Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0022%/8h= −2.5% APRpaid last 24h −0.096%

Price spread now: Orderly against Lighter−0.175%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.626%−$63 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Orderly is 0.175% cheaper against Lighter than usual: you would sell low and buy high (−$18 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003428	0.0096	pay 0.0012% / 1h	26m 00s	$224K	$672K	10x
Short	Orderly PERP_1000BONK_USDC	0.000003422	0.0074	get 0.0037% / 4h	26m 00s	$29K	$56K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.175%Rate

Funding earned: −$4.7
Price spread: −0.175% → 0.000%: −$17.5
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$28.21
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 15 min ago; Orderly: no order-book sample. Net counts fees only.

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, 15 min ago	4.44 bp	14.4 bp −$14	36.7 bp −$367	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	0.000003412	−0.467%	$43K	$35K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003420	−0.233%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003419	−0.271%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.492%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDCshort	+0.0074%	4h	0.000003422	−0.175%	$29K	$56K	20x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003418	−0.294%	$4	—	15x	as long as short
Lighter 1000BONKlong	+0.0096%	1h	0.000003428	long leg	$224K	$672K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003418	−0.277%	$31K	$101K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003421	−0.203%	$79K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003421	−0.204%	$114K	$109K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003428	0.000%	$16.6M	$59.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003428	−0.006%	$10.8M	$18.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003423	−0.146%	$2.5M	$9.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003424	−0.117%	$817K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003428	0.000%	$9.1M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003428	0.000%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003426	−0.058%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003428	0.000%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003423	−0.150%	$311K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003422	−0.175%	$58K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003425	−0.088%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003426	−0.058%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003421	−0.204%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003424	−0.126%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003422	−0.175%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0105%	4h	0.000003434	+0.175%	$966K	$15.5M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.485%	$571	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0335%	1h	0.000003429	+0.029%	$30K	$7K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0627%	1h	0.000003424	−0.117%	$2K	$110K	10x	as long as short
Hyperliquid kBONK	+0.0768%	1h	0.000003435	+0.204%	$10.1M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2453%	1h	0.000003436	+0.236%	$222K	$177K	50x	as long as short