Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0394%/8h= −43.1% APRpaid last 24h −0.093%

Price spread now: Coinbase International against Orderly−0.167%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 Coinbase International

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

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Coinbase International is 0.167% cheaper against Orderly than usual: you would sell low and buy high (−$17 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	Orderly PERP_1000BONK_USDC	0.000003586	0.0082	pay 0.0041% / 4h	3h 09m	$31K	$54K	20x
Short	Coinbase International 1000BONK-PERP-INTX	0.000003580	−0.0312	pay 0.0039% / 1h	9m 44s	$45K	$46K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.167%Rate

Funding earned: −$82.74
Price spread: −0.167% → 0.000%: −$16.73
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$115.47
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Coinbase International: 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 Coinbase International no order-book sample	—	—	—	—	—

Orderly and Coinbase International: 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-INTXshort	−0.0312%	1h	0.000003580	−0.167%	$45K	$46K	50x
dYdX BONK-USD	0.0000%	1h	0.000003590	+0.112%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003585	−0.039%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−8.701%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDClong	+0.0082%	4h	0.000003586	long leg	$31K	$54K	20x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003585	−0.032%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003583	−0.070%	$43K	$111K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003589	+0.076%	$83K	$279K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003585	−0.028%	$122K	$110K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003589	+0.076%	$18.1M	$66.3M	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	0.000003586	−0.006%	$11.9M	$20.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003584	−0.056%	$2.7M	$10.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003587	+0.028%	$936K	$2.9M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003582	−0.112%	$10.0M	$7.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003588	+0.056%	$3.0M	$10.1M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003590	+0.112%	$4.6M	$3.5M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003584	−0.056%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003590	+0.107%	$333K	$140K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003577	−0.251%	$60K	$707K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003590	+0.112%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003586	0.000%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003590	+0.112%	$102K	$127K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003589	+0.070%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003586	0.000%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0158%	4h	0.000003598	+0.335%	$1.0M	$17.5M	75x	as long as short
Lighter 1000BONK	+0.0192%	1h	0.000003594	+0.223%	$250K	$698K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−16.341%	$395	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0308%	1h	0.000003587	+0.028%	$6K	$123K	10x	as long as short
Hyperliquid kBONK	+0.1003%	1h	0.000003602	+0.446%	$11.9M	$5.9M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1532%	1h	0.000003589	+0.084%	$49K	$16K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2338%	1h	0.000003592	+0.169%	$230K	$195K	50x	as long as short