Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.009%

Price spread now: Lighter against MEXC+0.229%7-day average +0.031% · you sell dearer than you buy

Net, funding: paid 7d − costs−$20as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$370.366% of the position

Long on MEXC Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.162%+$16 on $10k

Price spread, last 4 days (all we have)−0.281%−$28 · spread now +0.229%, 7d avg +0.031%

Together, before fees−0.118%+ Points / potential airdropLighter: Season 3 · farm board−$12 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: Lighter is 0.197% dearer against MEXC than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of +0.031%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	MEXC 1000BONK_USDT	0.000003494	0.0100	pay 0.0050% / 4h	3h 51m	$9.2M	$7.2M	125x
Short	Lighter 1000BONK	0.000003502	0.0096	get 0.0012% / 1h	51m 06s	$235K	$678K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against MEXC. 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 MEXCbpFee LighterbpOrdersPrice spread, now +0.229%Rate

Funding earned: −$0.84
Price spread: +0.229% → +0.031%: $19.75
Slippage, 4 orders: −$36.59
Fee MEXC: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: −$17.68
Costs to cover: 0.366%
Break-even: never at this rate

Slippage from MEXC: live order book, 2 min ago; Lighter: live order book, 49 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 MEXC live order book, 2 min ago	1.43 bp	4.5 bp −$5	12.7 bp −$127	77.8 bp −$7,785	133.9 bp −$66.9K
Sell Lighter live order book, 49 min ago	4.44 bp	13.0 bp −$13	54.8 bp −$548	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	−0.0312%	1h	0.000003489	−0.143%	$44K	$37K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003490	−0.114%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003495	+0.017%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.297%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0078%	4h	0.000003498	+0.114%	$988K	$16.0M	75x	as long as short
Orderly PERP_1000BONK_USDC	+0.0080%	4h	0.000003498	+0.114%	$30K	$55K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003491	−0.088%	$4	—	15x	as long as short
Lighter 1000BONKshort	+0.0096%	1h	0.000003502	+0.229%	$235K	$678K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003491	−0.072%	$36K	$102K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003505	+0.315%	$81K	$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	0.000003490	−0.114%	$116K	$108K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003496	+0.071%	$16.9M	$60.8M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003495	+0.020%	$11.4M	$19.2M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003501	+0.200%	$2.6M	$9.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003500	+0.172%	$864K	$2.7M	50x	as long as short
MEXC 1000BONK_USDTlong	+0.0100%	4h	0.000003494	long leg	$9.2M	$7.2M	125x
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003495	+0.043%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003500	+0.172%	$4.4M	$3.2M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003500	+0.172%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003493	−0.032%	$322K	$138K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003485	−0.258%	$59K	$705K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003502	+0.229%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003498	+0.114%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003501	+0.200%	$99K	$120K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003501	+0.186%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003499	+0.143%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−14.139%	$584	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0607%	1h	0.000003502	+0.229%	$6K	$123K	10x	as long as short
Hyperliquid kBONK	+0.0746%	1h	0.000003502	+0.229%	$10.3M	$4.9M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1100%	1h	0.000003501	+0.200%	$32K	$8K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2397%	1h	0.000003504	+0.273%	$223K	$178K	50x	as long as short