Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0123%/8h= −13.5% APRpaid last 24h +1.028%

Price spread now: Orderly against GMX+14.067%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 Orderly

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. Orderly is 14.067% dearer against GMX than usual: you sell high and buy low (spread +14.067% now, against zero (this spread has no 7-day history yet)): +$1,407 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 13 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BONK/USD [ETH-USDC]	0.000003000	L +0.0197% / S −0.4340%	pay 0.0025% / 1h	25m 58s	$571	—	100x
Short	Orderly PERP_1000BONK_USDC	0.000003422	0.0074	get 0.0037% / 4h	25m 58s	$29K	$56K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +14.067%Rate

Funding earned: −$25.84
Price spread: +14.067% → 0.000%: $1,406.67
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Orderly: 3 bp × 2 orders: −$6
Net: $1,362.82
Costs to cover: 0.180%
Break-even: from the start

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

GMX 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	−0.0320%	1h	0.000003412	+13.733%	$43K	$35K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003420	+14.000%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003419	+13.957%	$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
Orderly PERP_1000BONK_USDCshort	+0.0074%	4h	0.000003422	+14.067%	$29K	$56K	20x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003418	+13.931%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003428	+14.267%	$224K	$672K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003418	+13.950%	$31K	$101K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003421	+14.035%	$79K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003421	+14.033%	$114K	$109K	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	0.000003428	+14.267%	$16.6M	$59.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003428	+14.260%	$10.8M	$18.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003423	+14.100%	$2.5M	$9.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003424	+14.133%	$817K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003428	+14.267%	$9.1M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003428	+14.267%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003426	+14.200%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003428	+14.267%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003423	+14.096%	$311K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003422	+14.067%	$58K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003425	+14.167%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003426	+14.200%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003421	+14.033%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003424	+14.122%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003422	+14.067%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0105%	4h	0.000003434	+14.467%	$966K	$15.5M	75x	as long as short
GMX BONK/USD [ETH-USDC]long	L +0.0197% / S −0.4340%	1h	0.000003000	long leg	$571	—	100x
Backpack kBONK_USDC_PERP	+0.0335%	1h	0.000003429	+14.300%	$30K	$7K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0627%	1h	0.000003424	+14.133%	$2K	$110K	10x	as long as short
Hyperliquid kBONK	+0.0768%	1h	0.000003435	+14.500%	$10.1M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2453%	1h	0.000003436	+14.537%	$222K	$177K	50x	as long as short