Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0047%/8h= +5.2% APRpaid last 24h −0.046%

Price spread now: Orderly against Injective+8.949%58s7-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 Orderly

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 +$1 a day on $10k at the current rate, and Orderly is 8.949% dearer against Injective than usual: you sell high and buy low: +$895 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 58 seconds apart, so part of this spread may be the market moving, not a spread.

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	8m 14s	$3K	$113	5.5x
Short	Orderly PERP_1000BONK_USDC	0.000003567	0.0080	get 0.0040% / 4h	3h 08m	$31K	$54K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +8.949%Rate

Funding earned: $9.9
Price spread: +8.949% → 0.000%: $894.93
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: $898.81
Costs to cover: 0.060%
Break-even: from the start

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

Injective 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	−0.0312%	1h	0.000003569	+9.010%	$45K	$46K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003565	+8.900%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003564	+8.845%	$25	—	150x	as long as short
Injective BONK/USDC PERPlong	+0.0033%	1h	0.000003274	long leg	$3K	$113	5.5x
BloFin 1000BONK-USDT	+0.0067%	4h	0.000003558	+8.674%	$1.0M	$17.3M	75x	as long as short
Orderly PERP_1000BONK_USDCshort	+0.0080%	4h	0.000003567	+8.949%	$31K	$54K	20x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003564	+8.869%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003566	+8.934%	$43K	$111K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003565	+8.887%	$75K	$279K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003566	+8.919%	$122K	$113K	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	0.000003567	+8.949%	$18.0M	$66.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003566	+8.913%	$11.8M	$20.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003568	+8.980%	$2.7M	$10.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003563	+8.827%	$926K	$2.9M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003564	+8.858%	$9.9M	$7.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003563	+8.839%	$3.0M	$10.1M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003568	+8.980%	$4.6M	$3.5M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003567	+8.949%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003590	+9.647%	$333K	$140K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003577	+9.255%	$60K	$707K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003573	+9.133%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003565	+8.888%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003569	+9.010%	$101K	$127K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003566	+8.920%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003566	+8.919%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−8.369%	$393	—	100x	as long as short
Lighter 1000BONK	+0.0216%	1h	0.000003568	+8.980%	$248K	$698K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0872%	1h	0.000003569	+9.010%	$6K	$123K	10x	as long as short
Hyperliquid kBONK	+0.1015%	1h	0.000003574	+9.163%	$11.8M	$5.9M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1530%	1h	0.000003561	+8.766%	$49K	$16K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2353%	1h	0.000003568	+8.994%	$229K	$195K	50x	as long as short