Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.029%

Price spread now: Injective against Bybit−7.186%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 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 7.186% cheaper against Bybit than usual: you would sell low and buy high (−$719 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	Bybit 1000BONKUSDT	0.000003527	0.0100	pay 0.0050% / 4h	16m 38s	$12.4M	$26.7M	50x
Short	Injective BONK/USDC PERP	0.000003274	0.0033	get 0.0004% / 1h	16m 38s	$3K	$113	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −7.186%Rate

Funding earned: −$14
Price spread: −7.186% → 0.000%: −$718.64
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$743.66
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 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 Bybit live order book, 2 min ago	2.84 bp	14.6 bp −$15	36.1 bp −$361	doesn't fit	doesn't fit
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	−0.0040%	1h	0.000003532	+0.128%	$43K	$66K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003531	+0.111%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003539	+0.318%	$24	—	150x	as long as short
Injective BONK/USDC PERPshort	+0.0033%	1h	0.000003274	−7.186%	$3K	$113	5.5x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003539	+0.339%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003539	+0.340%	$69K	$138K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003536	+0.253%	$59K	$321K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003532	+0.128%	$119K	$158K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003534	+0.193%	$18.5M	$87.7M	75x	as long as short
Bybit 1000BONKUSDTlong	+0.0100%	4h	0.000003527	long leg	$12.4M	$26.7M	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	0.000003529	+0.043%	$3.0M	$15.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003531	+0.099%	$952K	$3.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003534	+0.184%	$11.1M	$9.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003530	+0.082%	$3.0M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003529	+0.043%	$4.5M	$5.3M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003532	+0.128%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003531	+0.110%	$332K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003534	+0.184%	$60K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003539	+0.326%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003548	+0.581%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003538	+0.298%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003538	+0.298%	$100K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003532	+0.116%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003534	+0.184%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0146%	4h	0.000003543	+0.439%	$1.1M	$20.4M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−14.954%	$540	—	100x	as long as short
Lighter 1000BONK	+0.0440%	1h	0.000003534	+0.184%	$248K	$768K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0882%	1h	0.000003538	+0.298%	$35K	$164K	10x	as long as short
Hyperliquid kBONK	+0.0999%	1h	0.000003535	+0.213%	$12.1M	$8.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1694%	1h	0.000003544	+0.468%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.4496%	1h	0.000003544	+0.480%	$181K	$275K	50x	as long as short