Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.029%

Price spread now: Injective against BingX−3.734%102s7-day average — · you buy dearer than you sell

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

Long on BingX Short on Injective

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—needs both histories

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 3.734% cheaper against BingX than usual: you would sell low and buy high (−$373 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 102 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	BingX 1000BONK-USDC	0.000003401	0.0100	pay 0.0050% / 4h	3h 29m	—	$6.5M	—
Short	Injective BONK/USDC PERP	0.000003274	0.0033	get 0.0004% / 1h	29m 37s	$3K	$113	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BingXbpFee InjectivebpOrdersPrice spread, now −3.734%Rate

Funding earned: −$14
Price spread: −3.734% → 0.000%: −$373.42
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$397.44
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 5 min ago; Injective: 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 BingX live order book, 5 min ago	4.30 bp	22.5 bp −$22	75.7 bp −$757	490.4 bp −$49.0K	722.9 bp −$361.5K
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	0.000003388	−0.382%	$46K	$81K	50x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003406	+0.138%	$23	—	150x	as long as short
Injective BONK/USDC PERPshort	+0.0033%	1h	0.000003274	−3.734%	$3K	$113	5.5x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003407	+0.190%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0089%	4h	0.000003416	+0.441%	$1.0M	$19.5M	75x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003404	+0.088%	$64K	$142K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003411	+0.301%	$47K	$321K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003405	+0.118%	$113K	$163K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003408	+0.198%	$17.6M	$90.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003399	−0.053%	$12.1M	$27.5M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003397	−0.118%	$2.9M	$14.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003404	+0.088%	$898K	$3.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003402	+0.029%	$10.9M	$10.4M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003410	+0.273%	$2.9M	$11.1M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003400	−0.029%	$4.4M	$5.4M	75x	as long as short
BingX 1000BONK-USDClong	+0.0100%	4h	0.000003401	long leg	—	$6.5M	—
Variational Omni 1000BONK	+0.0100%	4h	0.000003433	+0.939%	$322K	$94K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003475	+2.176%	$59K	$700K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003404	+0.088%	$29K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003414	+0.382%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003411	+0.294%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003411	+0.294%	$97K	$135K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003400	−0.040%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003400	−0.029%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−11.791%	$520	—	100x	as long as short
dYdX BONK-USD	+0.0201%	1h	0.000003401	+0.009%	$13K	$11K	10x	as long as short
Lighter 1000BONK	+0.0240%	1h	0.000003412	+0.323%	$241K	$762K	10x	as long as short
Hyperliquid kBONK	+0.0557%	1h	0.000003414	+0.382%	$11.7M	$8.3M	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0631%	1h	0.000003408	+0.206%	$33K	$164K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1728%	1h	0.000003418	+0.500%	$53K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.3041%	1h	0.000003413	+0.365%	$173K	$273K	50x	as long as short