Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.029%

Price spread now: Injective against Variational Omni−3.984%91s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Injective

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 airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 3.984% cheaper against Variational Omni than usual: you would sell low and buy high (−$398 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 91 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	Variational Omni 1000BONK	0.000003410	0.0100	pay 0.0050% / 4h	1h 15m	$310K	$133K	—
Short	Injective BONK/USDC PERP	0.000003274	0.0033	get 0.0004% / 1h	15m 49s	$3K	$113	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −3.984%Rate

Funding earned: −$14
Price spread: −3.984% → 0.000%: −$398.36
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$412.38
Costs to cover: 0.000%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 48 min ago; Injective: 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 Variational Omni RFQ quote, 48 min ago	5.82 bp	doesn't fit	55.2 bp −$552	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0336%	1h	0.000003401	−0.259%	$44K	$34K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003405	−0.132%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003410	+0.008%	$24	—	150x	as long as short
Injective BONK/USDC PERPshort	+0.0033%	1h	0.000003274	−3.984%	$3K	$113	5.5x
Deribit 1000BONK_USDC-PERPETUAL	+0.0043%	1h	0.000003412	+0.063%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0061%	4h	0.000003410	+0.005%	$29K	$57K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003408	−0.042%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003414	+0.122%	$225K	$670K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003407	−0.083%	$27K	$97K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003410	+0.005%	$79K	$250K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003407	−0.083%	$114K	$104K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003416	+0.192%	$16.1M	$57.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003409	−0.024%	$10.8M	$18.0M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003409	−0.024%	$2.5M	$8.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003414	+0.122%	$848K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003414	+0.122%	$9.6M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003411	+0.022%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003409	−0.024%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003414	+0.122%	—	$4.7M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003416	+0.181%	$30K	$7K	10x	as long as short
Variational Omni 1000BONKlong	+0.0100%	4h	0.000003410	long leg	$310K	$133K	—
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003424	+0.415%	$58K	$705K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003417	+0.210%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003412	+0.063%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003423	+0.386%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003415	+0.140%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003409	−0.024%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0111%	4h	0.000003407	−0.083%	$948K	$15.1M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.019%	$571	—	100x	as long as short
Hyperliquid kBONK	+0.0812%	1h	0.000003419	+0.269%	$10.1M	$4.7M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2031%	1h	0.000003422	+0.348%	$221K	$174K	50x	as long as short