Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0062%/8h= −6.8% APRpaid last 24h −0.061%

Price spread now: Orderly against dYdX+0.107%7-day average — · you sell dearer than you buy

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

Long on dYdX Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 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

The price spread pays, funding is against you. Orderly is 0.107% dearer against dYdX than usual: you sell high and buy low (spread +0.107% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 5.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	dYdX BONK-USD	0.000003366	0	get 0.0000% / 1h	49m 03s	$12K	$3K	10x
Short	Orderly PERP_1000BONK_USDC	0.000003370	−0.0062	pay 0.0031% / 4h	3h 49m	$29K	$40K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against dYdX. 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 dYdXbpFee OrderlybpOrdersPrice spread, now +0.107%Rate

Funding earned: −$12.97
Price spread: +0.107% → 0.000%: $10.7
Slippage, 4 orders: no order book: not counted
Fee dYdX: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$18.28
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: dYdX: no order-book sample; Orderly: 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 dYdX no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

dYdX and Orderly: 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	−0.0376%	1h	0.000003362	−0.131%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003371	+0.137%	$1.0M	$14.2M	75x	as long as short
Orderly PERP_1000BONK_USDCshort	−0.0062%	4h	0.000003370	+0.107%	$29K	$40K	20x
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003370	+0.119%	$1K	—	150x	as long as short
dYdX BONK-USDlong	0.0000%	1h	0.000003366	long leg	$12K	$3K	10x
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.745%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003367	+0.017%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003365	−0.042%	$19K	$106K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003371	+0.132%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003369	+0.077%	$113K	$123K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003373	+0.196%	$15.5M	$53.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003370	+0.107%	$10.5M	$17.1M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003371	+0.137%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003371	+0.137%	$723K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003372	+0.166%	$9.9M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003371	+0.125%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003371	+0.137%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003371	+0.137%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003371	+0.136%	$304K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003372	+0.166%	$57K	$705K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003373	+0.196%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003374	+0.226%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003380	+0.404%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003372	+0.160%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003369	+0.077%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.884%	$563	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0201%	1h	0.000003374	+0.226%	$30K	$7K	10x	as long as short
Lighter 1000BONK	+0.0224%	1h	0.000003376	+0.285%	$265K	$373K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0343%	1h	0.000003374	+0.226%	$2K	$110K	10x	as long as short
Hyperliquid kBONK	+0.0554%	1h	0.000003379	+0.374%	$9.9M	$7.5M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1474%	1h	0.000003379	+0.385%	$207K	$156K	50x	as long as short