Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h −0.001%

Price spread now: Bybit against Reya+0.175%56s7-day average — · you sell dearer than you buy

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

Long on Reya Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bybit is 0.175% dearer against Reya than usual: you sell high and buy low: +$18 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 56 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Reya kBONKRUSDPERP	0.000003354	0.0083	pay 0.0010% / 1h	33m 33s	$4	—	15x
Short	Bybit 1000BONKUSDT	0.000003360	0.0100	get 0.0050% / 4h	1h 33m	$10.2M	$16.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Reya. 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 ReyabpFee BybitbpOrdersPrice spread, now +0.175%Rate

Funding earned: $3.6
Price spread: +0.175% → 0.000%: $17.55
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $4.15
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Bybit: live order book, 5 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 Reya no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	1.48 bp	16.0 bp −$16	38.6 bp −$386	195.6 bp −$19.6K	doesn't fit

Reya: 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	0.000003350	−0.123%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003368	+0.414%	$1.0M	$13.3M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0077%	4h	0.000003363	+0.265%	$29K	$41K	20x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	−0.0047%	1h	0.000003362	+0.235%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003360	+0.175%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003363	+0.252%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.389%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERPlong	+0.0083%	1h	0.000003354	long leg	$4	—	15x
Lighter 1000BONK	+0.0096%	1h	0.000003366	+0.354%	$195K	$295K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003354	+0.011%	$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	0.000003361	+0.210%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003365	+0.325%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003361	+0.207%	$15.2M	$51.5M	75x	as long as short
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003360	+0.175%	$10.2M	$16.6M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003362	+0.235%	$2.4M	$7.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003361	+0.205%	$744K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003360	+0.175%	$10.3M	$6.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003365	+0.325%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003361	+0.205%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003363	+0.265%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003364	+0.295%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003374	+0.596%	$313K	$112K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003370	+0.474%	$57K	$699K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003367	+0.384%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003363	+0.265%	$2K	$6K	10x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003363	+0.262%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003363	+0.265%	$4K	—	3x	as long as short
HTX BONK-USDT	+0.0135%	4h	0.000003371	+0.503%	$91K	$150K	30x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.558%	$562	—	100x	as long as short
Hyperliquid kBONK	+0.0924%	1h	0.000003372	+0.533%	$10.1M	$7.4M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.0961%	1h	0.000003371	+0.507%	$205K	$149K	50x	as long as short