Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1437%/8h= −157.4% APRpaid last 24h −0.010%

Price spread now: HTX against Backpack−0.084%7-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 HTX

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 −$43 a day on $10k at the current rate, and HTX is 0.084% cheaper against Backpack than usual: you would sell low and buy high (−$8 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kBONK_USDC_PERP	0.000003572	0.1537	pay 0.0192% / 1h	8m 01s	$49K	$16K	10x
Short	HTX BONK-USDT	0.000003569	0.0100	get 0.0050% / 4h	3h 08m	$101K	$127K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.084%Rate

Funding earned: −$301.85
Price spread: −0.084% → 0.000%: −$8.4
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$332.24
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; HTX: live order book, 43 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 HTX live order book, 43 min ago	90.93 bp	99.7 bp −$100	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 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	0.000003569	−0.084%	$45K	$46K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003565	−0.185%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003564	−0.235%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−8.343%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0067%	4h	0.000003558	−0.392%	$1.0M	$17.3M	75x	as long as short
Orderly PERP_1000BONK_USDC	+0.0080%	4h	0.000003567	−0.140%	$31K	$54K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003564	−0.213%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003566	−0.154%	$43K	$111K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003570	−0.050%	$75K	$279K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003566	−0.168%	$122K	$113K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003569	−0.084%	$18.0M	$66.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003565	−0.193%	$11.8M	$20.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003569	−0.084%	$2.7M	$10.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003564	−0.224%	$924K	$2.9M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003571	−0.028%	$9.9M	$7.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003565	−0.185%	$3.0M	$10.1M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003566	−0.168%	$4.6M	$3.5M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003565	−0.196%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003590	+0.499%	$333K	$140K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003577	+0.140%	$60K	$707K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003573	+0.028%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003565	−0.196%	$2K	$7K	10x	as long as short
HTX BONK-USDTshort	+0.0100%	4h	0.000003569	−0.084%	$101K	$127K	30x
Extended 1000BONK-USD	+0.0104%	1h	0.000003568	−0.124%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003566	−0.168%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−16.013%	$393	—	100x	as long as short
Lighter 1000BONK	+0.0216%	1h	0.000003569	−0.084%	$248K	$698K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0872%	1h	0.000003569	−0.084%	$6K	$123K	10x	as long as short
Hyperliquid kBONK	+0.1019%	1h	0.000003574	+0.056%	$11.8M	$5.9M	10x	as long as short
Backpack kBONK_USDC_PERPlong	+0.1537%	1h	0.000003572	long leg	$49K	$16K	10x
Kraken Futures PF_BONKUSD	+0.2353%	1h	0.000003568	−0.099%	$229K	$195K	50x	as long as short