Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0171%/8h= +18.7% APRpaid last 24h +0.109%

Price spread now: Backpack against Orderly−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 Orderly Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 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. Backpack is 0.029% cheaper against Orderly than usual: you would sell low and buy high (spread −0.029% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 14 hours of funding at the current rate (+$5 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000BONK_USDC	0.000003396	−0.0071	get 0.0036% / 4h	1h 39m	$29K	$41K	20x
Short	Backpack kBONK_USDC_PERP	0.000003395	0.0100	get 0.0013% / 1h	39m 58s	$30K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Orderly. 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 OrderlybpFee BackpackbpOrdersPrice spread, now −0.029%Rate

Funding earned: $35.92
Price spread: −0.029% → 0.000%: −$2.94
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $16.98
Costs to cover: 0.160%
Break-even: 3.7 days

Slippage unknown: Orderly: no order-book sample; Backpack: 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 Orderly no order-book sample	—	—	—	—	—
Sell Backpack no order-book sample	—	—	—	—	—

Orderly and Backpack: 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	−0.0248%	1h	0.000003327	−2.032%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003386	−0.294%	$1.0M	$13.3M	75x	as long as short
Orderly PERP_1000BONK_USDClong	−0.0071%	4h	0.000003396	long leg	$29K	$41K	20x
Deribit 1000BONK_USDC-PERPETUAL	−0.0045%	1h	0.000003394	−0.059%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003392	−0.106%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003393	−0.101%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.592%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003392	−0.117%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003396	0.000%	$197K	$294K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003391	−0.147%	$19K	$106K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000BONKUSDT	+0.0100%	4h	0.000003396	+0.013%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003392	−0.118%	$116K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003389	−0.198%	$15.3M	$51.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003390	−0.188%	$10.3M	$16.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003390	−0.177%	$2.5M	$7.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003394	−0.059%	$754K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003389	−0.206%	$10.1M	$6.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003396	+0.006%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003391	−0.147%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003392	−0.118%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERPshort	+0.0100%	1h	0.000003395	−0.029%	$30K	$7K	10x
Variational Omni 1000BONK	+0.0100%	4h	0.000003380	−0.468%	$303K	$102K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003356	−1.178%	$57K	$698K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003395	−0.029%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003393	−0.088%	$2K	$6K	10x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003387	−0.269%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003394	−0.059%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.661%	$567	—	100x	as long as short
HTX BONK-USDT	+0.0208%	4h	0.000003391	−0.147%	$92K	$150K	30x	as long as short
Hyperliquid kBONK	+0.0941%	1h	0.000003400	+0.118%	$10.1M	$7.3M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.0953%	1h	0.000003400	+0.105%	$207K	$149K	50x	as long as short