 0.0066% / 4h	40m 44s	$953K	$15.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.533%Rate

Funding earned: −$118.57
Price spread: −0.533% → −0.101%: −$43.28
Slippage, 4 orders: −$36.18
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$219.03
Costs to cover: 0.572%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 2 min ago; BloFin: live order book, 3 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	2.98 bp	14.2 bp −$14	31.0 bp −$310	doesn't fit	doesn't fit
Sell BloFin live order book, 3 min ago	2.98 bp	15.2 bp −$15	26.1 bp −$261	78.4 bp −$7,844	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	0.000003335	−1.156%	$42K	$33K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003370	−0.119%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003354	−0.605%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.964%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0048%	1h	0.000003358	−0.474%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0069%	4h	0.000003356	−0.533%	$29K	$56K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003352	−0.654%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003373	−0.030%	$224K	$668K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003352	−0.637%	$26K	$97K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003361	−0.380%	$78K	$250K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003370	−0.119%	$112K	$106K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003372	−0.059%	$16.2M	$58.5M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003368	−0.178%	$10.7M	$18.4M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003371	−0.089%	$2.5M	$8.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003368	−0.178%	$816K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003370	−0.119%	$9.2M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003369	−0.145%	$2.6M	$9.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003369	−0.148%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003371	−0.089%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003351	−0.685%	$306K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003347	−0.800%	$56K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003364	−0.296%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003356	−0.533%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003375	+0.030%	$96K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003371	−0.100%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003355	−0.563%	$4K	—	3x	as long as short
BloFin 1000BONK-USDTshort	+0.0132%	4h	0.000003356	−0.533%	$953K	$15.0M	75x
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.085%	$561	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0206%	1h	0.000003362	−0.356%	$29K	$7K	10x	as long as short
Hyperliquid kBONKlong	+0.0696%	1h	0.000003374	long leg	$9.9M	$4.8M	10x
Kraken Futures PF_BONKUSD	+0.2509%	1h	0.000003360	−0.426%	$217K	$177K	50x	as long as short