Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0595%/8h= −65.2% APRpaid last 24h −0.010%

Price spread now: Variational Omni against Backpack−0.118%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$18 a day on $10k at the current rate, and Variational Omni is 0.118% cheaper against Backpack than usual: you would sell low and buy high (−$12 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	0.000003477	0.0695	pay 0.0087% / 1h	53m 21s	$31K	$7K	10x
Short	Variational Omni 1000BONK	0.000003473	0.0100	get 0.0050% / 4h	3h 53m	$316K	$134K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.118%Rate

Funding earned: −$124.99
Price spread: −0.118% → 0.000%: −$11.81
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$146.8
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; Variational Omni: RFQ quote, 1 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 Variational Omni RFQ quote, 1 min ago	5.77 bp	doesn't fit	49.0 bp −$490	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	−0.0312%	1h	0.000003473	−0.115%	$43K	$37K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003479	+0.068%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003492	+0.420%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−5.838%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0039%	1h	0.000003466	−0.316%	$6K	$123K	10x	as long as short
BloFin 1000BONK-USDT	+0.0064%	4h	0.000003484	+0.201%	$980K	$16.0M	75x	as long as short
Orderly PERP_1000BONK_USDC	+0.0080%	4h	0.000003491	+0.403%	$30K	$55K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003488	+0.314%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003474	−0.086%	$226K	$671K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003489	+0.345%	$36K	$103K	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	0.000003486	+0.266%	$81K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003477	0.000%	$116K	$108K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003494	+0.479%	$16.9M	$60.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003491	+0.394%	$11.4M	$19.2M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003496	+0.546%	$2.6M	$9.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003489	+0.345%	$866K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003484	+0.201%	$9.1M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003486	+0.265%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003489	+0.345%	$4.4M	$3.2M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003493	+0.460%	—	$4.6M	—	as long as short
Variational Omni 1000BONKshort	+0.0100%	4h	0.000003473	−0.118%	$316K	$134K	—
SunX BONK-USDT	+0.0100%	4h	0.000003469	−0.230%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003464	−0.374%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003483	+0.173%	$99K	$120K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003494	+0.475%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003491	+0.403%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−13.719%	$582	—	100x	as long as short
ApeX Omni 1000BONKUSDT	+0.0206%	1h	0.000003480	+0.086%	$59K	$704K	25x	as long as short
Hyperliquid kBONK	+0.0679%	1h	0.000003496	+0.546%	$10.3M	$4.9M	10x	as long as short
Backpack kBONK_USDC_PERPlong	+0.0695%	1h	0.000003477	long leg	$31K	$7K	10x
Kraken Futures PF_BONKUSD	+0.2419%	1h	0.000003472	−0.143%	$224K	$175K	50x	as long as short