Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.002%

Price spread now: BloFin against Backpack−0.090%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 BloFin

What this pair did over the last

the charts below follow

Funding, last 5 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 −$7 a day on $10k at the current rate, and BloFin is 0.090% cheaper against Backpack than usual: you would sell low and buy high (−$9 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	0.000003337	0.0100	pay 0.0013% / 1h	3m 04s	$30K	$7K	10x
Short	BloFin 1000BONK-USDT	0.000003334	−0.0140	pay 0.0070% / 4h	2h 03m	$1.0M	$13.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.090%Rate

Funding earned: −$50.4
Price spread: −0.090% → 0.000%: −$8.99
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$81.39
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; BloFin: live order book, 6 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 BloFin live order book, 6 min ago	5.98 bp	12.0 bp −$12	21.3 bp −$213	50.9 bp −$5,088	doesn't fit

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
Deribit 1000BONK_USDC-PERPETUAL	−0.0350%	1h	0.000003334	−0.090%	$2K	$110K	10x	as long as short
Coinbase International 1000BONK-PERP-INTX	−0.0320%	1h	0.000003327	−0.300%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDTshort	−0.0140%	4h	0.000003334	−0.090%	$1.0M	$13.1M	75x
Orderly PERP_1000BONK_USDC	−0.0057%	4h	0.000003334	−0.090%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003334	−0.087%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003332	−0.160%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−1.888%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003333	−0.124%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003336	−0.030%	$197K	$290K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003332	−0.135%	$19K	$108K	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	0.000003337	+0.002%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003334	−0.090%	$113K	$120K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003332	−0.160%	$14.9M	$51.1M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003332	−0.150%	$10.1M	$16.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003336	−0.030%	$2.4M	$7.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003332	−0.150%	$737K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003335	−0.060%	$10.0M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003336	−0.030%	$2.6M	$10.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003329	−0.240%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003336	−0.030%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERPlong	+0.0100%	1h	0.000003337	long leg	$30K	$7K	10x
Variational Omni 1000BONK	+0.0100%	4h	0.000003332	−0.139%	$300K	$104K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003330	−0.210%	$56K	$696K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003339	+0.060%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003335	−0.060%	$2K	$6K	10x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003335	−0.057%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003335	−0.060%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.099%	$557	—	100x	as long as short
HTX BONK-USDT	+0.0480%	4h	0.000003340	+0.090%	$77K	$123K	30x	as long as short
Hyperliquid kBONK	+0.0737%	1h	0.000003342	+0.150%	$9.9M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1151%	1h	0.000003337	+0.011%	$203K	$149K	50x	as long as short