Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0028%/8h= −3.1% APRpaid last 24h −0.009%

Price spread now: Bitget against Lighter−0.172%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$69as in the Price arb table

costs, in and out, $10k−$580.577% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.027%−$3 on $10k

Price spread, last 4 days (all we have)+0.154%+$15 · spread now −0.172%, 7d avg −0.061%

Together, before fees+0.128%+ Points / potential airdropLighter: Season 3 · farm board+$13 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bitget is 0.110% cheaper against Lighter than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.061%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003495	0.0128	pay 0.0016% / 1h	27m 05s	$246K	$717K	10x
Short	Bitget 1000BONKUSDT	0.000003489	0.0100	get 0.0050% / 4h	2h 27m	$4.5M	$3.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Lighter. 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 LighterbpFee BitgetbpOrdersPrice spread, now −0.172%Rate

Funding earned: −$5.88
Price spread: −0.172% → −0.061%: −$11.03
Slippage, 4 orders: −$45.75
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$74.66
Costs to cover: 0.577%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Bitget: live order book, 1 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 Lighter live order book, 4 min ago	1.42 bp	18.2 bp −$18	37.3 bp −$373	doesn't fit	doesn't fit
Sell Bitget live order book, 1 min ago	5.73 bp	16.0 bp −$16	39.3 bp −$393	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	−0.0136%	1h	0.000003489	−0.172%	$43K	$47K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003490	−0.131%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003487	−0.226%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.323%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0037%	1h	0.000003490	−0.143%	$9K	$134K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003491	−0.115%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0092%	4h	0.000003488	−0.200%	$30K	$53K	20x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003492	−0.072%	$42K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003499	+0.120%	$58K	$299K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003495	0.000%	$116K	$123K	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	0.000003496	+0.019%	$17.9M	$71.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003483	−0.335%	$11.5M	$22.3M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003491	−0.114%	$2.8M	$11.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003490	−0.143%	$902K	$3.1M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003490	−0.143%	$10.3M	$8.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003491	−0.129%	$3.0M	$10.4M	75x	as long as short
Bitget 1000BONKUSDTshort	+0.0100%	4h	0.000003489	−0.172%	$4.5M	$3.9M	75x
BingX 1000BONK-USDT	+0.0100%	4h	0.000003490	−0.143%	—	$4.9M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003499	+0.128%	$325K	$141K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003521	+0.744%	$59K	$703K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003493	−0.057%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003491	−0.114%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003513	+0.515%	$100K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003490	−0.157%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003488	−0.200%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0113%	4h	0.000003498	+0.086%	$1.0M	$17.8M	75x	as long as short
Lighter 1000BONKlong	+0.0128%	1h	0.000003495	long leg	$246K	$717K	10x
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−14.163%	$385	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.1599%	1h	0.000003496	+0.029%	$46K	$17K	10x	as long as short
Hyperliquid kBONK	+0.1611%	1h	0.000003498	+0.086%	$11.8M	$6.6M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2660%	1h	0.000003496	+0.019%	$214K	$218K	50x	as long as short