BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0655%/8h= +71.7% APRnext payment +$0.82 per $10,000 · paid last 24h +0.108%

Price spread now: Hyperliquid against Lighter+0.143%7-day average +0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs−$29as in the Funding arb table

Net, price: spread back to 7d avg − costs−$40as in the Price arb table

costs, in and out, $10k−$470.467% of the position

Long on Lighter Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.178%+$18 on $10k

Price spread, last 4 days (all we have)−0.063%−$6 · spread now +0.143%, 7d avg +0.079%

Together, before fees+0.115%+ Points / potential airdropLighter: Season 3 · Hyperliquid: Season 2 · farm board+$11 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$20 a day on $10k at the current rate, and Hyperliquid is 0.064% dearer against Lighter than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.079%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.178% in total (about 9.3% a year). A funding rate is set anew for every payment; at this rate the next one is about +$0.82 per $10,000. 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	Lighter 1000BONK	0.000003496	0.0096	pay 0.0012% / 1h	49m 58s	$235K	$678K	10x
Short	Hyperliquid kBONK	0.000003501	0.0751	get 0.0094% / 1h	49m 58s	$10.3M	$4.9M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against Lighter. 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 LighterbpFee HyperliquidbpOrdersPrice spread, now +0.143%Rate

Funding earned: $137.49
Price spread: +0.143% → +0.079%: $6.42
Slippage, 4 orders: −$37.68
Fee Lighter: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $97.22
Costs to cover: 0.467%
Break-even: 2.1 days

Slippage from Lighter: live order book, 51 min ago; Hyperliquid: live order book, 2 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 Lighter live order book, 51 min ago	4.44 bp	14.4 bp −$14	36.7 bp −$367	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 2 min ago	1.43 bp	12.1 bp −$12	24.1 bp −$241	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	−0.0312%	1h	0.000003486	−0.286%	$44K	$37K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003490	−0.172%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003485	−0.312%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.350%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0078%	4h	0.000003498	+0.057%	$988K	$16.0M	75x	as long as short
Orderly PERP_1000BONK_USDC	+0.0080%	4h	0.000003487	−0.257%	$30K	$55K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003486	−0.287%	$4	—	15x	as long as short
Lighter 1000BONKlong	+0.0096%	1h	0.000003496	long leg	$235K	$678K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003486	−0.272%	$36K	$102K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003496	−0.010%	$81K	$251K	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	0.000003492	−0.114%	$116K	$108K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003497	+0.026%	$16.9M	$60.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003493	−0.086%	$11.4M	$19.2M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003494	−0.057%	$2.6M	$9.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003490	−0.172%	$862K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003492	−0.114%	$9.4M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003493	−0.074%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003492	−0.114%	$4.4M	$3.2M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003493	−0.086%	—	$4.6M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003493	−0.089%	$322K	$138K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003485	−0.315%	$59K	$705K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003495	−0.029%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003488	−0.229%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003491	−0.143%	$99K	$120K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003492	−0.113%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003487	−0.257%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−14.188%	$582	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0323%	1h	0.000003490	−0.172%	$6K	$123K	10x	as long as short
Hyperliquid kBONKshort	+0.0751%	1h	0.000003501	+0.143%	$10.3M	$4.9M	10x
Backpack kBONK_USDC_PERP	+0.1074%	1h	0.000003497	+0.029%	$32K	$8K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2403%	1h	0.000003494	−0.061%	$223K	$178K	50x	as long as short