Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.1310%/8h= −143.5% APRpaid last 24h −0.015%

Price spread now: MEXC against Backpack−0.227%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 MEXC

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 −$39 a day on $10k at the current rate, and MEXC is 0.227% cheaper against Backpack than usual: you would sell low and buy high (−$23 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	0.000003518	0.1410	pay 0.0176% / 1h	23m 56s	$48K	$16K	10x
Short	MEXC 1000BONK_USDT	0.000003510	0.0100	get 0.0050% / 4h	3h 23m	$9.8M	$7.4M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.227%Rate

Funding earned: −$275.17
Price spread: −0.227% → 0.000%: −$22.74
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee MEXC: 0 bp × 2 orders: $0
Net: −$307.91
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; MEXC: 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 MEXC live order book, 4 min ago	1.42 bp	4.4 bp −$4	10.8 bp −$108	61.8 bp −$6,183	124.1 bp −$62.1K

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	0.000003509	−0.256%	$44K	$39K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003511	−0.191%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003508	−0.296%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.936%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0083%	4h	0.000003508	−0.284%	$30K	$54K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003511	−0.203%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003514	−0.099%	$38K	$108K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003514	−0.121%	$81K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003515	−0.085%	$118K	$107K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003517	−0.018%	$17.4M	$63.1M	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	0.000003515	−0.085%	$11.5M	$19.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003514	−0.114%	$2.6M	$9.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003508	−0.284%	$877K	$2.8M	50x	as long as short
MEXC 1000BONK_USDTshort	+0.0100%	4h	0.000003510	−0.227%	$9.8M	$7.4M	125x
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003509	−0.256%	$3.0M	$10.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003515	−0.085%	$4.5M	$3.2M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003512	−0.171%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003522	+0.109%	$326K	$140K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003504	−0.398%	$59K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003516	−0.057%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003509	−0.256%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003517	−0.028%	$100K	$121K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003512	−0.184%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003509	−0.256%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0125%	4h	0.000003516	−0.057%	$991K	$16.6M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−14.724%	$587	—	100x	as long as short
Lighter 1000BONK	+0.0200%	1h	0.000003514	−0.114%	$246K	$692K	10x	as long as short
Hyperliquid kBONK	+0.0837%	1h	0.000003523	+0.142%	$10.4M	$5.0M	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0890%	1h	0.000003512	−0.171%	$6K	$123K	10x	as long as short
Backpack kBONK_USDC_PERPlong	+0.1410%	1h	0.000003518	long leg	$48K	$16K	10x
Kraken Futures PF_BONKUSD	+0.2388%	1h	0.000003516	−0.059%	$224K	$178K	50x	as long as short