Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0173%/8h= −19.0% APRpaid last 24h +0.030%

Price spread now: BloFin against Injective+3.818%7-day average — · you sell dearer than you buy

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

Long on Injective Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 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. BloFin is 3.818% dearer against Injective than usual: you sell high and buy low (spread +3.818% now, against zero (this spread has no 7-day history yet)): +$382 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 2 months.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BONK/USDC PERP	0.000003274	0.0033	pay 0.0004% / 1h	25m 57s	$3K	$113	5.5x
Short	BloFin 1000BONK-USDT	0.000003399	−0.0140	pay 0.0070% / 4h	2h 25m	$1.0M	$13.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Injective. 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 InjectivebpFee BloFinbpOrdersPrice spread, now +3.818%Rate

Funding earned: −$36.4
Price spread: +3.818% → 0.000%: $381.8
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: $333.38
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 3 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 Injective no order-book sample	—	—	—	—	—
Sell BloFin live order book, 3 min ago	1.49 bp	14.3 bp −$14	23.6 bp −$236	64.6 bp −$6,461	doesn't fit

Injective: 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	0.000003394	+3.665%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDTshort	−0.0140%	4h	0.000003399	+3.818%	$1.0M	$13.3M	75x
Deribit 1000BONK_USDC-PERPETUAL	−0.0044%	1h	0.000003396	+3.726%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDC	−0.0041%	4h	0.000003398	+3.787%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003396	+3.729%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003415	+4.302%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERPlong	+0.0033%	1h	0.000003274	long leg	$3K	$113	5.5x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003396	+3.738%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003388	+3.482%	$200K	$289K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003396	+3.742%	$19K	$107K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000BONKUSDT	+0.0100%	4h	0.000003393	+3.646%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003418	+4.398%	$116K	$117K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003378	+3.190%	$15.3M	$50.7M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003378	+3.189%	$10.2M	$16.4M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003382	+3.299%	$2.5M	$7.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003388	+3.482%	$745K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003380	+3.238%	$10.3M	$6.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003387	+3.448%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003375	+3.085%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003378	+3.177%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003387	+3.451%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003353	+2.424%	$302K	$104K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003361	+2.657%	$57K	$693K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003390	+3.543%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003385	+3.390%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003400	+3.849%	$79K	$118K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003379	+3.211%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003398	+3.787%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−8.369%	$568	—	100x	as long as short
Hyperliquid kBONK	+0.0726%	1h	0.000003393	+3.635%	$10.3M	$7.1M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1133%	1h	0.000003391	+3.561%	$206K	$149K	50x	as long as short