Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0094%/8h= −10.3% APRpaid last 24h +0.512%

Price spread now: Bybit against GMX+16.600%7-day average — · you sell dearer than you buy

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. Bybit is 16.600% dearer against GMX than usual: you sell high and buy low (spread +16.600% now, against zero (this spread has no 7-day history yet)): +$1,660 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 20 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BONK/USD [ETH-USDC]	0.000003000	L +0.0194% / S −0.2801%	pay 0.0024% / 1h	23m 19s	$385	—	100x
Short	Bybit 1000BONKUSDT	0.000003498	0.0100	get 0.0050% / 4h	2h 23m	$11.5M	$22.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against GMX. 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 GMXbpFee BybitbpOrdersPrice spread, now +16.600%Rate

Funding earned: −$19.73
Price spread: +16.600% → 0.000%: $1,660
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $1,617.27
Costs to cover: 0.230%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Bybit: live order book, 5 min ago. 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	1.43 bp	15.4 bp −$15	35.9 bp −$359	159.7 bp −$16.0K	doesn't fit

GMX: 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	0.000003483	+16.100%	$43K	$47K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003490	+16.343%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003499	+16.637%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	+9.133%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0047%	4h	0.000003499	+16.633%	$1.0M	$17.8M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003491	+16.364%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0093%	4h	0.000003499	+16.633%	$30K	$53K	20x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003493	+16.433%	$42K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003503	+16.763%	$58K	$299K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003494	+16.467%	$116K	$123K	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	0.000003502	+16.741%	$18.0M	$71.5M	75x	as long as short
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003498	+16.600%	$11.5M	$22.3M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003501	+16.700%	$2.8M	$11.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003490	+16.333%	$901K	$3.1M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003497	+16.567%	$10.3M	$8.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003491	+16.363%	$3.0M	$10.4M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003499	+16.633%	$4.5M	$3.9M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003500	+16.667%	—	$4.9M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003487	+16.231%	$324K	$141K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003494	+16.467%	$59K	$703K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003494	+16.467%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003502	+16.733%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003509	+16.967%	$100K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003501	+16.685%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003498	+16.600%	$4K	—	3x	as long as short
Lighter 1000BONK	+0.0144%	1h	0.000003505	+16.833%	$246K	$722K	10x	as long as short
GMX BONK/USD [ETH-USDC]long	L +0.0194% / S −0.2801%	1h	0.000003000	long leg	$385	—	100x
Deribit 1000BONK_USDC-PERPETUAL	+0.0608%	1h	0.000003501	+16.700%	$9K	$134K	10x	as long as short
Hyperliquid kBONK	+0.1570%	1h	0.000003497	+16.567%	$11.6M	$6.7M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1578%	1h	0.000003502	+16.733%	$46K	$17K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2651%	1h	0.000003507	+16.900%	$215K	$218K	50x	as long as short