Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0404%/8h= +44.2% APRpaid last 24h +0.012%

Price spread now: Lighter against BloFin+0.384%60s7-day average +0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs−$65as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$440.442% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.205%−$21 on $10k

Price spread, last 3 days (all we have)−0.316%−$32 · spread now +0.384%, 7d avg +0.007%

Together, before fees−0.521%+ Points / potential airdropLighter: Season 3 · farm board−$52 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Lighter is 0.377% dearer against BloFin than usual: you sell high and buy low: +$38 more if the spread goes back to its 7-day average of +0.007%. Mind the row above: over the last 7 days funding on this pair cost −0.205%, so the current rate has only just turned in your favour. The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.205% in total (about -10.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin 1000BONK-USDT	0.000003387	−0.0140	get 0.0070% / 4h	3h 38m	$1.0M	$14.3M	75x
Short	Lighter 1000BONK	0.000003400	0.0264	get 0.0033% / 1h	38m 02s	$312K	$420K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.384%Rate

Funding earned: $84.84
Price spread: +0.384% → +0.007%: $37.69
Slippage, 4 orders: −$32.23
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $78.3
Costs to cover: 0.442%
Break-even: 0.5 days

Slippage from BloFin: live order book, 6 min ago; Lighter: live order book, 18 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 BloFin live order book, 6 min ago	2.95 bp	11.9 bp −$12	20.4 bp −$204	81.2 bp −$8,122	doesn't fit
Sell Lighter live order book, 18 min ago	1.48 bp	10.7 bp −$11	34.7 bp −$347	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
Coinbase International 1000BONK-PERP-INTX	−0.0376%	1h	0.000003384	−0.089%	$43K	$24K	50x	as long as short
BloFin 1000BONK-USDTlong	−0.0140%	4h	0.000003387	long leg	$1.0M	$14.3M	75x
Orderly PERP_1000BONK_USDC	−0.0056%	4h	0.000003394	+0.207%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003394	+0.204%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003390	+0.103%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003396	+0.266%	$2K	$110K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.336%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003392	+0.147%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003392	+0.162%	$19K	$103K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003397	+0.286%	$65K	$251K	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	0.000003393	+0.177%	$114K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003391	+0.128%	$15.5M	$53.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003391	+0.118%	$10.5M	$17.0M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003393	+0.177%	$2.5M	$8.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003392	+0.148%	$726K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003397	+0.295%	$9.9M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003394	+0.218%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003391	+0.118%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003394	+0.207%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003394	+0.206%	$305K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003391	+0.118%	$57K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003398	+0.325%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003394	+0.207%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003408	+0.620%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003393	+0.171%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003395	+0.236%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.426%	$567	—	100x	as long as short
Lighter 1000BONKshort	+0.0264%	1h	0.000003400	+0.384%	$312K	$420K	10x
Backpack kBONK_USDC_PERP	+0.0293%	1h	0.000003397	+0.295%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0605%	1h	0.000003401	+0.413%	$10.1M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1465%	1h	0.000003400	+0.388%	$208K	$156K	50x	as long as short