Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0274%/8h= −30.0% APRpaid last 24h −0.006%

Price spread now: Aster against Backpack−0.144%45s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Backpack Short on Aster

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropAster: Stage 5 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$8 a day on $10k at the current rate, and Aster is 0.144% cheaper against Backpack than usual: you would sell low and buy high (−$14 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 45 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kBONK_USDC_PERP	0.000003442	0.0374	pay 0.0047% / 1h	11m 21s	$30K	$7K	10x
Short	Aster 1000BONKUSDT	0.000003437	0.0100	get 0.0050% / 4h	2h 11m	$66K	$254K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against Backpack. 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 BackpackbpFee AsterbpOrdersPrice spread, now −0.144%Rate

Funding earned: −$57.44
Price spread: −0.144% → 0.000%: −$14.44
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Aster: 4 bp × 2 orders: −$8
Net: −$89.88
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Aster: live order book, 55 min ago. Net counts fees only.

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 Backpack no order-book sample	—	—	—	—	—
Sell Aster live order book, 55 min ago	11.73 bp	16.9 bp −$17	doesn't fit	doesn't fit	doesn't fit

Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BONK on 30 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	−0.0336%	1h	0.000003426	−0.465%	$44K	$27K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003432	−0.279%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003431	−0.317%	$24	—	150x	as long as short
Orderly PERP_1000BONK_USDC	+0.0010%	4h	0.000003432	−0.291%	$29K	$58K	20x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.881%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003432	−0.293%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003436	−0.174%	$232K	$671K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003433	−0.247%	$27K	$115K	10x	as long as short
Aster 1000BONKUSDTshort	+0.0100%	4h	0.000003437	−0.144%	$66K	$254K	10x
Pacifica kBONK	+0.0100%	1h	0.000003435	−0.203%	$114K	$123K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003435	−0.218%	$16.2M	$57.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003432	−0.302%	$10.9M	$18.0M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003435	−0.203%	$2.5M	$8.4M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003433	−0.261%	$829K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003434	−0.232%	$9.6M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003432	−0.276%	$2.6M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003432	−0.291%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003432	−0.291%	—	$4.7M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003433	−0.265%	$316K	$131K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003430	−0.349%	$58K	$709K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003442	0.000%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003442	0.000%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003441	−0.029%	$97K	$150K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003433	−0.272%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003430	−0.349%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.841%	$574	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0331%	1h	0.000003443	+0.029%	$2K	$110K	10x	as long as short
Backpack kBONK_USDC_PERPlong	+0.0374%	1h	0.000003442	long leg	$30K	$7K	10x
Hyperliquid kBONK	+0.1022%	1h	0.000003440	−0.058%	$10.2M	$7.6M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2043%	1h	0.000003448	+0.180%	$215K	$165K	50x	as long as short