Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.004%

Price spread now: Lighter against Bitget+0.209%7-day average +0.057% · you sell dearer than you buy

Net, funding: paid 7d − costs−$57as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$590.593% of the position

Long on Bitget Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.028%+$3 on $10k

Price spread, last 4 days (all we have)−0.261%−$26 · spread now +0.209%, 7d avg +0.057%

Together, before fees−0.233%+ Points / potential airdropLighter: Season 3 · farm board−$23 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.152% dearer against Bitget than usual: you sell high and buy low, +$15 on $10k if it goes back to its 7-day average of +0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget 1000BONKUSDT	0.000003343	0.0100	pay 0.0050% / 4h	1h 52m	$4.2M	$3.1M	75x
Short	Lighter 1000BONK	0.000003350	0.0096	get 0.0012% / 1h	52m 40s	$199K	$289K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bitget. 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 BitgetbpFee LighterbpOrdersPrice spread, now +0.209%Rate

Funding earned: −$0.84
Price spread: +0.209% → +0.057%: $15.22
Slippage, 4 orders: −$47.33
Fee Bitget: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$44.95
Costs to cover: 0.593%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; Lighter: live order book, 21 min ago.

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 Bitget live order book, 5 min ago	5.98 bp	17.0 bp −$17	34.5 bp −$345	doesn't fit	doesn't fit
Sell Lighter live order book, 21 min ago	4.47 bp	10.1 bp −$10	38.3 bp −$383	doesn't fit	doesn't fit

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	−0.0347%	1h	0.000003346	+0.090%	$2K	$110K	10x	as long as short
Coinbase International 1000BONK-PERP-INTX	−0.0248%	1h	0.000003327	−0.479%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003346	+0.090%	$997K	$13.2M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0065%	4h	0.000003348	+0.150%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003349	+0.194%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003349	+0.170%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.064%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003347	+0.127%	$4	—	15x	as long as short
Lighter 1000BONKshort	+0.0096%	1h	0.000003350	+0.209%	$199K	$289K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003349	+0.194%	$19K	$107K	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	0.000003350	+0.205%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003350	+0.209%	$114K	$120K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003349	+0.192%	$15.0M	$51.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003349	+0.179%	$10.1M	$16.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003351	+0.239%	$2.4M	$7.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003343	0.000%	$743K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003346	+0.090%	$10.0M	$6.4M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003347	+0.132%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDTlong	+0.0100%	4h	0.000003343	long leg	$4.2M	$3.1M	75x
BingX 1000BONK-USDT	+0.0100%	4h	0.000003349	+0.179%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003348	+0.150%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003352	+0.261%	$301K	$104K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003364	+0.628%	$57K	$695K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003359	+0.479%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003348	+0.150%	$2K	$6K	10x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003344	+0.029%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003347	+0.120%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.260%	$560	—	100x	as long as short
HTX BONK-USDT	+0.0280%	4h	0.000003369	+0.778%	$84K	$141K	30x	as long as short
Hyperliquid kBONK	+0.0792%	1h	0.000003355	+0.359%	$9.9M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.0965%	1h	0.000003356	+0.402%	$204K	$149K	50x	as long as short