Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.029%

Price spread now: OKX 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 OKX

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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and OKX is 3.818% dearer against Injective than usual: you sell high and buy low: +$382 more if the spread goes back to zero (this spread has no 7-day history yet).

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	34m 42s	$3K	$113	5.5x
Short	OKX BONK-USDT-SWAP	0.000003399	0.0100	get 0.0100% / 8h	5h 34m	$2.5M	$8.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +3.818%Rate

Funding earned: $14
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 OKX: 5 bp × 2 orders: −$10
Net: $385.78
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; OKX: 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 OKX live order book, 3 min ago	2.95 bp	18.5 bp −$18	58.1 bp −$581	doesn't fit	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	−0.0336%	1h	0.000003380	+3.238%	$45K	$31K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003418	+4.398%	$951K	$15.2M	75x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003396	+3.736%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003414	+4.279%	$24	—	150x	as long as short
Injective BONK/USDC PERPlong	+0.0033%	1h	0.000003274	long leg	$3K	$113	5.5x
Deribit 1000BONK_USDC-PERPETUAL	+0.0043%	1h	0.000003416	+4.337%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0048%	4h	0.000003415	+4.307%	$29K	$58K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003413	+4.258%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003401	+3.879%	$224K	$670K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003412	+4.230%	$27K	$97K	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	0.000003415	+4.314%	$79K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003399	+3.818%	$114K	$108K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003399	+3.818%	$16.0M	$56.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003397	+3.757%	$10.8M	$17.9M	50x	as long as short
OKX BONK-USDT-SWAPshort	+0.0100%	8h	0.000003399	+3.818%	$2.5M	$8.4M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003400	+3.849%	$845K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003399	+3.818%	$9.6M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003400	+3.833%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003393	+3.635%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003399	+3.818%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003416	+4.337%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003409	+4.118%	$310K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003387	+3.451%	$57K	$707K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003420	+4.459%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003415	+4.307%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003420	+4.459%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003398	+3.775%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003413	+4.246%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−8.369%	$571	—	100x	as long as short
Hyperliquid kBONK	+0.0742%	1h	0.000003407	+4.062%	$10.1M	$4.7M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2029%	1h	0.000003425	+4.610%	$221K	$174K	50x	as long as short