Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.004%

Price spread now: Bybit against Lighter−0.172%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$63as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$560.558% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.070%−$7 on $10k

Price spread, last 4 days (all we have)+0.225%+$22 · spread now −0.172%, 7d avg −0.051%

Together, before fees+0.155%+ Points / potential airdropLighter: Season 3 · farm board+$15 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.121% cheaper against Lighter than usual: you would sell low and buy high, −$12 on $10k if it goes back to its 7-day average of −0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003426	0.0096	pay 0.0012% / 1h	16m 23s	$224K	$672K	10x
Short	Bybit 1000BONKUSDT	0.000003420	0.0100	get 0.0050% / 4h	16m 23s	$10.9M	$18.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.172%Rate

Funding earned: $0.84
Price spread: −0.172% → −0.051%: −$12.09
Slippage, 4 orders: −$44.79
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$67.04
Costs to cover: 0.558%
Break-even: 565.7 days

Slippage from Lighter: live order book, 24 min ago; Bybit: live order book, 2 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, 24 min ago	4.44 bp	14.4 bp −$14	36.7 bp −$367	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.47 bp	12.9 bp −$13	33.9 bp −$339	406.8 bp −$40.7K	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	−0.0320%	1h	0.000003390	−1.051%	$42K	$35K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003422	−0.105%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003419	−0.201%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.437%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0076%	4h	0.000003421	−0.146%	$29K	$55K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003419	−0.191%	$4	—	15x	as long as short
Lighter 1000BONKlong	+0.0096%	1h	0.000003426	long leg	$224K	$672K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003420	−0.175%	$31K	$101K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003420	−0.165%	$79K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003422	−0.117%	$114K	$109K	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	0.000003422	−0.117%	$16.6M	$59.7M	75x	as long as short
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003420	−0.172%	$10.9M	$18.8M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003420	−0.175%	$2.5M	$9.1M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003421	−0.146%	$826K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003420	−0.175%	$9.0M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003420	−0.163%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003420	−0.175%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003423	−0.088%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003398	−0.821%	$309K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003403	−0.671%	$57K	$704K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003430	+0.117%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003424	−0.058%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003419	−0.204%	$97K	$120K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003422	−0.129%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003420	−0.175%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0112%	4h	0.000003422	−0.117%	$974K	$15.4M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.434%	$571	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0339%	1h	0.000003427	+0.029%	$30K	$7K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0627%	1h	0.000003424	−0.058%	$2K	$110K	10x	as long as short
Hyperliquid kBONK	+0.0770%	1h	0.000003426	0.000%	$10.1M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2454%	1h	0.000003434	+0.239%	$222K	$177K	50x	as long as short