Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0096%/8h= −10.6% APRpaid last 24h +0.245%

Price spread now: MEXC against GMX+20.333%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 MEXC

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. MEXC is 20.333% dearer against GMX than usual: you sell high and buy low (spread +20.333% now, against zero (this spread has no 7-day history yet)): +$2,033 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 23 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BONK/USD [ETH-USDC]	0.000003000	L +0.0196% / S −0.3950%	pay 0.0025% / 1h	32m 07s	$551	—	100x
Short	MEXC 1000BONK_USDT	0.000003610	0.0100	get 0.0050% / 4h	1h 32m	$12.2M	$9.1M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +20.333%Rate

Funding earned: −$20.24
Price spread: +20.333% → 0.000%: $2,033.33
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee MEXC: 0 bp × 2 orders: $0
Net: $2,001.1
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; MEXC: live order book, 1 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 MEXC live order book, 1 min ago	1.38 bp	3.4 bp −$3	8.9 bp −$89	63.9 bp −$6,394	120.7 bp −$60.4K

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	−0.0016%	1h	0.000003596	+19.867%	$45K	$61K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003610	+20.333%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003606	+20.207%	$25	—	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	+0.0069%	4h	0.000003640	+21.333%	$1.1M	$19.3M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003605	+20.164%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003604	+20.133%	$55K	$123K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003612	+20.399%	$60K	$303K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003608	+20.267%	$120K	$134K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003611	+20.364%	$18.7M	$79.3M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003603	+20.103%	$12.4M	$24.5M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003609	+20.300%	$3.0M	$13.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003603	+20.100%	$987K	$3.4M	50x	as long as short
MEXC 1000BONK_USDTshort	+0.0100%	4h	0.000003610	+20.333%	$12.2M	$9.1M	125x
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003609	+20.307%	$2.9M	$10.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003605	+20.167%	$4.6M	$4.6M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003609	+20.300%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003644	+21.462%	$345K	$146K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003700	+23.333%	$62K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003608	+20.267%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003616	+20.533%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003611	+20.367%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003605	+20.167%	$102K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003610	+20.338%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003607	+20.233%	$4K	—	3x	as long as short
Lighter 1000BONK	+0.0168%	1h	0.000003616	+20.533%	$252K	$746K	10x	as long as short
GMX BONK/USD [ETH-USDC]long	L +0.0196% / S −0.3950%	1h	0.000003000	long leg	$551	—	100x
Deribit 1000BONK_USDC-PERPETUAL	+0.0304%	1h	0.000003611	+20.367%	$25K	$165K	10x	as long as short
Hyperliquid kBONK	+0.1232%	1h	0.000003616	+20.533%	$12.4M	$7.8M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1765%	1h	0.000003614	+20.467%	$56K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2981%	1h	0.000003622	+20.730%	$223K	$221K	50x	as long as short