Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0267%/8h= −29.3% APRpaid last 24h −0.101%

Price spread now: Orderly against Backpack−0.146%46s7-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 Orderly

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 −$8 a day on $10k at the current rate, and Orderly is 0.146% cheaper against Backpack than usual: you would sell low and buy high (−$15 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kBONK_USDC_PERP	0.000003418	0.0341	pay 0.0043% / 1h	24m 13s	$30K	$7K	10x
Short	Orderly PERP_1000BONK_USDC	0.000003413	0.0074	get 0.0037% / 4h	24m 13s	$29K	$56K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.146%Rate

Funding earned: −$56.11
Price spread: −0.146% → 0.000%: −$14.63
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$86.74
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Orderly: no order-book sample. 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 Orderly no order-book sample	—	—	—	—	—

Backpack and Orderly: 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	−0.0320%	1h	0.000003412	−0.176%	$43K	$35K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003415	−0.078%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003412	−0.187%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.213%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDCshort	+0.0074%	4h	0.000003413	−0.146%	$29K	$56K	20x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003411	−0.207%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003418	0.000%	$224K	$672K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003411	−0.205%	$31K	$101K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003417	−0.030%	$79K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003413	−0.146%	$114K	$109K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003414	−0.116%	$16.5M	$59.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003411	−0.202%	$10.8M	$18.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003414	−0.117%	$2.5M	$9.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003413	−0.146%	$813K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003413	−0.146%	$9.1M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003413	−0.149%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003415	−0.088%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003411	−0.205%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003423	+0.142%	$311K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003423	+0.146%	$58K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003418	0.000%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003414	−0.117%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003411	−0.205%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003411	−0.202%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003410	−0.234%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0107%	4h	0.000003424	+0.176%	$967K	$15.4M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.229%	$571	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0336%	1h	0.000003414	−0.117%	$2K	$110K	10x	as long as short
Backpack kBONK_USDC_PERPlong	+0.0341%	1h	0.000003418	long leg	$30K	$7K	10x
Hyperliquid kBONK	+0.0765%	1h	0.000003419	+0.029%	$10.1M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2461%	1h	0.000003425	+0.211%	$221K	$177K	50x	as long as short