Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0184%/8h= −20.2% APRpaid last 24h −0.109%

Price spread now: Orderly against Backpack−0.089%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 Orderly

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—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Orderly is 0.089% cheaper against Backpack than usual: you would sell low and buy high (−$9 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	0.000003361	0.0100	pay 0.0013% / 1h	17m 02s	$30K	$7K	10x
Short	Orderly PERP_1000BONK_USDC	0.000003358	−0.0084	pay 0.0042% / 4h	1h 17m	$29K	$41K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.089%Rate

Funding earned: −$38.64
Price spread: −0.089% → 0.000%: −$8.93
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$63.57
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Backpack and Orderly: 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
Deribit 1000BONK_USDC-PERPETUAL	−0.0345%	1h	0.000003357	−0.119%	$2K	$110K	10x	as long as short
Coinbase International 1000BONK-PERP-INTX	−0.0248%	1h	0.000003342	−0.565%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003359	−0.060%	$1.0M	$13.3M	75x	as long as short
Orderly PERP_1000BONK_USDCshort	−0.0084%	4h	0.000003358	−0.089%	$29K	$41K	20x
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003359	−0.048%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003363	+0.046%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.589%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003359	−0.058%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003361	0.000%	$189K	$301K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003360	−0.015%	$19K	$106K	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	0.000003360	−0.035%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003363	+0.060%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003360	−0.026%	$15.2M	$51.7M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003359	−0.060%	$10.2M	$16.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003360	−0.030%	$2.4M	$7.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003358	−0.089%	$719K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003358	−0.089%	$10.1M	$6.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003357	−0.119%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003357	−0.119%	$4.2M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003360	−0.030%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERPlong	+0.0100%	1h	0.000003361	long leg	$30K	$7K	10x
Variational Omni 1000BONK	+0.0100%	4h	0.000003357	−0.117%	$301K	$121K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003360	−0.030%	$57K	$699K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003363	+0.060%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003359	−0.060%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003376	+0.446%	$91K	$151K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003358	−0.094%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003357	−0.119%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.741%	$562	—	100x	as long as short
Hyperliquid kBONK	+0.0927%	1h	0.000003367	+0.179%	$10.1M	$7.4M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.0963%	1h	0.000003364	+0.100%	$204K	$149K	50x	as long as short