Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0124%/8h= +13.6% APRpaid last 24h +0.082%

Price spread now: Lighter against Orderly+0.110%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.603%+$60 on $10k

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

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$4 a day on $10k at the current rate, and Lighter is 0.110% dearer against Orderly than usual: you sell high and buy low: +$11 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000BONK_USDC	0.000003638	0.0100	pay 0.0050% / 4h	1h 35m	$31K	$52K	20x
Short	Lighter 1000BONK	0.000003642	0.0224	get 0.0028% / 1h	35m 20s	$254K	$745K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.110%Rate

Funding earned: $26.04
Price spread: +0.110% → 0.000%: $11
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Lighter: 0 bp × 2 orders: $0
Net: $31.04
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Lighter: live order book, 55 min ago. 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 Lighter live order book, 55 min ago	1.42 bp	9.0 bp −$9	39.0 bp −$390	doesn't fit	doesn't fit

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	−0.0016%	1h	0.000003641	+0.082%	$45K	$55K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003636	−0.045%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003647	+0.250%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−10.005%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003639	+0.039%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0088%	4h	0.000003692	+1.484%	$1.1M	$19.5M	75x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003648	+0.289%	$54K	$121K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003646	+0.226%	$61K	$303K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003646	+0.220%	$122K	$134K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003643	+0.136%	$18.9M	$78.6M	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	0.000003643	+0.129%	$12.5M	$24.2M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003641	+0.082%	$3.1M	$13.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003646	+0.220%	$1.0M	$3.3M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003643	+0.137%	$12.3M	$9.0M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003647	+0.250%	$2.9M	$10.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003640	+0.055%	$4.7M	$4.5M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003641	+0.082%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003644	+0.161%	$345K	$146K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003700	+1.704%	$62K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDClong	+0.0100%	4h	0.000003638	long leg	$31K	$52K	20x
SunX BONK-USDT	+0.0100%	4h	0.000003644	+0.165%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003638	0.000%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003641	+0.082%	$103K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003638	+0.004%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003636	−0.055%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−17.537%	$557	—	100x	as long as short
Lighter 1000BONKshort	+0.0224%	1h	0.000003642	+0.110%	$254K	$745K	10x
Deribit 1000BONK_USDC-PERPETUAL	+0.1125%	1h	0.000003641	+0.082%	$26K	$165K	10x	as long as short
Hyperliquid kBONK	+0.1236%	1h	0.000003654	+0.440%	$12.5M	$7.7M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1771%	1h	0.000003661	+0.632%	$56K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2952%	1h	0.000003658	+0.542%	$225K	$221K	50x	as long as short