Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.3850%/8h= +421.5% APRpaid last 24h +0.689%

Price spread now: GMX against Bybit−16.752%7-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 GMX

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

Funding pays, the price is against you. GMX is 16.752% cheaper against Bybit than usual: you would sell low and buy high (spread −16.752% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,675 on $10k: about 15 days of funding at the current rate (+$115 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit 1000BONKUSDT	0.000003604	0.0100	pay 0.0050% / 4h	1h 19m	$12.4M	$24.7M	50x
Short	GMX BONK/USD [ETH-USDC]	0.000003000	L +0.0196% / S −0.3950%	get 0.0494% / 1h	19m 56s	$551	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −16.752%Rate

Funding earned: $808.45
Price spread: −16.752% → 0.000%: −$1,675.22
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee GMX: 6 bp × 2 orders: −$12
Net: −$889.77
Costs to cover: 0.230%
Break-even: 14.7 days

Slippage unknown: Bybit: live order book, 4 min ago; GMX: 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, 4 min ago	1.38 bp	13.3 bp −$13	36.1 bp −$361	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.0016%	1h	0.000003590	−0.380%	$45K	$62K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003604	+0.020%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003602	−0.042%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−9.149%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003607	+0.088%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003607	+0.105%	$54K	$123K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003612	+0.234%	$60K	$303K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003610	+0.175%	$120K	$138K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003608	+0.123%	$18.6M	$80.1M	75x	as long as short
Bybit 1000BONKUSDTlong	+0.0100%	4h	0.000003604	long leg	$12.4M	$24.7M	50x

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	0.000003606	+0.064%	$3.0M	$13.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003605	+0.036%	$959K	$3.4M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003608	+0.119%	$12.1M	$9.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003607	+0.097%	$3.1M	$10.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003604	+0.008%	$4.6M	$4.7M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003602	−0.047%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003598	−0.162%	$341K	$147K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003622	+0.508%	$61K	$707K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003607	+0.092%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003615	+0.314%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003609	+0.147%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003614	+0.286%	$102K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003605	+0.026%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003604	+0.008%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0122%	4h	0.000003608	+0.119%	$1.1M	$19.3M	75x	as long as short
Lighter 1000BONK	+0.0136%	1h	0.000003611	+0.203%	$252K	$747K	10x	as long as short
GMX BONK/USD [ETH-USDC]short	L +0.0196% / S −0.3950%	1h	0.000003000	−16.752%	$551	—	100x
Hyperliquid kBONK	+0.1273%	1h	0.000003614	+0.286%	$12.4M	$7.9M	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.1691%	1h	0.000003613	+0.258%	$25K	$165K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1745%	1h	0.000003613	+0.258%	$56K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2980%	1h	0.000003623	+0.543%	$223K	$222K	50x	as long as short