Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0067%/8hnext payment +$0.08 per $10,000 · paid last 24h +0.035%

Price spread now: Backpack against Injective+2.230%7-day average — · you sell dearer than you buy

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

Long on Injective Short on Backpack

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 for this trade now. Funding pays +$2 a day on $10k at the current rate, and Backpack is 2.230% dearer against Injective than usual: you sell high and buy low: +$223 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BONK/USDC PERP	0.000003274	0.0033	pay 0.0004% / 1h	6m 16s	$3K	$9K	5.5x
Short	Backpack kBONK_USDC_PERP	0.000003347	0.0100	get 0.0013% / 1h	6m 16s	$30K	$6K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Injective. 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 InjectivebpFee BackpackbpOrdersPrice spread, now +2.230%Rate

Funding earned: $14
Price spread: +2.230% → 0.000%: $222.97
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Backpack: 5 bp × 2 orders: −$10
Net: $226.95
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; 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 Injective no order-book sample	—	—	—	—	—
Sell Backpack no order-book sample	—	—	—	—	—

Injective and 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	−0.0280%	1h	0.000003314	+1.222%	$42K	$20K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003350	+2.321%	$1.0M	$12.8M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0034%	4h	0.000003343	+2.108%	$29K	$42K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003346	+2.193%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003345	+2.168%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003345	+2.169%	$11K	$100K	10x	as long as short
Injective BONK/USDC PERPlong	+0.0033%	1h	0.000003274	long leg	$3K	$9K	5.5x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003346	+2.213%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003347	+2.230%	$197K	$274K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003344	+2.153%	$17K	$104K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000BONKUSDT	+0.0100%	4h	0.000003349	+2.286%	$64K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003346	+2.199%	$112K	$110K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003343	+2.102%	$15.0M	$48.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003342	+2.080%	$10.0M	$15.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003346	+2.199%	$2.4M	$7.3M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003344	+2.138%	$735K	$2.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003341	+2.046%	$9.5M	$6.4M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003348	+2.251%	$2.7M	$9.5M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003340	+2.016%	$4.2M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003343	+2.108%	—	$8.2M	—	as long as short
Backpack kBONK_USDC_PERPshort	+0.0100%	1h	0.000003347	+2.230%	$30K	$6K	10x
Variational Omni 1000BONK	+0.0100%	4h	0.000003342	+2.092%	$300K	$105K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003350	+2.321%	$57K	$690K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003352	+2.382%	$2K	$11K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003346	+2.199%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003350	+2.321%	$79K	$117K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003345	+2.176%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003344	+2.138%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−8.369%	$559	—	100x	as long as short
Hyperliquid kBONK	+0.0672%	1h	0.000003352	+2.382%	$9.8M	$6.8M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1256%	1h	0.000003350	+2.312%	$203K	$181K	50x	as long as short