Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.005%

Price spread now: KuCoin against Lighter−0.236%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$91as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$850.851% of the position

Long on Lighter Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.060%−$6 on $10k

Price spread, last 4 days (all we have)+0.240%+$24 · spread now −0.236%, 7d avg +0.005%

Together, before fees+0.179%+ Points / potential airdropLighter: Season 3 · farm board+$18 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: KuCoin is 0.242% cheaper against Lighter than usual: you would sell low and buy high, −$24 on $10k if it goes back to its 7-day average of +0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003512	0.0104	pay 0.0013% / 1h	31m 33s	$248K	$711K	10x
Short	KuCoin 1000BONKUSDTM	0.000003504	0.0100	get 0.0050% / 4h	2h 31m	$3.0M	$10.3M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.236%Rate

Funding earned: −$0.84
Price spread: −0.236% → +0.005%: −$24.17
Slippage, 4 orders: −$73.07
Fee Lighter: 0 bp × 2 orders: $0
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$110.07
Costs to cover: 0.851%
Break-even: never at this rate

Slippage from Lighter: live order book, 64 min ago; KuCoin: live order book, 2 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, 64 min ago	1.42 bp	16.6 bp −$17	42.2 bp −$422	doesn't fit	doesn't fit
Sell KuCoin live order book, 2 min ago	2.85 bp	36.7 bp −$37	147.9 bp −$1,479	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
Coinbase International 1000BONK-PERP-INTX	−0.0136%	1h	0.000003498	−0.399%	$43K	$47K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003509	−0.073%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003499	−0.382%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.777%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0036%	1h	0.000003497	−0.427%	$9K	$134K	10x	as long as short
BloFin 1000BONK-USDT	+0.0080%	4h	0.000003506	−0.171%	$1.0M	$17.7M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003502	−0.271%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0092%	4h	0.000003498	−0.399%	$30K	$53K	20x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003505	−0.185%	$42K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003506	−0.165%	$58K	$299K	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	0.000003506	−0.171%	$117K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003504	−0.233%	$17.9M	$71.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003499	−0.370%	$11.5M	$22.2M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003502	−0.285%	$2.8M	$11.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003502	−0.285%	$926K	$3.1M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003509	−0.085%	$9.9M	$8.1M	125x	as long as short
KuCoin 1000BONKUSDTMshort	+0.0100%	4h	0.000003504	−0.236%	$3.0M	$10.3M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003501	−0.313%	$4.5M	$3.9M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003509	−0.085%	—	$4.9M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003510	−0.058%	$326K	$141K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003497	−0.427%	$59K	$703K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003508	−0.114%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003499	−0.370%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003501	−0.313%	$100K	$129K	30x	as long as short
Lighter 1000BONKlong	+0.0104%	1h	0.000003512	long leg	$248K	$711K	10x
Extended 1000BONK-USD	+0.0104%	1h	0.000003506	−0.169%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003484	−0.797%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−14.579%	$387	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.1626%	1h	0.000003504	−0.228%	$46K	$17K	10x	as long as short
Hyperliquid kBONK	+0.1656%	1h	0.000003509	−0.085%	$11.8M	$6.5M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2650%	1h	0.000003509	−0.087%	$215K	$218K	50x	as long as short