Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.029%

Price spread now: Injective against OKX−5.540%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 Injective

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

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 5.540% cheaper against OKX than usual: you would sell low and buy high (−$554 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	OKX BONK-USDT-SWAP	0.000003466	0.0100	pay 0.0100% / 8h	3h 56m	$2.6M	$9.3M	20x
Short	Injective BONK/USDC PERP	0.000003274	0.0033	get 0.0004% / 1h	56m 44s	$3K	$113	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −5.540%Rate

Funding earned: −$14
Price spread: −5.540% → 0.000%: −$553.95
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$577.97
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 1 min ago; Injective: 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, 1 min ago	1.44 bp	19.6 bp −$20	75.8 bp −$758	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0312%	1h	0.000003467	+0.029%	$43K	$36K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003463	−0.075%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003462	−0.101%	$24	—	150x	as long as short
Injective BONK/USDC PERPshort	+0.0033%	1h	0.000003274	−5.540%	$3K	$113	5.5x
Orderly PERP_1000BONK_USDC	+0.0080%	4h	0.000003462	−0.115%	$30K	$55K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003460	−0.160%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0090%	4h	0.000003466	0.000%	$975K	$15.9M	75x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003469	+0.087%	$226K	$671K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003468	+0.058%	$80K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003463	−0.087%	$115K	$108K	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	0.000003468	+0.058%	$16.8M	$60.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003469	+0.075%	$11.3M	$19.1M	50x	as long as short
OKX BONK-USDT-SWAPlong	+0.0100%	8h	0.000003466	long leg	$2.6M	$9.3M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003465	−0.029%	$840K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003470	+0.115%	$9.1M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003467	+0.029%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003466	0.000%	$4.4M	$3.2M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003467	+0.029%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003464	−0.061%	$316K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003461	−0.144%	$58K	$704K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003461	−0.130%	$34K	$102K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003472	+0.173%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003466	0.000%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003471	+0.144%	$98K	$120K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003469	+0.074%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003462	−0.115%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−13.445%	$578	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0460%	1h	0.000003469	+0.087%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0601%	1h	0.000003473	+0.202%	$10.2M	$4.9M	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0616%	1h	0.000003467	+0.029%	$6K	$123K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2415%	1h	0.000003478	+0.335%	$225K	$177K	50x	as long as short