Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.019%

Price spread now: Injective against Binance−2.778%107s7-day average — · you buy dearer than you sell

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

Long on Binance Short on Injective

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—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 2.778% cheaper against Binance than usual: you would sell low and buy high (−$278 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 107 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	Binance 1000BONKUSDT	0.000003368	0.0100	pay 0.0050% / 4h	3m 34s	$15.3M	$52.7M	75x
Short	Injective BONK/USDC PERP	0.000003274	0.0033	get 0.0004% / 1h	3m 34s	$3K	$113	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Binance. 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 BinancebpFee InjectivebpOrdersPrice spread, now −2.778%Rate

Funding earned: −$14
Price spread: −2.778% → 0.000%: −$277.8
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$301.82
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Binance: live order book, 9 min ago; Injective: 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 Binance live order book, 9 min ago	1.49 bp	11.8 bp −$12	26.3 bp −$263	222.2 bp −$22.2K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0456%	1h	0.000003344	−0.699%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003355	−0.373%	$1.0M	$13.8M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0063%	4h	0.000003364	−0.105%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003365	−0.079%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003367	−0.002%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERPshort	+0.0033%	1h	0.000003274	−2.778%	$3K	$113	5.5x
Deribit 1000BONK_USDC-PERPETUAL	+0.0047%	1h	0.000003366	−0.046%	$2K	$110K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003368	−0.001%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003368	+0.013%	$219K	$330K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003368	+0.028%	$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	0.000003365	−0.076%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003367	−0.016%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDTlong	+0.0100%	4h	0.000003368	long leg	$15.3M	$52.7M	75x
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003364	−0.091%	$10.3M	$16.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003368	+0.013%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003366	−0.046%	$718K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003366	−0.046%	$9.8M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003366	−0.052%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003365	−0.076%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003366	−0.046%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003368	+0.013%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003349	−0.549%	$301K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003353	−0.432%	$56K	$702K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003370	+0.073%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003365	−0.076%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003371	+0.102%	$92K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003367	−0.020%	$22K	$3K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003362	−0.165%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.914%	$562	—	100x	as long as short
Hyperliquid kBONK	+0.1159%	1h	0.000003374	+0.192%	$10.0M	$7.4M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1454%	1h	0.000003369	+0.050%	$206K	$153K	50x	as long as short