Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.015%

Price spread now: Gate against Lighter−0.117%7-day average −0.067% · you buy dearer than you sell

Net, funding: paid 7d − costs−$72as in the Funding arb table

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$660.660% of the position

Long on Lighter Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.062%−$6 on $10k

Price spread, last 4 days (all we have)+0.129%+$13 · spread now −0.117%, 7d avg −0.067%

Together, before fees+0.067%+ Points / potential airdropLighter: Season 3 · farm board+$7 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: Gate is 0.051% cheaper against Lighter than usual: you would sell low and buy high, −$5 on $10k if it goes back to its 7-day average of −0.067%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003408	0.0096	pay 0.0012% / 1h	7m 37s	$234K	$759K	10x
Short	Gate BONK_USDT	0.000003404	0.0100	get 0.0050% / 4h	1h 07m	$920K	$3.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.117%Rate

Funding earned: $0.84
Price spread: −0.117% → −0.067%: −$5.08
Slippage, 4 orders: −$50.99
Fee Lighter: 0 bp × 2 orders: $0
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$70.23
Costs to cover: 0.660%
Break-even: 592.3 days

Slippage from Lighter: live order book, 35 min ago; Gate: live order book, 4 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, 35 min ago	1.45 bp	15.6 bp −$16	38.1 bp −$381	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	2.94 bp	22.4 bp −$22	90.9 bp −$909	doesn't fit	doesn't fit

BONK on 31 exchanges

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	−0.0056%	1h	0.000003410	+0.059%	$44K	$89K	50x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003404	−0.120%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.932%	$3K	$57	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003404	−0.129%	$4	—	15x	as long as short
Lighter 1000BONKlong	+0.0096%	1h	0.000003408	long leg	$234K	$759K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003405	−0.103%	$64K	$133K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003405	−0.089%	$47K	$201K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003406	−0.059%	$113K	$151K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003407	−0.017%	$17.3M	$90.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003401	−0.205%	$11.7M	$26.7M	50x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003404	−0.117%	$3.0M	$14.6M	20x	as long as short
Gate BONK_USDTshort	+0.0100%	4h	0.000003404	−0.117%	$920K	$3.4M	50x
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003402	−0.176%	$10.6M	$11.0M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003405	−0.079%	$2.8M	$10.6M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003403	−0.147%	$4.4M	$5.2M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003403	−0.147%	—	$4.9M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003398	−0.304%	$321K	$136K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003400	−0.235%	$57K	$694K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003401	−0.205%	$29K	$46K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003411	+0.088%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003405	−0.088%	$2K	$9K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003410	+0.059%	$97K	$138K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003402	−0.164%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003400	−0.235%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0156%	4h	0.000003406	−0.059%	$1.0M	$19.8M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.1287%	1h	0.000003000	−11.972%	$403	—	100x	as long as short
Hyperliquid kBONK	+0.0383%	1h	0.000003410	+0.059%	$11.7M	$8.2M	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0631%	1h	0.000003407	−0.029%	$23K	$152K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1180%	1h	0.000003411	+0.088%	$53K	$25K	10x	as long as short
dYdX BONK-USD	+0.1495%	1h	0.000003407	−0.028%	$13K	$12K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1667%	1h	0.000003411	+0.080%	$173K	$254K	50x	as long as short