Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.005%

Price spread now: Lighter against Variational Omni+0.431%7-day average +0.095% · you sell dearer than you buy

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

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.049%+$5 on $10k

Price spread, last 4 days (all we have)−0.451%−$45 · spread now +0.431%, 7d avg +0.095%

Together, before fees−0.401%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board−$40 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and Lighter is 0.337% dearer against Variational Omni than usual: you sell high and buy low: +$34 more if the spread goes back to its 7-day average of +0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000BONK	0.000003633	0.0100	pay 0.0050% / 4h	1h 59m	$337K	$142K	—
Short	Lighter 1000BONK	0.000003649	0.0200	get 0.0025% / 1h	59m 24s	$254K	$734K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.431%Rate

Funding earned: $21
Price spread: +0.431% → +0.095%: $33.67
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $54.67
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 50 min ago; Lighter: live order book, 31 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, 50 min ago	5.71 bp	doesn't fit	48.5 bp −$485	doesn't fit	doesn't fit
Sell Lighter live order book, 31 min ago	1.42 bp	9.0 bp −$9	39.0 bp −$390	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	−0.0136%	1h	0.000003638	+0.129%	$45K	$52K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003644	+0.301%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003646	+0.346%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−9.890%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0082%	4h	0.000003644	+0.294%	$1.1M	$18.9M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003641	+0.208%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003642	+0.239%	$51K	$119K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003654	+0.581%	$62K	$301K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003645	+0.321%	$122K	$133K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003652	+0.517%	$18.8M	$75.9M	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	+0.277%	$12.3M	$23.5M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003657	+0.652%	$3.0M	$12.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003648	+0.404%	$1.0M	$3.2M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003650	+0.459%	$11.0M	$8.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003643	+0.269%	$3.0M	$10.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003659	+0.707%	$4.7M	$4.2M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003648	+0.404%	—	$6.5M	—	as long as short
Variational Omni 1000BONKlong	+0.0100%	4h	0.000003633	long leg	$337K	$142K	—
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003658	+0.679%	$31K	$53K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003651	+0.486%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003646	+0.349%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003637	+0.101%	$103K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003645	+0.333%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003654	+0.569%	$4K	—	3x	as long as short
ApeX Omni 1000BONKUSDT	+0.0188%	1h	0.000003641	+0.211%	$62K	$706K	25x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−17.431%	$402	—	100x	as long as short
Lighter 1000BONKshort	+0.0200%	1h	0.000003649	+0.431%	$254K	$734K	10x
Deribit 1000BONK_USDC-PERPETUAL	+0.0573%	1h	0.000003646	+0.349%	$20K	$155K	10x	as long as short
Hyperliquid kBONK	+0.1202%	1h	0.000003649	+0.431%	$12.2M	$7.1M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1644%	1h	0.000003647	+0.376%	$49K	$18K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2546%	1h	0.000003652	+0.511%	$225K	$219K	50x	as long as short