Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.133%

Price spread now: Deribit against Variational Omni−0.122%7-day average +0.069% · you buy dearer than you sell

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

Long on Variational Omni Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.270%−$27 on $10k

Price spread, last 3 days (all we have)+0.273%+$27 · spread now −0.122%, 7d avg +0.069%

Together, before fees+0.003%+ Points / potential airdropVariational Omni: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.191% cheaper against Variational Omni than usual: you would sell low and buy high (−$19 if the spread goes back to its 7-day average of +0.069%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000BONK	0.000003372	0.0100	pay 0.0050% / 4h	27m 21s	$303K	$119K	—
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003368	0	get 0.0000% / 1h	27m 21s	$2K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee DeribitbpOrdersPrice spread, now −0.122%Rate

Funding earned: −$21
Price spread: −0.122% → +0.069%: −$19.1
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$47.1
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 52 min ago; Deribit: live order book, 17 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 Variational Omni RFQ quote, 52 min ago	5.96 bp	doesn't fit	50.7 bp −$507	doesn't fit	doesn't fit
Sell Deribit live order book, 17 min ago	8.83 bp	12.3 bp −$12	doesn't fit	doesn't fit	doesn't fit

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	−0.0456%	1h	0.000003342	−0.893%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003371	−0.033%	$1.0M	$13.8M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0070%	4h	0.000003369	−0.092%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003368	−0.110%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003366	−0.170%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	0.0000%	1h	0.000003368	−0.122%	$2K	$110K	10x
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.910%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003367	−0.149%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003368	−0.122%	$189K	$300K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003368	−0.107%	$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	0.000003373	+0.025%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003368	−0.122%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003369	−0.080%	$15.2M	$52.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003370	−0.069%	$10.3M	$16.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003368	−0.122%	$2.4M	$7.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003368	−0.122%	$724K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003369	−0.092%	$9.7M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003369	−0.101%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003367	−0.152%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003368	−0.122%	—	$8.0M	—	as long as short
Variational Omni 1000BONKlong	+0.0100%	4h	0.000003372	long leg	$303K	$119K	—
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003370	−0.063%	$57K	$703K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003373	+0.026%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003367	−0.152%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003394	+0.649%	$93K	$153K	30x	as long as short
Backpack kBONK_USDC_PERP	+0.0102%	1h	0.000003369	−0.092%	$30K	$7K	10x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003367	−0.156%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003367	−0.152%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.035%	$563	—	100x	as long as short
Hyperliquid kBONK	+0.1256%	1h	0.000003376	+0.115%	$10.1M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1452%	1h	0.000003376	+0.106%	$206K	$150K	50x	as long as short