Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.3850%/8h= +421.5% APRpaid last 24h +0.787%

Price spread now: GMX against OKX−14.359%7-day average — · you buy dearer than you sell

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

Long on OKX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—needs both histories

Funding pays, the price is against you. GMX is 14.359% cheaper against OKX than usual: you would sell low and buy high (spread −14.359% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,436 on $10k: about 12 days of funding at the current rate (+$115 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BONK-USDT-SWAP	0.000003503	0.0100	pay 0.0100% / 8h	7h 50m	$3.0M	$15.1M	20x
Short	GMX BONK/USD [ETH-USDC]	0.000003000	L +0.0196% / S −0.3950%	get 0.0494% / 1h	50m 50s	$537	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now −14.359%Rate

Funding earned: $808.45
Price spread: −14.359% → 0.000%: −$1,435.91
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$649.46
Costs to cover: 0.220%
Break-even: 12.6 days

Slippage unknown: OKX: live order book, 2 min ago; GMX: 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 OKX live order book, 2 min ago	2.85 bp	17.2 bp −$17	60.3 bp −$603	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.0024%	1h	0.000003511	+0.228%	$42K	$68K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003509	+0.184%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003512	+0.263%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.537%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0035%	1h	0.000003510	+0.200%	$34K	$164K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003516	+0.370%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003516	+0.371%	$70K	$139K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003516	+0.371%	$58K	$334K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003510	+0.200%	$117K	$162K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003510	+0.193%	$18.4M	$88.9M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003507	+0.123%	$12.3M	$27.3M	50x	as long as short
OKX BONK-USDT-SWAPlong	+0.0100%	8h	0.000003503	long leg	$3.0M	$15.1M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003508	+0.143%	$923K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003512	+0.257%	$11.4M	$9.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003511	+0.228%	$2.9M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003509	+0.171%	$4.5M	$5.4M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003510	+0.200%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003509	+0.169%	$329K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003515	+0.343%	$59K	$702K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003510	+0.200%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003519	+0.457%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003511	+0.228%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003513	+0.285%	$100K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003509	+0.160%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003508	+0.143%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0148%	4h	0.000003513	+0.285%	$1.1M	$20.3M	75x	as long as short
GMX BONK/USD [ETH-USDC]short	L +0.0196% / S −0.3950%	1h	0.000003000	−14.359%	$537	—	100x
Lighter 1000BONK	+0.0416%	1h	0.000003513	+0.285%	$246K	$756K	10x	as long as short
Hyperliquid kBONK	+0.0752%	1h	0.000003513	+0.285%	$12.0M	$8.4M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.2255%	1h	0.000003517	+0.400%	$54K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2954%	1h	0.000003514	+0.324%	$179K	$275K	50x	as long as short