Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0099%/8h= +10.8% APRpaid last 24h −0.045%

Price spread now: Orderly against dYdX−0.317%7-day average — · you buy dearer than you sell

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

Long on dYdX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 6 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. Orderly is 0.317% cheaper against dYdX than usual: you would sell low and buy high (spread −0.317% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$32 on $10k: about 11 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BONK-USD	0.000003561	0	get 0.0000% / 1h	16m 22s	$13K	$3K	10x
Short	Orderly PERP_1000BONK_USDC	0.000003550	0.0099	get 0.0049% / 4h	2h 16m	$30K	$53K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against dYdX. 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 dYdXbpFee OrderlybpOrdersPrice spread, now −0.317%Rate

Funding earned: $20.7
Price spread: −0.317% → 0.000%: −$31.7
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$27
Costs to cover: 0.160%
Break-even: 16.1 days

Slippage unknown: dYdX: 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 dYdX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

dYdX 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-INTX	−0.0136%	1h	0.000003559	−0.064%	$44K	$49K	50x	as long as short
dYdX BONK-USDlong	0.0000%	1h	0.000003561	long leg	$13K	$3K	10x
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003551	−0.300%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−8.067%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0072%	4h	0.000003567	+0.160%	$1.0M	$18.2M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003553	−0.220%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDCshort	+0.0099%	4h	0.000003550	−0.317%	$30K	$53K	20x
Nado kBONK-PERP	+0.0100%	1h	0.000003549	−0.345%	$46K	$115K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003554	−0.217%	$59K	$299K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003563	+0.048%	$120K	$125K	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	0.000003554	−0.205%	$18.3M	$72.5M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003550	−0.323%	$11.8M	$22.5M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003552	−0.261%	$2.8M	$11.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003554	−0.205%	$938K	$3.2M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003556	−0.148%	$10.5M	$8.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003554	−0.205%	$3.0M	$10.4M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003551	−0.289%	$4.5M	$4.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003551	−0.289%	—	$4.9M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003509	−1.471%	$327K	$141K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003544	−0.485%	$60K	$704K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003556	−0.148%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003554	−0.205%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003561	−0.008%	$101K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003551	−0.302%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003549	−0.345%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−15.761%	$391	—	100x	as long as short
Lighter 1000BONK	+0.0200%	1h	0.000003556	−0.148%	$249K	$723K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0595%	1h	0.000003552	−0.261%	$9K	$134K	10x	as long as short
Hyperliquid kBONK	+0.1541%	1h	0.000003558	−0.092%	$11.8M	$6.7M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1623%	1h	0.000003570	+0.245%	$47K	$17K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2611%	1h	0.000003561	−0.007%	$218K	$218K	50x	as long as short