Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.4240%/8h= +464.3% APRpaid last 24h +0.558%

Price spread now: GMX against KuCoin−12.978%7-day average — · you buy dearer than you sell

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

Long on KuCoin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 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. GMX is 12.978% cheaper against KuCoin than usual: you would sell low and buy high (spread −12.978% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,298 on $10k: about 10 days of funding at the current rate (+$127 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin 1000BONKUSDTM	0.000003447	0.0100	pay 0.0050% / 4h	9m 13s	$2.7M	$9.8M	75x
Short	GMX BONK/USD [ETH-USDC]	0.000003000	L +0.0197% / S −0.4340%	get 0.0542% / 1h	9m 13s	$576	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. 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 KuCoinbpFee GMXbpOrdersPrice spread, now −12.978%Rate

Funding earned: $890.37
Price spread: −12.978% → 0.000%: −$1,297.79
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$431.42
Costs to cover: 0.240%
Break-even: 10.4 days

Slippage unknown: KuCoin: live order book, 9 min ago; GMX: 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 KuCoin live order book, 9 min ago	2.93 bp	23.5 bp −$23	390.0 bp −$3,900	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.0320%	1h	0.000003390	−1.665%	$42K	$35K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003439	−0.233%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003445	−0.081%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−5.030%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0048%	4h	0.000003450	+0.075%	$975K	$15.6M	75x	as long as short
Orderly PERP_1000BONK_USDC	+0.0077%	4h	0.000003448	+0.017%	$30K	$55K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003443	−0.130%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003451	+0.104%	$226K	$674K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003443	−0.113%	$31K	$101K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003440	−0.211%	$79K	$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	0.000003441	−0.186%	$114K	$109K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003449	+0.046%	$16.7M	$60.0M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003446	−0.044%	$10.9M	$18.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003447	−0.012%	$2.5M	$9.2M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003442	−0.157%	$833K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003450	+0.075%	$9.1M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTMlong	+0.0100%	4h	0.000003447	long leg	$2.7M	$9.8M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003446	−0.041%	$4.4M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003443	−0.128%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003438	−0.277%	$313K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003445	−0.070%	$58K	$704K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003445	−0.070%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003447	−0.012%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003443	−0.128%	$97K	$120K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003448	+0.004%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003446	−0.041%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]short	L +0.0197% / S −0.4340%	1h	0.000003000	−12.978%	$576	—	100x
Deribit 1000BONK_USDC-PERPETUAL	+0.0330%	1h	0.000003449	+0.046%	$2K	$110K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0355%	1h	0.000003449	+0.046%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0773%	1h	0.000003451	+0.104%	$10.1M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2438%	1h	0.000003457	+0.276%	$223K	$177K	50x	as long as short