Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0412%/8h= −45.1% APRpaid last 24h −0.012%

Price spread now: BloFin against Lighter−0.206%7-day average −0.007% · you buy dearer than you sell

Net, funding: paid 7d − costs−$24as in the Funding arb table

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$440.442% of the position

Long on Lighter Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.205%+$21 on $10k

Price spread, last 3 days (all we have)+0.138%+$14 · spread now −0.206%, 7d avg −0.007%

Together, before fees+0.344%+ Points / potential airdropLighter: Season 3 · farm board+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and BloFin is 0.199% cheaper against Lighter than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.007%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.205%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.205% in total (about 10.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003394	0.0272	pay 0.0034% / 1h	38m 31s	$312K	$420K	10x
Short	BloFin 1000BONK-USDT	0.000003387	−0.0140	pay 0.0070% / 4h	3h 38m	$1.0M	$14.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.206%Rate

Funding earned: −$86.52
Price spread: −0.206% → −0.007%: −$19.93
Slippage, 4 orders: −$32.23
Fee Lighter: 0 bp × 2 orders: $0
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$150.68
Costs to cover: 0.442%
Break-even: never at this rate

Slippage from Lighter: live order book, 17 min ago; BloFin: 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, 17 min ago	1.48 bp	10.0 bp −$10	27.5 bp −$275	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	2.95 bp	11.7 bp −$12	25.9 bp −$259	73.6 bp −$7,363	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	−0.0376%	1h	0.000003389	−0.147%	$43K	$24K	50x	as long as short
BloFin 1000BONK-USDTshort	−0.0140%	4h	0.000003387	−0.206%	$1.0M	$14.3M	75x
Orderly PERP_1000BONK_USDC	−0.0056%	4h	0.000003389	−0.147%	$29K	$40K	20x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	−0.0045%	1h	0.000003387	−0.206%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003391	−0.091%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003390	−0.103%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.536%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003392	−0.059%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003392	−0.044%	$19K	$103K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003392	−0.073%	$65K	$251K	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	0.000003393	−0.029%	$114K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003391	−0.080%	$15.5M	$53.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003391	−0.082%	$10.5M	$17.0M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003393	−0.029%	$2.5M	$8.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003391	−0.088%	$726K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003390	−0.118%	$9.9M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003390	−0.121%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003391	−0.088%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003391	−0.088%	—	$8.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003394	−0.001%	$305K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003391	−0.088%	$57K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003401	+0.206%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003387	−0.206%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003407	+0.383%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003393	−0.021%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003388	−0.177%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.609%	$567	—	100x	as long as short
Lighter 1000BONKlong	+0.0272%	1h	0.000003394	long leg	$312K	$420K	10x
Backpack kBONK_USDC_PERP	+0.0294%	1h	0.000003390	−0.118%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0595%	1h	0.000003396	+0.059%	$10.1M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1467%	1h	0.000003395	+0.028%	$208K	$156K	50x	as long as short