BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0210%/8h= +23.0% APRnext payment +$0.26 per $10,000 · paid last 24h −0.032%

Price spread now: Kraken Futures against Hyperliquid−0.056%7-day average +0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$80as in the Funding arb table

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

costs, in and out, $10k−$1071.070% of the position

Long on Hyperliquid Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.270%+$27 on $10k

Price spread, last 3 days (all we have)−0.026%−$3 · spread now −0.056%, 7d avg +0.009%

Together, before fees+0.243%+ Points / potential airdropHyperliquid: Season 2 · farm board+$24 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.065% cheaper against Hyperliquid than usual: you would sell low and buy high (spread −0.056% now, against its 7-day average of +0.009%). If the spread goes back, that is −$7 on $10k: about 25 hours of funding at the current rate (+$6 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid kBONK	0.000003364	0.1248	pay 0.0156% / 1h	24m 03s	$10.1M	$7.2M	10x
Short	Kraken Futures PF_BONKUSD	0.000003362	0.1458	get 0.0182% / 1h	24m 03s	$205K	$150K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.056%Rate

Funding earned: $44.07
Price spread: −0.056% → +0.009%: −$6.5
Slippage, 4 orders: −$88
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$69.43
Costs to cover: 1.070%
Break-even: 18.0 days

Slippage from Hyperliquid: live order book, 8 min ago; Kraken Futures: live order book, 53 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, 8 min ago	1.48 bp	10.9 bp −$11	26.0 bp −$260	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 53 min ago	34.16 bp	43.6 bp −$44	88.7 bp −$887	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	−0.0456%	1h	0.000003342	−0.654%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003359	−0.149%	$1.0M	$13.7M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0069%	4h	0.000003355	−0.268%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003357	−0.196%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003359	−0.136%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.675%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003356	−0.237%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003358	−0.178%	$188K	$300K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003356	−0.241%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003357	−0.208%	$113K	$123K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003356	−0.238%	$15.2M	$52.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003354	−0.309%	$10.2M	$16.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003356	−0.238%	$2.4M	$7.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003355	−0.268%	$716K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003356	−0.238%	$9.7M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003355	−0.279%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003353	−0.327%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003355	−0.268%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003358	−0.178%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003363	−0.026%	$303K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003370	+0.178%	$57K	$703K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003358	−0.163%	$19K	$106K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003362	−0.059%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003357	−0.208%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003375	+0.327%	$92K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003355	−0.273%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003353	−0.327%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.820%	$561	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0346%	1h	0.000003356	−0.238%	$2K	$110K	10x	as long as short
Hyperliquid kBONKlong	+0.1248%	1h	0.000003364	long leg	$10.1M	$7.2M	10x
Kraken Futures PF_BONKUSDshort	+0.1458%	1h	0.000003362	−0.056%	$205K	$150K	50x