Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.2197%/8h= −240.5% APRpaid last 24h −0.067%

Price spread now: Gate against Backpack−0.085%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 Gate

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 −$66 a day on $10k at the current rate, and Gate is 0.085% 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	0.000003513	0.2297	pay 0.0287% / 1h	54m 13s	$54K	$23K	10x
Short	Gate BONK_USDT	0.000003510	0.0100	get 0.0050% / 4h	3h 54m	$933K	$3.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.085%Rate

Funding earned: −$461.32
Price spread: −0.085% → 0.000%: −$8.54
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$494.86
Costs to cover: 0.250%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Gate: live order book, 4 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 Gate live order book, 4 min ago	2.84 bp	21.3 bp −$21	91.8 bp −$918	doesn't fit	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	−0.0024%	1h	0.000003505	−0.228%	$42K	$68K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003510	−0.085%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003501	−0.339%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.803%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003509	−0.101%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0089%	4h	0.000003513	0.000%	$1.1M	$20.4M	75x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003512	−0.014%	$70K	$139K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003509	−0.101%	$58K	$334K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003512	−0.028%	$117K	$162K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003505	−0.228%	$18.4M	$89.0M	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	0.000003501	−0.327%	$12.3M	$27.3M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003506	−0.199%	$3.0M	$15.1M	20x	as long as short
Gate BONK_USDTshort	+0.0100%	4h	0.000003510	−0.085%	$933K	$3.5M	50x
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003505	−0.228%	$11.5M	$9.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003505	−0.228%	$2.9M	$11.1M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003506	−0.199%	$4.5M	$5.4M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003507	−0.171%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003526	+0.368%	$331K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003528	+0.427%	$59K	$704K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003503	−0.285%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003510	−0.085%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003506	−0.199%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003517	+0.114%	$100K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003503	−0.285%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003500	−0.370%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−14.603%	$535	—	100x	as long as short
Lighter 1000BONK	+0.0280%	1h	0.000003509	−0.114%	$245K	$756K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0321%	1h	0.000003503	−0.285%	$34K	$164K	10x	as long as short
Hyperliquid kBONK	+0.0697%	1h	0.000003515	+0.057%	$12.0M	$8.4M	10x	as long as short
Backpack kBONK_USDC_PERPlong	+0.2297%	1h	0.000003513	long leg	$54K	$23K	10x
Kraken Futures PF_BONKUSD	+0.2959%	1h	0.000003509	−0.126%	$179K	$275K	50x	as long as short