Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0662%/8h= +72.4% APRpaid last 24h +0.108%

Price spread now: Hyperliquid against MEXC+0.146%7-day average +0.086% · you sell dearer than you buy

Net, funding: paid 7d − costs+$2as in the Funding arb table

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$330.332% of the position

Long on MEXC Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days+0.348%+$35 on $10k

Price spread, last 7 days−0.140%−$14 · spread now +0.146%, 7d avg +0.086%

Together, before fees+0.208%+ Points / potential airdropHyperliquid: Season 2 · farm board+$21 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 0.060% dearer against MEXC than usual: you sell high and buy low: +$6 more if the spread goes back to its 7-day average of +0.086%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.348% in total (about 18.1% 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	MEXC 1000BONK_USDT	0.000003413	0.0100	pay 0.0050% / 4h	22m 24s	$9.1M	$7.2M	125x
Short	Hyperliquid kBONK	0.000003418	0.0762	get 0.0095% / 1h	22m 24s	$10.1M	$4.8M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against MEXC. 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 MEXCbpFee HyperliquidbpOrdersPrice spread, now +0.146%Rate

Funding earned: $138.95
Price spread: +0.146% → +0.086%: $6.04
Slippage, 4 orders: −$24.15
Fee MEXC: 0 bp × 2 orders: $0
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: $111.84
Costs to cover: 0.332%
Break-even: 1.4 days

Slippage from MEXC: live order book, 6 min ago; Hyperliquid: live order book, 10 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 MEXC live order book, 6 min ago	1.46 bp	5.2 bp −$5	11.2 bp −$112	74.9 bp −$7,487	132.2 bp −$66.1K
Sell Hyperliquid live order book, 10 min ago	1.47 bp	11.6 bp −$12	24.2 bp −$242	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	−0.0320%	1h	0.000003402	−0.322%	$42K	$35K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003410	−0.078%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003410	−0.085%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.073%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0044%	1h	0.000003406	−0.205%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0074%	4h	0.000003405	−0.234%	$29K	$56K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003411	−0.061%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0093%	4h	0.000003412	−0.029%	$964K	$15.4M	75x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003414	+0.029%	$223K	$672K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003414	+0.029%	$31K	$101K	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	0.000003414	+0.040%	$79K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003412	−0.029%	$114K	$109K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003412	−0.029%	$16.5M	$59.7M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003404	−0.261%	$10.8M	$18.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003416	+0.088%	$2.5M	$9.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003410	−0.088%	$816K	$2.7M	50x	as long as short
MEXC 1000BONK_USDTlong	+0.0100%	4h	0.000003413	long leg	$9.1M	$7.2M	125x
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003411	−0.047%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003410	−0.088%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003411	−0.059%	—	$4.7M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003423	+0.289%	$311K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003427	+0.410%	$58K	$705K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003413	0.000%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003407	−0.176%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003426	+0.381%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003413	+0.004%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003404	−0.264%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.101%	$569	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0328%	1h	0.000003411	−0.059%	$30K	$7K	10x	as long as short
Hyperliquid kBONKshort	+0.0762%	1h	0.000003418	+0.146%	$10.1M	$4.8M	10x
Kraken Futures PF_BONKUSD	+0.2467%	1h	0.000003416	+0.087%	$221K	$177K	50x	as long as short