Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0180%/8h= −19.7% APRpaid last 24h 0.000%

Price spread now: Variational Omni against Lighter−0.265%7-day average −0.096% · you buy dearer than you sell

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.043%−$4 on $10k

Price spread, last 3 days (all we have)+0.222%+$22 · spread now −0.265%, 7d avg −0.096%

Together, before fees+0.179%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$18 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Variational Omni is 0.169% cheaper against Lighter than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.096%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003403	0.0280	pay 0.0035% / 1h	39m 45s	$312K	$420K	10x
Short	Variational Omni 1000BONK	0.000003394	0.0100	get 0.0050% / 4h	3h 39m	$305K	$119K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now −0.265%Rate

Funding earned: −$37.8
Price spread: −0.265% → −0.096%: −$16.95
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$54.75
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 16 min ago; Variational Omni: RFQ quote, 34 min ago. 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, 16 min ago	1.48 bp	10.0 bp −$10	27.5 bp −$275	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 34 min ago	5.98 bp	doesn't fit	47.8 bp −$478	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	−0.0376%	1h	0.000003383	−0.588%	$43K	$23K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003391	−0.353%	$1.0M	$14.3M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0057%	4h	0.000003397	−0.176%	$29K	$40K	20x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	−0.0044%	1h	0.000003395	−0.235%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003395	−0.223%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003389	−0.398%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.791%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003392	−0.309%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003392	−0.338%	$19K	$103K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003397	−0.163%	$65K	$251K	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	0.000003389	−0.411%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003398	−0.151%	$15.5M	$53.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003396	−0.206%	$10.5M	$17.0M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003395	−0.235%	$2.5M	$8.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003394	−0.264%	$727K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003396	−0.206%	$9.9M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003396	−0.197%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003394	−0.264%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003397	−0.176%	—	$8.0M	—	as long as short
Variational Omni 1000BONKshort	+0.0100%	4h	0.000003394	−0.265%	$305K	$119K	—
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003380	−0.676%	$57K	$705K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003400	−0.088%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003396	−0.206%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003401	−0.059%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003394	−0.256%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003396	−0.206%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.842%	$567	—	100x	as long as short
Lighter 1000BONKlong	+0.0280%	1h	0.000003403	long leg	$312K	$420K	10x
Backpack kBONK_USDC_PERP	+0.0286%	1h	0.000003398	−0.147%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0597%	1h	0.000003403	0.000%	$10.1M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1465%	1h	0.000003401	−0.058%	$208K	$156K	50x	as long as short