Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0101%/8h= −11.0% APRpaid last 24h −0.030%

Price spread now: gTrade (Gains Network) against Bybit−0.407%52s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on gTrade (Gains Network)

What this pair did over the last

the charts below follow

Funding, last 3 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 −$3 a day on $10k at the current rate, and gTrade (Gains Network) is 0.407% cheaper against Bybit than usual: you would sell low and buy high (−$41 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 52 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	Bybit 1000BONKUSDT	0.000003541	0.0100	pay 0.0050% / 4h	10m 36s	$12.5M	$26.8M	50x
Short	gTrade (Gains Network) BONK/USD	0.000003527	L +0.0001% / S +0.0001%	pay 0.0000% / 1h	10m 36s	$24	—	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

gTrade (Gains Network) against Bybit. 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 BybitbpFee gTrade (Gains Network)bpOrdersPrice spread, now −0.407%Rate

Funding earned: −$21.17
Price spread: −0.407% → 0.000%: −$40.66
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee gTrade (Gains Network): 5 bp × 2 orders: −$10
Net: −$82.83
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 3 min ago; gTrade (Gains Network): 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 Bybit live order book, 3 min ago	2.82 bp	14.6 bp −$15	34.3 bp −$343	doesn't fit	doesn't fit
Sell gTrade (Gains Network) no order-book sample	—	—	—	—	—

gTrade (Gains Network): 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	−0.0040%	1h	0.000003522	−0.542%	$42K	$67K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003536	−0.160%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USDshort	L +0.0001% / S +0.0001%	1h	0.000003527	−0.407%	$24	—	150x
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.545%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003549	+0.221%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0095%	4h	0.000003528	−0.373%	$1.1M	$20.3M	75x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003547	+0.178%	$70K	$138K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003543	+0.050%	$59K	$323K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003536	−0.147%	$119K	$158K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003540	−0.021%	$18.6M	$88.1M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDTlong	+0.0100%	4h	0.000003541	long leg	$12.5M	$26.8M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003549	+0.220%	$3.0M	$15.2M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003535	−0.175%	$952K	$3.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003538	−0.090%	$11.6M	$9.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003535	−0.184%	$3.0M	$11.1M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003547	+0.164%	$4.5M	$5.4M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003539	−0.062%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003527	−0.413%	$331K	$99K	—	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003528	−0.373%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003532	−0.260%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003529	−0.345%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003531	−0.288%	$100K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003541	−0.001%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003526	−0.429%	$4K	—	3x	as long as short
ApeX Omni 1000BONKUSDT	+0.0120%	1h	0.000003550	+0.249%	$60K	$705K	25x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−15.283%	$539	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0317%	1h	0.000003530	−0.316%	$35K	$164K	10x	as long as short
Lighter 1000BONK	+0.0472%	1h	0.000003540	−0.034%	$248K	$769K	10x	as long as short
Hyperliquid kBONK	+0.0994%	1h	0.000003540	−0.034%	$12.1M	$8.4M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1742%	1h	0.000003542	+0.023%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.4510%	1h	0.000003533	−0.221%	$180K	$275K	50x	as long as short