Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.004%

Price spread now: Bybit against Lighter−0.053%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$57as in the Price arb table

costs, in and out, $10k−$560.563% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 4 days (all we have)+0.106%+$11 · spread now −0.053%, 7d avg −0.051%

Together, before fees+0.036%+ Points / potential airdropLighter: Season 3 · farm board+$4 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003365	0.0096	pay 0.0012% / 1h	50m 50s	$223K	$667K	10x
Short	Bybit 1000BONKUSDT	0.000003363	0.0100	get 0.0050% / 4h	50m 50s	$10.7M	$18.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.053%Rate

Funding earned: $0.84
Price spread: −0.053% → −0.051%: −$0.22
Slippage, 4 orders: −$45.33
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$55.71
Costs to cover: 0.563%
Break-even: 471.2 days

Slippage from Lighter: live order book, 55 min ago; Bybit: live order book, 3 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, 55 min ago	7.34 bp	15.6 bp −$16	36.0 bp −$360	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	1.48 bp	11.9 bp −$12	31.7 bp −$317	198.8 bp −$19.9K	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	−0.0320%	1h	0.000003363	−0.059%	$43K	$33K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003359	−0.166%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003364	−0.027%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.704%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0047%	1h	0.000003366	+0.030%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0070%	4h	0.000003363	−0.059%	$29K	$56K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003366	+0.043%	$4	—	15x	as long as short
Lighter 1000BONKlong	+0.0096%	1h	0.000003365	long leg	$223K	$667K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003367	+0.059%	$27K	$95K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003367	+0.072%	$78K	$250K	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	0.000003367	+0.059%	$113K	$104K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003362	−0.099%	$16.1M	$58.1M	75x	as long as short
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003363	−0.053%	$10.7M	$18.3M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003360	−0.149%	$2.5M	$8.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003365	0.000%	$812K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003368	+0.089%	$9.3M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003366	+0.036%	$2.6M	$9.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003366	+0.030%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003368	+0.089%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003359	−0.181%	$306K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003368	+0.089%	$57K	$705K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003369	+0.119%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003364	−0.030%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003377	+0.357%	$96K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003367	+0.047%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003364	−0.030%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0117%	4h	0.000003368	+0.089%	$957K	$15.0M	75x	as long as short
Backpack kBONK_USDC_PERP	+0.0132%	1h	0.000003366	+0.030%	$30K	$7K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−10.847%	$562	—	100x	as long as short
Hyperliquid kBONK	+0.0883%	1h	0.000003375	+0.297%	$10.0M	$4.7M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2501%	1h	0.000003371	+0.164%	$218K	$174K	50x	as long as short