Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0390%/8h= +42.7% APRpaid last 24h +0.080%

Price spread now: Orderly against Coinbase International+0.329%7-day average — · you sell dearer than you buy

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

Long on Coinbase International Short on Orderly

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

Both sides work for this trade now. Funding pays +$12 a day on $10k at the current rate, and Orderly is 0.329% dearer against Coinbase International than usual: you sell high and buy low: +$33 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International 1000BONK-PERP-INTX	0.000003340	−0.0320	get 0.0040% / 1h	48m 22s	$43K	$33K	50x
Short	Orderly PERP_1000BONK_USDC	0.000003351	0.0070	get 0.0035% / 4h	48m 22s	$29K	$56K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Coinbase International. 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 Coinbase InternationalbpFee OrderlybpOrdersPrice spread, now +0.329%Rate

Funding earned: $81.82
Price spread: +0.329% → 0.000%: $32.93
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: $98.75
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Coinbase International: no order-book sample; Orderly: 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 Coinbase International no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Coinbase International and Orderly: 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-INTXlong	−0.0320%	1h	0.000003340	long leg	$43K	$33K	50x
dYdX BONK-USD	0.0000%	1h	0.000003346	+0.192%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003351	+0.332%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−1.976%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDCshort	+0.0070%	4h	0.000003351	+0.329%	$29K	$56K	20x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003353	+0.387%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003354	+0.419%	$222K	$667K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003354	+0.434%	$26K	$97K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003350	+0.299%	$77K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003350	+0.299%	$111K	$106K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003354	+0.407%	$16.1M	$58.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003349	+0.281%	$10.6M	$18.3M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003354	+0.419%	$2.5M	$8.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003350	+0.299%	$811K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003354	+0.419%	$9.3M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003351	+0.317%	$2.5M	$9.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003351	+0.329%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003351	+0.329%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003342	+0.060%	$29K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003359	+0.566%	$306K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003365	+0.749%	$57K	$705K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003356	+0.479%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003352	+0.359%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003361	+0.629%	$95K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003351	+0.333%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003346	+0.180%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0111%	4h	0.000003347	+0.210%	$954K	$14.9M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−10.180%	$561	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0346%	1h	0.000003356	+0.479%	$2K	$110K	10x	as long as short
Hyperliquid kBONK	+0.0836%	1h	0.000003360	+0.599%	$9.9M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2510%	1h	0.000003358	+0.543%	$217K	$176K	50x	as long as short