Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0076%/8h= +8.3% APRpaid last 24h 0.000%

Price spread now: Lighter against Bybit+0.190%7-day average +0.049% · you sell dearer than you buy

Net, funding: paid 7d − costs−$37as in the Funding arb table

Net, price: spread back to 7d avg − costs−$30as in the Price arb table

costs, in and out, $10k−$440.438% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.066%+$7 on $10k

Price spread, last 4 days (all we have)−0.165%−$16 · spread now +0.190%, 7d avg +0.049%

Together, before fees−0.099%+ Points / potential airdropLighter: Season 3 · farm board−$10 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.141% dearer against Bybit than usual: you sell high and buy low: +$14 more if the spread goes back to its 7-day average of +0.049%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit 1000BONKUSDT	0.000003371	0.0100	pay 0.0050% / 4h	3h 50m	$10.5M	$17.1M	50x
Short	Lighter 1000BONK	0.000003377	0.0176	get 0.0022% / 1h	50m 41s	$262K	$368K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.190%Rate

Funding earned: $15.96
Price spread: +0.190% → +0.049%: $14.09
Slippage, 4 orders: −$32.81
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$13.76
Costs to cover: 0.438%
Break-even: 13.0 days

Slippage from Bybit: live order book, 3 min ago; Lighter: live order book, 5 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 Bybit live order book, 3 min ago	1.48 bp	11.1 bp −$11	28.8 bp −$288	doesn't fit	doesn't fit
Sell Lighter live order book, 5 min ago	1.48 bp	10.7 bp −$11	34.7 bp −$347	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	−0.0376%	1h	0.000003366	−0.136%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003371	+0.012%	$1.0M	$14.1M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0063%	4h	0.000003371	+0.012%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003371	+0.024%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003371	+0.026%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.866%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0047%	1h	0.000003372	+0.042%	$2K	$110K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003370	−0.003%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003371	+0.027%	$19K	$106K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003372	+0.043%	$65K	$251K	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	0.000003373	+0.071%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003372	+0.042%	$15.5M	$53.2M	75x	as long as short
Bybit 1000BONKUSDTlong	+0.0100%	4h	0.000003371	long leg	$10.5M	$17.1M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003372	+0.042%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003371	+0.012%	$724K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003372	+0.042%	$9.9M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003372	+0.033%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003369	−0.047%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003372	+0.042%	—	$8.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003371	+0.011%	$304K	$119K	—	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003378	+0.220%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003374	+0.101%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003381	+0.309%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003371	+0.006%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003369	−0.047%	$4K	—	3x	as long as short
ApeX Omni 1000BONKUSDT	+0.0126%	1h	0.000003384	+0.398%	$57K	$704K	25x	as long as short
Lighter 1000BONKshort	+0.0176%	1h	0.000003377	+0.190%	$262K	$368K	10x
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.995%	$563	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0276%	1h	0.000003374	+0.101%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0592%	1h	0.000003379	+0.249%	$9.9M	$7.5M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1474%	1h	0.000003379	+0.259%	$207K	$156K	50x	as long as short