Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.021%

Price spread now: Bybit against Nado−0.059%7-day average −0.024% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$64as in the Price arb table

costs, in and out, $10k−$600.600% of the position

Long on Nado Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 4 days (all we have)−0.186%−$19 · spread now −0.059%, 7d avg −0.024%

Together, before fees−0.204%+ Points / potential airdropNado: Active · farm board−$20 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: Bybit is 0.036% cheaper against Nado than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of −0.024%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Nado kBONK-PERP	0.000003543	0.0100	pay 0.0012% / 1h	19m 33s	$43K	$114K	10x
Short	Bybit 1000BONKUSDT	0.000003541	0.0100	get 0.0050% / 4h	2h 19m	$11.8M	$22.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Nado. 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 NadobpFee BybitbpOrdersPrice spread, now −0.059%Rate

Funding earned: $0
Price spread: −0.059% → −0.024%: −$3.55
Slippage, 4 orders: −$42.04
Fee Nado: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$63.59
Costs to cover: 0.600%
Break-even: 22552350589516.1 days

Slippage from Nado: live order book, 64 min ago; Bybit: live order book, 4 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 Nado live order book, 64 min ago	2.85 bp	18.7 bp −$19	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.43 bp	14.9 bp −$15	35.2 bp −$352	193.9 bp −$19.4K	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	−0.0136%	1h	0.000003499	−1.256%	$43K	$47K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003545	+0.053%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003529	−0.406%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.605%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003545	+0.054%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0095%	4h	0.000003528	−0.437%	$30K	$53K	20x	as long as short
Nado kBONK-PERPlong	+0.0100%	1h	0.000003543	long leg	$43K	$114K	10x
Aster 1000BONKUSDT	+0.0100%	4h	0.000003547	+0.091%	$59K	$299K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003546	+0.071%	$120K	$125K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003546	+0.071%	$18.2M	$71.8M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003541	−0.059%	$11.8M	$22.4M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003545	+0.042%	$2.8M	$11.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003544	+0.014%	$915K	$3.1M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003546	+0.071%	$10.5M	$8.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003546	+0.071%	$3.0M	$10.4M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003544	+0.014%	$4.5M	$4.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003544	+0.014%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003509	−0.977%	$327K	$141K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003490	−1.510%	$59K	$703K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003537	−0.183%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003529	−0.409%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003524	−0.550%	$100K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003543	−0.001%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003526	−0.494%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0115%	4h	0.000003514	−0.833%	$1.0M	$17.9M	75x	as long as short
Lighter 1000BONK	+0.0184%	1h	0.000003551	+0.212%	$249K	$723K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−15.338%	$389	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0601%	1h	0.000003529	−0.409%	$9K	$134K	10x	as long as short
Hyperliquid kBONK	+0.1556%	1h	0.000003553	+0.268%	$11.8M	$6.7M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1605%	1h	0.000003537	−0.183%	$46K	$17K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2631%	1h	0.000003534	−0.264%	$217K	$218K	50x	as long as short