Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0076%/8h= −8.3% APRpaid last 24h −0.012%

Price spread now: MEXC against Lighter−0.579%7-day average −0.034% · you buy dearer than you sell

Net, funding: paid 7d − costs−$50as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$330.335% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.165%−$17 on $10k

Price spread, last 4 days (all we have)+0.510%+$51 · spread now −0.579%, 7d avg −0.034%

Together, before fees+0.345%+ Points / potential airdropLighter: Season 3 · farm board+$34 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and MEXC is 0.545% cheaper against Lighter than usual: you would sell low and buy high (−$55 if the spread goes back to its 7-day average of −0.034%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003629	0.0176	pay 0.0022% / 1h	32m 22s	$253K	$746K	10x
Short	MEXC 1000BONK_USDT	0.000003608	0.0100	get 0.0050% / 4h	1h 32m	$12.2M	$9.1M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.579%Rate

Funding earned: −$15.96
Price spread: −0.579% → −0.034%: −$54.51
Slippage, 4 orders: −$33.5
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$103.97
Costs to cover: 0.335%
Break-even: never at this rate

Slippage from Lighter: live order book, 58 min ago; MEXC: live order book, 6 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, 58 min ago	1.42 bp	18.2 bp −$18	37.3 bp −$373	doesn't fit	doesn't fit
Sell MEXC live order book, 6 min ago	1.36 bp	3.2 bp −$3	10.8 bp −$108	87.9 bp −$8,788	136.1 bp −$68.0K

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	−0.0016%	1h	0.000003626	−0.083%	$46K	$62K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003610	−0.524%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003606	−0.628%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−9.782%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0069%	4h	0.000003640	+0.303%	$1.1M	$19.3M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003605	−0.663%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003604	−0.689%	$55K	$123K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003610	−0.536%	$60K	$303K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003608	−0.579%	$120K	$134K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003609	−0.551%	$18.6M	$79.3M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003602	−0.752%	$12.4M	$24.5M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003612	−0.468%	$3.0M	$13.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003603	−0.716%	$987K	$3.4M	50x	as long as short
MEXC 1000BONK_USDTshort	+0.0100%	4h	0.000003608	−0.579%	$12.2M	$9.1M	125x
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003605	−0.656%	$2.9M	$10.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003609	−0.551%	$4.7M	$4.6M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003608	−0.579%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003644	+0.410%	$345K	$146K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003700	+1.956%	$62K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003608	−0.579%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003638	+0.248%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003633	+0.110%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003634	+0.138%	$103K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003601	−0.768%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003607	−0.606%	$4K	—	3x	as long as short
Lighter 1000BONKlong	+0.0176%	1h	0.000003629	long leg	$253K	$746K	10x
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−17.333%	$551	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0301%	1h	0.000003632	+0.083%	$25K	$165K	10x	as long as short
Hyperliquid kBONK	+0.1230%	1h	0.000003614	−0.413%	$12.4M	$7.8M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1772%	1h	0.000003643	+0.386%	$56K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2960%	1h	0.000003648	+0.511%	$225K	$221K	50x	as long as short