Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1000%/8h= −109.5% APRpaid last 24h −0.010%

Price spread now: BingX against Backpack−0.457%7-day average — · you buy dearer than you sell

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

Long on Backpack Short on BingX

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$30 a day on $10k at the current rate, and BingX is 0.457% cheaper against Backpack than usual: you would sell low and buy high (−$46 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kBONK_USDC_PERP	0.000003501	0.1100	pay 0.0138% / 1h	50m 36s	$32K	$8K	10x
Short	BingX 1000BONK-USDC	0.000003485	0.0100	get 0.0050% / 4h	3h 50m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Backpack. 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 BackpackbpFee BingXbpOrdersPrice spread, now −0.457%Rate

Funding earned: −$210
Price spread: −0.457% → 0.000%: −$45.7
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$275.7
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; BingX: live order book, 10 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 Backpack no order-book sample	—	—	—	—	—
Sell BingX live order book, 10 min ago	4.34 bp	24.4 bp −$24	75.9 bp −$759	512.5 bp −$51.2K	709.8 bp −$354.9K

Backpack: 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	−0.0312%	1h	0.000003489	−0.343%	$44K	$37K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003490	−0.314%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003495	−0.183%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.484%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0078%	4h	0.000003498	−0.086%	$988K	$16.0M	75x	as long as short
Orderly PERP_1000BONK_USDC	+0.0080%	4h	0.000003498	−0.086%	$30K	$55K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003491	−0.288%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003497	−0.114%	$235K	$678K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003491	−0.271%	$36K	$102K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003504	+0.095%	$81K	$251K	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	0.000003492	−0.257%	$116K	$108K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003492	−0.267%	$16.9M	$60.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003490	−0.306%	$11.4M	$19.2M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003489	−0.343%	$2.6M	$9.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003490	−0.314%	$862K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003485	−0.457%	$9.3M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003491	−0.300%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003485	−0.457%	$4.4M	$3.2M	75x	as long as short
BingX 1000BONK-USDCshort	+0.0100%	4h	0.000003485	−0.457%	—	$6.5M	—
Variational Omni 1000BONK	+0.0100%	4h	0.000003493	−0.232%	$322K	$138K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003485	−0.457%	$59K	$705K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003502	+0.029%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003498	−0.086%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003501	0.000%	$99K	$120K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003487	−0.399%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003499	−0.057%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−14.310%	$584	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0607%	1h	0.000003502	+0.029%	$6K	$123K	10x	as long as short
Hyperliquid kBONK	+0.0737%	1h	0.000003502	+0.029%	$10.3M	$4.9M	10x	as long as short
Backpack kBONK_USDC_PERPlong	+0.1100%	1h	0.000003501	long leg	$32K	$8K	10x
Kraken Futures PF_BONKUSD	+0.2397%	1h	0.000003504	+0.072%	$223K	$178K	50x	as long as short