BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0213%/8h= −23.3% APRnext payment −$0.27 per $10,000 · paid last 24h +0.032%

Price spread now: Hyperliquid against Kraken Futures−0.034%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$134as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

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

Long on Kraken Futures Short on Hyperliquid

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)+0.115%+$12 · spread now −0.034%, 7d avg −0.009%

Together, before fees−0.154%+ Points / potential airdropHyperliquid: Season 2 · farm board−$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Hyperliquid is 0.024% cheaper against Kraken Futures than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.009%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BONKUSD	0.000003362	0.1458	pay 0.0182% / 1h	23m 44s	$205K	$150K	50x
Short	Hyperliquid kBONK	0.000003361	0.1245	get 0.0156% / 1h	23m 44s	$10.1M	$7.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Kraken Futures. 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 Kraken FuturesbpFee HyperliquidbpOrdersPrice spread, now −0.034%Rate

Funding earned: −$44.72
Price spread: −0.034% → −0.009%: −$2.42
Slippage, 4 orders: −$88
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$154.14
Costs to cover: 1.070%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 54 min ago; Hyperliquid: live order book, 9 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 Kraken Futures live order book, 54 min ago	34.16 bp	43.5 bp −$43	114.5 bp −$1,145	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 9 min ago	1.48 bp	9.0 bp −$9	24.4 bp −$244	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	−0.599%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003359	−0.093%	$1.0M	$13.7M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0069%	4h	0.000003355	−0.212%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003357	−0.141%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003359	−0.080%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.621%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003356	−0.182%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003356	−0.182%	$188K	$300K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003355	−0.198%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003357	−0.153%	$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	−0.182%	$15.2M	$52.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003353	−0.260%	$10.2M	$16.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003355	−0.212%	$2.4M	$7.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003353	−0.272%	$716K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003356	−0.182%	$9.7M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003355	−0.224%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003352	−0.301%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003354	−0.242%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003358	−0.123%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003363	+0.029%	$303K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003370	+0.234%	$57K	$703K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003358	−0.108%	$19K	$106K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003362	−0.004%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003357	−0.153%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003375	+0.383%	$92K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003355	−0.218%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003353	−0.272%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.771%	$561	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0346%	1h	0.000003356	−0.182%	$2K	$110K	10x	as long as short
Hyperliquid kBONKshort	+0.1245%	1h	0.000003361	−0.034%	$10.1M	$7.2M	10x
Kraken Futures PF_BONKUSDlong	+0.1458%	1h	0.000003362	long leg	$205K	$150K	50x