Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0068%/8h= +7.4% APRpaid last 24h +0.004%

Price spread now: Lighter against KuCoin+0.082%7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$74as in the Funding arb table

Net, price: spread back to 7d avg − costs−$73as in the Price arb table

costs, in and out, $10k−$820.818% of the position

Long on KuCoin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 4 days (all we have)−0.081%−$8 · spread now +0.082%, 7d avg −0.010%

Together, before fees−0.003%+ Points / potential airdropLighter: Season 3 · farm board$0 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Lighter is 0.092% dearer against KuCoin than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.010%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin 1000BONKUSDTM	0.000003417	0.0100	pay 0.0050% / 4h	2h 35m	$2.7M	$9.9M	75x
Short	Lighter 1000BONK	0.000003420	0.0168	get 0.0021% / 1h	35m 46s	$233K	$666K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.082%Rate

Funding earned: $14.28
Price spread: +0.082% → −0.010%: $9.2
Slippage, 4 orders: −$69.85
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$58.37
Costs to cover: 0.818%
Break-even: 35.6 days

Slippage from KuCoin: live order book, 8 min ago; Lighter: live order book, 15 min ago.

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, 8 min ago	2.94 bp	23.5 bp −$23	499.1 bp −$4,991	doesn't fit	doesn't fit
Sell Lighter live order book, 15 min ago	2.93 bp	12.1 bp −$12	31.4 bp −$314	doesn't fit	doesn't fit

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	−0.0336%	1h	0.000003369	−1.411%	$43K	$26K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003414	−0.094%	$939K	$14.9M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0016%	4h	0.000003411	−0.181%	$29K	$59K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003417	+0.008%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003413	−0.135%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.191%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003415	−0.065%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003414	−0.094%	$26K	$116K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003417	+0.007%	$66K	$253K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003418	+0.023%	$113K	$125K	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	0.000003418	+0.023%	$16.1M	$56.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003418	+0.032%	$10.8M	$17.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003417	−0.006%	$2.5M	$8.3M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003416	−0.035%	$743K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003418	+0.023%	$9.5M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTMlong	+0.0100%	4h	0.000003417	long leg	$2.7M	$9.9M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003415	−0.064%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003417	−0.006%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003414	−0.094%	$310K	$127K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003389	−0.825%	$57K	$714K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003422	+0.140%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003416	−0.035%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003416	−0.035%	$97K	$158K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003417	−0.016%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003410	−0.211%	$4K	—	3x	as long as short
Lighter 1000BONKshort	+0.0168%	1h	0.000003420	+0.082%	$233K	$666K	10x
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.209%	$571	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0339%	1h	0.000003418	+0.023%	$30K	$7K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0629%	1h	0.000003416	−0.035%	$2K	$110K	10x	as long as short
Hyperliquid kBONK	+0.0915%	1h	0.000003423	+0.170%	$10.2M	$7.5M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2060%	1h	0.000003420	+0.090%	$213K	$165K	50x	as long as short