Hedge fund bonuses are extremely volatile: you could get paid a million or zero.  This is a much different world from investment banking bonuses or even private equity compensation, where both can be gauged.

HF bonuses all come down to the performance of your fund, bottom line.  If you fund does well, then you will get paid; if your fund underperforms the market or loses money, then there is a good chance you will receive nothing.  Most hedge funds are on a semi-annual payout, which usually happens in January.

For entry level analysts bonuses generally range from $50,000 up to $500,000 in certain circumstances.  A lot of the payout will depend on the amount of performance fees generated during the year.  For hedge fund analysts more senior, generally 2+ years on the buy-side, then your bonus is usually benchmarked to the performance of your ideas.