Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0240%/8h= +26.3% APRpaid last 24h +0.002%

Price spread now: Backpack against BloFin−0.089%66s7-day average — · you buy dearer than you sell

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

Long on BloFin Short on Backpack

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

Funding pays, the price is against you. Backpack is 0.089% cheaper against BloFin than usual: you would sell low and buy high (spread −0.089% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$9 on $10k: about 30 hours of funding at the current rate (+$7 a day). The two prices were read 66 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	BloFin 1000BONK-USDT	0.000003386	−0.0140	get 0.0070% / 4h	2h 45m	$1.0M	$13.2M	75x
Short	Backpack kBONK_USDC_PERP	0.000003383	0.0100	get 0.0013% / 1h	45m 28s	$30K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against BloFin. 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 BloFinbpFee BackpackbpOrdersPrice spread, now −0.089%Rate

Funding earned: $50.4
Price spread: −0.089% → 0.000%: −$8.86
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $19.54
Costs to cover: 0.220%
Break-even: 4.3 days

Slippage unknown: BloFin: live order book, 3 min ago; Backpack: 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 BloFin live order book, 3 min ago	7.37 bp	13.4 bp −$13	21.1 bp −$211	76.9 bp −$7,694	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

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	−0.0320%	1h	0.000003377	−0.266%	$43K	$21K	50x	as long as short
BloFin 1000BONK-USDTlong	−0.0140%	4h	0.000003386	long leg	$1.0M	$13.2M	75x
Deribit 1000BONK_USDC-PERPETUAL	−0.0046%	1h	0.000003380	−0.177%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDC	−0.0034%	4h	0.000003381	−0.148%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003381	−0.139%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003382	−0.117%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.308%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003383	−0.101%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003385	−0.030%	$203K	$283K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003383	−0.076%	$67K	$252K	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	0.000003383	−0.089%	$116K	$116K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003382	−0.128%	$15.3M	$49.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003380	−0.177%	$10.2M	$16.1M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003382	−0.118%	$2.5M	$7.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003383	−0.089%	$746K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003381	−0.148%	$9.8M	$6.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003381	−0.139%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003381	−0.148%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003382	−0.118%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERPshort	+0.0100%	1h	0.000003383	−0.089%	$30K	$7K	10x
Variational Omni 1000BONK	+0.0100%	4h	0.000003383	−0.088%	$304K	$105K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003384	−0.059%	$57K	$693K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003381	−0.133%	$20K	$104K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003386	0.000%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003380	−0.177%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003392	+0.177%	$80K	$117K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003382	−0.113%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003378	−0.236%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.400%	$566	—	100x	as long as short
Hyperliquid kBONK	+0.0760%	1h	0.000003389	+0.089%	$10.1M	$6.9M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1134%	1h	0.000003387	+0.029%	$206K	$185K	50x	as long as short