Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0018%/8h= −1.9% APRpaid last 24h +0.027%

Price spread now: Lighter against BloFin−0.028%60s7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$62as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$410.411% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.206%−$21 on $10k

Price spread, last 4 days (all we have)+0.105%+$10 · spread now −0.028%, 7d avg +0.031%

Together, before fees−0.101%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Lighter is 0.060% cheaper against BloFin than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of +0.031%). Swap the legs. The two prices were read 60 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	BloFin 1000BONK-USDT	0.000003512	0.0114	pay 0.0057% / 4h	2h 46m	$1.0M	$17.5M	75x
Short	Lighter 1000BONK	0.000003511	0.0096	get 0.0012% / 1h	46m 08s	$248K	$705K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$3.7
Price spread: −0.028% → +0.031%: −$5.95
Slippage, 4 orders: −$29.06
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$50.72
Costs to cover: 0.411%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Lighter: live order book, 49 min ago.

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 BloFin live order book, 3 min ago	2.84 bp	9.5 bp −$9	15.8 bp −$158	65.8 bp −$6,575	doesn't fit
Sell Lighter live order book, 49 min ago	1.42 bp	3.6 bp −$4	30.0 bp −$300	doesn't fit	doesn't fit

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	−0.0136%	1h	0.000003505	−0.199%	$43K	$46K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003510	−0.057%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003502	−0.279%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.777%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0035%	1h	0.000003505	−0.199%	$9K	$134K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003505	−0.187%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0091%	4h	0.000003505	−0.199%	$30K	$53K	20x	as long as short
Lighter 1000BONKshort	+0.0096%	1h	0.000003511	−0.028%	$248K	$705K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003507	−0.128%	$42K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003513	+0.036%	$59K	$299K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003511	−0.028%	$119K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003509	−0.097%	$17.8M	$70.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003506	−0.182%	$11.6M	$21.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003506	−0.171%	$2.7M	$11.3M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003505	−0.199%	$917K	$3.0M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003507	−0.142%	$9.8M	$8.0M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003507	−0.142%	$3.0M	$10.3M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003506	−0.171%	$4.5M	$3.8M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003507	−0.142%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003501	−0.302%	$326K	$141K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003487	−0.712%	$59K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003510	−0.057%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003507	−0.142%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003534	+0.626%	$101K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003505	−0.198%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003504	−0.228%	$4K	—	3x	as long as short
BloFin 1000BONK-USDTlong	+0.0114%	4h	0.000003512	long leg	$1.0M	$17.5M	75x
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−14.579%	$387	—	100x	as long as short
Hyperliquid kBONK	+0.1664%	1h	0.000003515	+0.085%	$11.9M	$6.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1710%	1h	0.000003512	0.000%	$46K	$17K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2648%	1h	0.000003511	−0.016%	$215K	$218K	50x	as long as short