Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0117%/8h= +12.8% APRpaid last 24h +0.007%

Price spread now: BloFin against Injective+11.301%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 BloFin

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 +$4 a day on $10k at the current rate, and BloFin is 11.301% dearer against Injective than usual: you sell high and buy low: +$1,130 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	1m 37s	$3K	$113	5.5x
Short	BloFin 1000BONK-USDT	0.000003644	0.0150	get 0.0075% / 4h	2h 01m	$1.1M	$18.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +11.301%Rate

Funding earned: $24.57
Price spread: +11.301% → 0.000%: $1,130.12
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee BloFin: 6 bp × 2 orders: −$12
Net: $1,142.67
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; BloFin: live order book, 2 min ago. 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 BloFin live order book, 2 min ago	5.51 bp	12.8 bp −$13	24.6 bp −$246	66.4 bp −$6,642	doesn't fit

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	−0.0136%	1h	0.000003638	+11.118%	$45K	$52K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003635	+11.036%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003639	+11.145%	$25	—	150x	as long as short
Injective BONK/USDC PERPlong	+0.0033%	1h	0.000003274	long leg	$3K	$113	5.5x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003639	+11.145%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003639	+11.164%	$51K	$119K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003646	+11.355%	$61K	$301K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003641	+11.210%	$124K	$129K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003640	+11.179%	$18.8M	$75.7M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003638	+11.121%	$12.3M	$23.5M	50x	as long as short

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	0.000003639	+11.148%	$3.0M	$12.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003637	+11.087%	$986K	$3.3M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003633	+10.965%	$11.2M	$8.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003640	+11.176%	$3.0M	$10.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003638	+11.118%	$4.6M	$4.2M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003636	+11.057%	—	$4.9M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003643	+11.266%	$337K	$142K	—	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003639	+11.148%	$31K	$53K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003646	+11.362%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003642	+11.240%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003642	+11.240%	$104K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003636	+11.069%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003636	+11.057%	$4K	—	3x	as long as short
BloFin 1000BONK-USDTshort	+0.0150%	4h	0.000003644	+11.301%	$1.1M	$18.9M	75x
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−8.369%	$401	—	100x	as long as short
Lighter 1000BONK	+0.0208%	1h	0.000003642	+11.240%	$254K	$739K	10x	as long as short
ApeX Omni 1000BONKUSDT	+0.0245%	1h	0.000003647	+11.393%	$62K	$704K	25x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0575%	1h	0.000003638	+11.118%	$20K	$155K	10x	as long as short
Hyperliquid kBONK	+0.1546%	1h	0.000003646	+11.362%	$12.1M	$7.1M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1657%	1h	0.000003647	+11.393%	$49K	$18K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2545%	1h	0.000003653	+11.589%	$225K	$219K	50x	as long as short