Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.004%

Price spread now: OKX against Lighter−0.117%7-day average −0.033% · you buy dearer than you sell

Net, funding: paid 7d − costs−$75as in the Funding arb table

Net, price: spread back to 7d avg − costs−$80as in the Price arb table

costs, in and out, $10k−$710.714% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.033%−$3 on $10k

Price spread, last 4 days (all we have)−0.020%−$2 · spread now −0.117%, 7d avg −0.033%

Together, before fees−0.053%+ Points / potential airdropLighter: Season 3 · farm board−$5 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: OKX is 0.085% cheaper against Lighter than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.033%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003405	0.0096	pay 0.0012% / 1h	33m 06s	$225K	$670K	10x
Short	OKX BONK-USDT-SWAP	0.000003401	0.0100	get 0.0100% / 8h	5h 33m	$2.5M	$8.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.117%Rate

Funding earned: $0.84
Price spread: −0.117% → −0.033%: −$8.45
Slippage, 4 orders: −$61.44
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$79.06
Costs to cover: 0.714%
Break-even: 665.8 days

Slippage from Lighter: live order book, 12 min ago; OKX: 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, 12 min ago	7.34 bp	15.6 bp −$16	36.0 bp −$360	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	2.95 bp	18.5 bp −$18	58.1 bp −$581	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	−0.0336%	1h	0.000003380	−0.734%	$45K	$31K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003401	−0.117%	$951K	$15.1M	75x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003398	−0.196%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003400	−0.144%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.847%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0051%	4h	0.000003399	−0.176%	$29K	$58K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003402	−0.091%	$4	—	15x	as long as short
Lighter 1000BONKlong	+0.0096%	1h	0.000003405	long leg	$225K	$670K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003403	−0.073%	$27K	$97K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003401	−0.117%	$79K	$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	0.000003400	−0.147%	$114K	$108K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003403	−0.049%	$16.1M	$56.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003399	−0.179%	$10.8M	$17.9M	50x	as long as short
OKX BONK-USDT-SWAPshort	+0.0100%	8h	0.000003401	−0.117%	$2.5M	$8.4M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003399	−0.176%	$845K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003402	−0.088%	$9.6M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003399	−0.182%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003400	−0.147%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003399	−0.176%	—	$4.7M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003404	−0.029%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003409	+0.113%	$310K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003413	+0.235%	$57K	$707K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003408	+0.088%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003404	−0.029%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003413	+0.235%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003403	−0.072%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003397	−0.235%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.894%	$568	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0338%	1h	0.000003405	0.000%	$2K	$110K	10x	as long as short
Hyperliquid kBONK	+0.0750%	1h	0.000003409	+0.117%	$10.1M	$4.7M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2036%	1h	0.000003413	+0.243%	$220K	$174K	50x	as long as short