Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0260%/8h= +28.5% APRpaid last 24h +0.002%

Price spread now: Backpack against Gate−0.351%7-day average — · you buy dearer than you sell

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

Long on Gate Short on Backpack

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

Funding pays, the price is against you. Backpack is 0.351% cheaper against Gate than usual: you would sell low and buy high (spread −0.351% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$35 on $10k: about 4.5 days of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BONK_USDT	0.000003419	0.0100	pay 0.0050% / 4h	3h 10m	$733K	$2.6M	50x
Short	Backpack kBONK_USDC_PERP	0.000003407	0.0360	get 0.0045% / 1h	10m 17s	$30K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpFee BackpackbpOrdersPrice spread, now −0.351%Rate

Funding earned: $54.65
Price spread: −0.351% → 0.000%: −$35.1
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$5.45
Costs to cover: 0.250%
Break-even: 7.7 days

Slippage unknown: Gate: live order book, 3 min ago; Backpack: 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 Gate live order book, 3 min ago	4.40 bp	24.6 bp −$25	91.7 bp −$917	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

Backpack: 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	0.000003371	−1.404%	$43K	$25K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003402	−0.497%	$1.0M	$14.5M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0037%	4h	0.000003413	−0.175%	$29K	$39K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003417	−0.067%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003415	−0.104%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003411	−0.234%	$2K	$110K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.241%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003421	+0.058%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003421	+0.073%	$18K	$98K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003418	−0.035%	$66K	$253K	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	0.000003418	−0.029%	$115K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003418	−0.031%	$15.7M	$53.1M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003420	+0.023%	$10.8M	$17.1M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003414	−0.146%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDTlong	+0.0100%	4h	0.000003419	long leg	$733K	$2.6M	50x
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003419	0.000%	$10.0M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003422	+0.088%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003407	−0.351%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003418	−0.029%	—	$4.7M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003404	−0.441%	$312K	$125K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003409	−0.292%	$57K	$708K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003424	+0.146%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003409	−0.292%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003418	−0.029%	$94K	$154K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003408	−0.330%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003410	−0.263%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.255%	$571	—	100x	as long as short
Lighter 1000BONK	+0.0352%	1h	0.000003414	−0.146%	$353K	$474K	10x	as long as short
Backpack kBONK_USDC_PERPshort	+0.0360%	1h	0.000003407	−0.351%	$30K	$7K	10x
Hyperliquid kBONK	+0.0597%	1h	0.000003426	+0.205%	$9.7M	$7.4M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1457%	1h	0.000003420	+0.038%	$213K	$165K	50x	as long as short