Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.005%

Price spread now: Lighter against Bybit+0.256%7-day average +0.052% · you sell dearer than you buy

Net, funding: paid 7d − costs−$42as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$490.486% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.067%+$7 on $10k

Price spread, last 4 days (all we have)−0.231%−$23 · spread now +0.256%, 7d avg +0.052%

Together, before fees−0.165%+ Points / potential airdropLighter: Season 3 · farm board−$16 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 0.204% dearer against Bybit than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of +0.052%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit 1000BONKUSDT	0.000003512	0.0100	pay 0.0050% / 4h	2h 36m	$11.6M	$22.1M	50x
Short	Lighter 1000BONK	0.000003521	0.0104	get 0.0013% / 1h	36m 42s	$248K	$708K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.256%Rate

Funding earned: $0.84
Price spread: +0.256% → +0.052%: $20.42
Slippage, 4 orders: −$37.64
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$27.37
Costs to cover: 0.486%
Break-even: 235.1 days

Slippage from Bybit: live order book, 7 min ago; Lighter: live order book, 59 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 Bybit live order book, 7 min ago	2.84 bp	14.0 bp −$14	33.8 bp −$338	doesn't fit	doesn't fit
Sell Lighter live order book, 59 min ago	1.42 bp	3.6 bp −$4	30.0 bp −$300	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	−0.0136%	1h	0.000003479	−0.940%	$43K	$47K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003516	+0.126%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003519	+0.205%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.777%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003518	+0.185%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0091%	4h	0.000003518	+0.171%	$30K	$53K	20x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003518	+0.185%	$42K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003513	+0.030%	$59K	$299K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003518	+0.171%	$117K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003517	+0.142%	$17.9M	$71.0M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDTlong	+0.0100%	4h	0.000003512	long leg	$11.6M	$22.1M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003515	+0.085%	$2.8M	$11.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003515	+0.085%	$930K	$3.1M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003516	+0.114%	$9.9M	$8.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003517	+0.134%	$3.0M	$10.3M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003513	+0.028%	$4.5M	$3.9M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003513	+0.028%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003496	−0.457%	$328K	$141K	—	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003525	+0.370%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003521	+0.256%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003521	+0.256%	$100K	$129K	30x	as long as short
BloFin 1000BONK-USDT	+0.0103%	4h	0.000003523	+0.313%	$1.0M	$17.8M	75x	as long as short
Lighter 1000BONKshort	+0.0104%	1h	0.000003521	+0.256%	$248K	$708K	10x
Extended 1000BONK-USD	+0.0104%	1h	0.000003515	+0.074%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003511	−0.028%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−14.579%	$389	—	100x	as long as short
ApeX Omni 1000BONKUSDT	+0.0198%	1h	0.000003489	−0.655%	$59K	$705K	25x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0603%	1h	0.000003520	+0.228%	$9K	$134K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1642%	1h	0.000003528	+0.456%	$46K	$17K	10x	as long as short
Hyperliquid kBONK	+0.1658%	1h	0.000003527	+0.427%	$11.9M	$6.5M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2633%	1h	0.000003531	+0.551%	$217K	$218K	50x	as long as short