Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.1739%/8h= −190.5% APRpaid last 24h −0.111%

Price spread now: BloFin against Backpack−0.371%66s7-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 BloFin

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$52 a day on $10k at the current rate, and BloFin is 0.371% cheaper against Backpack than usual: you would sell low and buy high (−$37 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 66 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	0.000003501	0.1839	pay 0.0230% / 1h	39m 47s	$54K	$23K	10x
Short	BloFin 1000BONK-USDT	0.000003488	0.0100	get 0.0050% / 4h	3h 39m	$1.1M	$20.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.371%Rate

Funding earned: −$365.25
Price spread: −0.371% → 0.000%: −$37.13
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$424.38
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; BloFin: live order book, 4 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 BloFin live order book, 4 min ago	4.28 bp	19.4 bp −$19	27.1 bp −$271	73.9 bp −$7,386	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 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	−0.0024%	1h	0.000003477	−0.686%	$42K	$68K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003488	−0.359%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003486	−0.440%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.484%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003486	−0.430%	$4	—	15x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003495	−0.158%	$47K	$332K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003490	−0.314%	$116K	$162K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003495	−0.175%	$18.1M	$89.8M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003491	−0.286%	$12.4M	$27.3M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003494	−0.200%	$3.0M	$15.1M	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BONK_USDT	+0.0100%	4h	0.000003491	−0.286%	$923K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003491	−0.286%	$11.4M	$10.0M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003494	−0.214%	$3.0M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003492	−0.257%	$4.5M	$5.4M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003492	−0.257%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003476	−0.716%	$327K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003504	+0.086%	$59K	$701K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003485	−0.443%	$69K	$139K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003487	−0.400%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003495	−0.171%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003490	−0.314%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003491	−0.286%	$99K	$134K	30x	as long as short
BloFin 1000BONK-USDTshort	+0.0100%	4h	0.000003488	−0.371%	$1.1M	$20.1M	75x
Extended 1000BONK-USD	+0.0104%	1h	0.000003493	−0.241%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003486	−0.428%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−14.310%	$533	—	100x	as long as short
Lighter 1000BONK	+0.0248%	1h	0.000003493	−0.229%	$245K	$759K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0324%	1h	0.000003489	−0.343%	$34K	$164K	10x	as long as short
Hyperliquid kBONK	+0.0609%	1h	0.000003499	−0.057%	$12.0M	$8.2M	10x	as long as short
Backpack kBONK_USDC_PERPlong	+0.1839%	1h	0.000003501	long leg	$54K	$23K	10x
Kraken Futures PF_BONKUSD	+0.2971%	1h	0.000003494	−0.207%	$178K	$275K	50x	as long as short