Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1445%/8h= −158.2% APRpaid last 24h −0.010%

Price spread now: Bybit against Backpack+0.177%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on Bybit

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

The price spread pays, funding is against you. Bybit is 0.177% dearer against Backpack than usual: you sell high and buy low (spread +0.177% now, against zero (this spread has no 7-day history yet)): +$18 on $10k if it goes back. Holding the pair costs −$43 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kBONK_USDC_PERP	0.000003500	0.1545	pay 0.0193% / 1h	0m 38s	$48K	$16K	10x
Short	Bybit 1000BONKUSDT	0.000003506	0.0100	get 0.0050% / 4h	3h 00m	$11.6M	$21.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.177%Rate

Funding earned: −$303.46
Price spread: +0.177% → 0.000%: $17.71
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$306.74
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Bybit: live order book, 3 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 Bybit live order book, 3 min ago	1.40 bp	12.6 bp −$13	33.5 bp −$335	162.2 bp −$16.2K	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
Coinbase International 1000BONK-PERP-INTX	−0.0312%	1h	0.000003507	+0.200%	$44K	$46K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003508	+0.240%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003498	−0.069%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.457%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0036%	1h	0.000003502	+0.057%	$9K	$133K	10x	as long as short
BloFin 1000BONK-USDT	+0.0048%	4h	0.000003501	+0.029%	$1.0M	$17.2M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003504	+0.112%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0084%	4h	0.000003503	+0.086%	$30K	$53K	20x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003505	+0.157%	$40K	$112K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003508	+0.223%	$66K	$291K	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	0.000003510	+0.286%	$121K	$113K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003511	+0.304%	$17.7M	$68.6M	75x	as long as short
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003506	+0.177%	$11.6M	$21.3M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003506	+0.171%	$2.6M	$10.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003506	+0.171%	$915K	$3.0M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003512	+0.343%	$9.6M	$7.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003504	+0.117%	$3.0M	$10.2M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003510	+0.286%	$4.5M	$3.6M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003511	+0.314%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003491	−0.246%	$325K	$140K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003560	+1.714%	$60K	$708K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003500	0.000%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003496	−0.114%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003557	+1.629%	$101K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003515	+0.416%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003501	+0.029%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−14.286%	$386	—	100x	as long as short
Lighter 1000BONK	+0.0208%	1h	0.000003513	+0.371%	$247K	$703K	10x	as long as short
Hyperliquid kBONK	+0.1076%	1h	0.000003517	+0.486%	$11.6M	$6.0M	10x	as long as short
Backpack kBONK_USDC_PERPlong	+0.1545%	1h	0.000003500	long leg	$48K	$16K	10x
Kraken Futures PF_BONKUSD	+0.2398%	1h	0.000003502	+0.068%	$223K	$203K	50x	as long as short