Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.029%

Price spread now: Injective against Bybit−3.422%108s7-day average — · you buy dearer than you sell

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

Long on Bybit 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 3.422% cheaper against Bybit than usual: you would sell low and buy high (−$342 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 108 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	Bybit 1000BONKUSDT	0.000003390	0.0100	pay 0.0050% / 4h	3h 39m	$10.5M	$17.0M	50x
Short	Injective BONK/USDC PERP	0.000003274	0.0033	get 0.0004% / 1h	39m 27s	$3K	$113	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now −3.422%Rate

Funding earned: −$14
Price spread: −3.422% → 0.000%: −$342.18
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$367.2
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 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 Bybit live order book, 4 min ago	1.48 bp	13.9 bp −$14	34.4 bp −$344	doesn't fit	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	−0.0376%	1h	0.000003383	−0.206%	$43K	$23K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003391	+0.029%	$1.0M	$14.3M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0057%	4h	0.000003397	+0.206%	$29K	$40K	20x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	−0.0044%	1h	0.000003395	+0.147%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003391	+0.027%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003396	+0.191%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERPshort	+0.0033%	1h	0.000003274	−3.422%	$3K	$113	5.5x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003391	+0.044%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003391	+0.044%	$19K	$103K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003398	+0.242%	$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	0.000003398	+0.236%	$114K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003391	+0.029%	$15.5M	$53.2M	75x	as long as short
Bybit 1000BONKUSDTlong	+0.0100%	4h	0.000003390	long leg	$10.5M	$17.0M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003391	+0.029%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003395	+0.147%	$727K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003390	0.000%	$9.9M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003392	+0.047%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003391	+0.029%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003396	+0.177%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003394	+0.117%	$305K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003391	+0.029%	$57K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003400	+0.295%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003396	+0.177%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003401	+0.324%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003396	+0.171%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003396	+0.177%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.504%	$567	—	100x	as long as short
Lighter 1000BONK	+0.0280%	1h	0.000003402	+0.354%	$312K	$420K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0286%	1h	0.000003398	+0.236%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0595%	1h	0.000003399	+0.265%	$10.1M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1465%	1h	0.000003401	+0.325%	$208K	$156K	50x	as long as short