Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.004%

Price spread now: Bitget against Lighter−0.118%7-day average −0.057% · 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−$66as in the Price arb table

costs, in and out, $10k−$600.597% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.028%−$3 on $10k

Price spread, last 4 days (all we have)+0.170%+$17 · spread now −0.118%, 7d avg −0.057%

Together, before fees+0.142%+ Points / potential airdropLighter: Season 3 · farm board+$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.061% cheaper against Lighter than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.057%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003385	0.0096	pay 0.0012% / 1h	43m 24s	$203K	$283K	10x
Short	Bitget 1000BONKUSDT	0.000003381	0.0100	get 0.0050% / 4h	2h 43m	$4.3M	$3.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.118%Rate

Funding earned: $0.84
Price spread: −0.118% → −0.057%: −$6.09
Slippage, 4 orders: −$47.69
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$64.94
Costs to cover: 0.597%
Break-even: 548.2 days

Slippage from Lighter: live order book, 39 min ago; Bitget: live order book, 5 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, 39 min ago	4.43 bp	12.1 bp −$12	31.8 bp −$318	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	5.91 bp	14.3 bp −$14	31.4 bp −$314	doesn't fit	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
Deribit 1000BONK_USDC-PERPETUAL	−0.0341%	1h	0.000003380	−0.148%	$2K	$110K	10x	as long as short
Coinbase International 1000BONK-PERP-INTX	−0.0320%	1h	0.000003377	−0.236%	$43K	$21K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003383	−0.059%	$1.0M	$13.2M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0034%	4h	0.000003385	0.000%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003382	−0.086%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003385	−0.004%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.279%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003380	−0.136%	$4	—	15x	as long as short
Lighter 1000BONKlong	+0.0096%	1h	0.000003385	long leg	$203K	$283K	10x
Aster 1000BONKUSDT	+0.0100%	4h	0.000003381	−0.104%	$67K	$252K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003382	−0.089%	$116K	$116K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003386	+0.029%	$15.3M	$49.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003384	−0.035%	$10.2M	$16.1M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003381	−0.118%	$2.5M	$7.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003382	−0.089%	$745K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003387	+0.059%	$9.9M	$6.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003384	−0.021%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDTshort	+0.0100%	4h	0.000003381	−0.118%	$4.3M	$3.0M	75x
BingX 1000BONK-USDC	+0.0100%	4h	0.000003384	−0.030%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003384	−0.030%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003383	−0.059%	$304K	$105K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003380	−0.148%	$57K	$693K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003383	−0.044%	$20K	$103K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003387	+0.059%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003382	−0.089%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003390	+0.148%	$80K	$117K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003383	−0.056%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003384	−0.030%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.374%	$565	—	100x	as long as short
Hyperliquid kBONK	+0.0752%	1h	0.000003387	+0.059%	$10.0M	$7.0M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1133%	1h	0.000003390	+0.152%	$206K	$185K	50x	as long as short