Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0262%/8h= +28.7% APRpaid last 24h +0.006%

Price spread now: Backpack against HTX−0.146%7-day average — · you buy dearer than you sell

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

Long on HTX Short on Backpack

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

Funding pays, the price is against you. Backpack is 0.146% cheaper against HTX than usual: you would sell low and buy high (spread −0.146% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 45 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BONK-USDT	0.000003431	0.0100	pay 0.0050% / 4h	2h 32m	$97K	$158K	30x
Short	Backpack kBONK_USDC_PERP	0.000003426	0.0362	get 0.0045% / 1h	32m 27s	$30K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against HTX. 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 HTXbpFee BackpackbpOrdersPrice spread, now −0.146%Rate

Funding earned: $54.99
Price spread: −0.146% → 0.000%: −$14.57
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Backpack: 5 bp × 2 orders: −$10
Net: $18.42
Costs to cover: 0.220%
Break-even: 4.7 days

Slippage unknown: HTX: live order book, 34 min ago; Backpack: 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 HTX live order book, 34 min ago	32.09 bp	161.1 bp −$161	doesn't fit	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

Backpack: 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 30 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	−0.0336%	1h	0.000003369	−1.807%	$43K	$26K	50x	as long as short
Orderly PERP_1000BONK_USDC	−0.0011%	4h	0.000003428	−0.087%	$29K	$59K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003437	+0.188%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003427	−0.128%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.576%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0042%	1h	0.000003427	−0.117%	$2K	$110K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003445	+0.407%	$4	—	15x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003430	−0.026%	$66K	$253K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003437	+0.175%	$114K	$125K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003444	+0.370%	$16.1M	$56.4M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003442	+0.324%	$10.9M	$17.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003445	+0.408%	$2.5M	$8.3M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003438	+0.204%	$756K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003441	+0.291%	$9.5M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003439	+0.239%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003443	+0.350%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003439	+0.233%	—	$4.7M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003414	−0.496%	$310K	$127K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003417	−0.408%	$58K	$713K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003444	+0.393%	$26K	$114K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003431	0.000%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003426	−0.146%	$2K	$6K	10x	as long as short
HTX BONK-USDTlong	+0.0100%	4h	0.000003431	long leg	$97K	$158K	30x
Extended 1000BONK-USD	+0.0104%	1h	0.000003438	+0.193%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003428	−0.087%	$4K	—	3x	as long as short
Lighter 1000BONK	+0.0152%	1h	0.000003443	+0.350%	$233K	$668K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.562%	$572	—	100x	as long as short
Backpack kBONK_USDC_PERPshort	+0.0362%	1h	0.000003426	−0.146%	$30K	$7K	10x
Hyperliquid kBONK	+0.0951%	1h	0.000003452	+0.612%	$10.3M	$7.6M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2051%	1h	0.000003435	+0.116%	$214K	$165K	50x	as long as short