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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.1591%/8h= −174.2% APRpaid last 24h −0.028%

Price spread now: Variational Omni against Backpack−1.007%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$48 a day on $10k at the current rate, and Variational Omni is 1.007% cheaper against Backpack than usual: you would sell low and buy high (−$101 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	0.000003537	0.1691	pay 0.0211% / 1h	43m 47s	$46K	$17K	10x
Short	Variational Omni 1000BONK	0.000003501	0.0100	get 0.0050% / 4h	2h 43m	$326K	$141K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −1.007%Rate

Funding earned: −$334.08
Price spread: −1.007% → 0.000%: −$100.69
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$444.76
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Variational Omni: RFQ quote, 5 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 Variational Omni RFQ quote, 5 min ago	5.71 bp	doesn't fit	54.2 bp −$542	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	−0.0136%	1h	0.000003522	−0.424%	$44K	$47K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003509	−0.781%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003525	−0.351%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.436%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0051%	4h	0.000003500	−1.046%	$1.0M	$17.5M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003527	−0.285%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0092%	4h	0.000003530	−0.198%	$30K	$53K	20x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003536	−0.028%	$249K	$706K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003525	−0.325%	$42K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003527	−0.295%	$59K	$299K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003508	−0.820%	$119K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003529	−0.226%	$17.9M	$70.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003527	−0.291%	$11.6M	$21.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003526	−0.311%	$2.8M	$11.4M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003524	−0.368%	$930K	$3.1M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003530	−0.198%	$10.0M	$8.0M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003521	−0.450%	$3.0M	$10.3M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003526	−0.311%	$4.5M	$3.8M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003528	−0.254%	—	$4.8M	—	as long as short
Variational Omni 1000BONKshort	+0.0100%	4h	0.000003501	−1.007%	$326K	$141K	—
SunX BONK-USDT	+0.0100%	4h	0.000003532	−0.141%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003534	−0.085%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003515	−0.622%	$100K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003523	−0.408%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003527	−0.283%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−15.182%	$389	—	100x	as long as short
ApeX Omni 1000BONKUSDT	+0.0426%	1h	0.000003515	−0.622%	$59K	$706K	25x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0600%	1h	0.000003533	−0.113%	$9K	$134K	10x	as long as short
Backpack kBONK_USDC_PERPlong	+0.1691%	1h	0.000003537	long leg	$46K	$17K	10x
Hyperliquid kBONK	+0.1710%	1h	0.000003536	−0.028%	$11.9M	$6.3M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2626%	1h	0.000003542	+0.129%	$217K	$218K	50x	as long as short