Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0164%/8h= −18.0% APRpaid last 24h −0.009%

Price spread now: Binance against Lighter−0.185%7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$440.443% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.179%−$18 on $10k

Price spread, last 4 days (all we have)+0.146%+$15 · spread now −0.185%, 7d avg −0.023%

Together, before fees−0.034%+ Points / potential airdropLighter: Season 3 · farm board−$3 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Binance is 0.163% cheaper against Lighter than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003418	0.0264	pay 0.0033% / 1h	49m 29s	$375K	$497K	10x
Short	Binance 1000BONKUSDT	0.000003412	0.0100	get 0.0050% / 4h	2h 49m	$16.1M	$55.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Lighter. 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 LighterbpFee BinancebpOrdersPrice spread, now −0.185%Rate

Funding earned: −$34.44
Price spread: −0.185% → −0.023%: −$16.27
Slippage, 4 orders: −$34.3
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$95.01
Costs to cover: 0.443%
Break-even: never at this rate

Slippage from Lighter: live order book, 66 min ago; Binance: live order book, 8 min ago.

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 Lighter live order book, 66 min ago	1.48 bp	10.0 bp −$10	27.5 bp −$275	doesn't fit	doesn't fit
Sell Binance live order book, 8 min ago	2.95 bp	10.6 bp −$11	31.8 bp −$318	134.5 bp −$13.4K	doesn't fit

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	0.000003390	−0.819%	$44K	$26K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003410	−0.234%	$935K	$14.9M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0026%	4h	0.000003408	−0.293%	$29K	$49K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003409	−0.249%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003409	−0.257%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.213%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0043%	1h	0.000003411	−0.205%	$2K	$110K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003411	−0.206%	$4	—	15x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003413	−0.152%	$66K	$253K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003414	−0.117%	$113K	$125K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDTshort	+0.0100%	4h	0.000003412	−0.185%	$16.1M	$55.3M	75x
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003409	−0.263%	$10.7M	$17.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003408	−0.293%	$2.5M	$8.2M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003412	−0.176%	$717K	$2.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003411	−0.205%	$9.8M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003414	−0.132%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003409	−0.263%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003410	−0.234%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003404	−0.410%	$310K	$127K	—	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003415	−0.073%	$27K	$114K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003419	+0.029%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003413	−0.146%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003412	−0.176%	$96K	$161K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003413	−0.156%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003410	−0.234%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.229%	$571	—	100x	as long as short
Lighter 1000BONKlong	+0.0264%	1h	0.000003418	long leg	$375K	$497K	10x
Backpack kBONK_USDC_PERP	+0.0538%	1h	0.000003417	−0.029%	$30K	$7K	10x	as long as short
ApeX Omni 1000BONKUSDT	+0.0648%	1h	0.000003408	−0.293%	$57K	$711K	25x	as long as short
Hyperliquid kBONK	+0.0886%	1h	0.000003420	+0.059%	$10.1M	$7.5M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2060%	1h	0.000003419	+0.043%	$213K	$165K	50x	as long as short