Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0026%/8h= −2.9% APRpaid last 24h −0.092%

Price spread now: Orderly against OKX−0.029%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 Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−0.593%−$59 on $10k

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 −$1 a day on $10k at the current rate, and Orderly is 0.029% cheaper against OKX than usual: you would sell low and buy high (−$3 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	0.000003424	0.0100	pay 0.0100% / 8h	4h 25m	$2.5M	$9.0M	20x
Short	Orderly PERP_1000BONK_USDC	0.000003423	0.0074	get 0.0037% / 4h	25m 17s	$29K	$56K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.029%Rate

Funding earned: −$5.54
Price spread: −0.029% → 0.000%: −$2.92
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$24.46
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 3 min ago; Orderly: 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, 3 min ago	2.92 bp	15.9 bp −$16	71.7 bp −$717	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.0320%	1h	0.000003412	−0.350%	$43K	$35K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003420	−0.106%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003423	−0.041%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.381%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDCshort	+0.0074%	4h	0.000003423	−0.029%	$29K	$56K	20x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003426	+0.056%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003423	−0.029%	$224K	$672K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003426	+0.073%	$31K	$101K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003422	−0.062%	$79K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003427	+0.088%	$114K	$109K	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	0.000003423	−0.029%	$16.6M	$59.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003423	−0.035%	$10.8M	$18.7M	50x	as long as short
OKX BONK-USDT-SWAPlong	+0.0100%	8h	0.000003424	long leg	$2.5M	$9.0M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003423	−0.029%	$817K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003426	+0.058%	$9.1M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003425	+0.026%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003422	−0.058%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003427	+0.088%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003423	−0.033%	$311K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003423	−0.029%	$58K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003429	+0.146%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003424	0.000%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003430	+0.175%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003422	−0.056%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003422	−0.058%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0107%	4h	0.000003424	0.000%	$967K	$15.4M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.383%	$572	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0334%	1h	0.000003424	0.000%	$2K	$110K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0335%	1h	0.000003429	+0.146%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0768%	1h	0.000003434	+0.292%	$10.1M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2457%	1h	0.000003431	+0.200%	$222K	$177K	50x	as long as short