Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.2701%/8h= +295.7% APRpaid last 24h +0.652%

Price spread now: GMX against OKX−14.506%52s7-day average — · you buy dearer than you sell

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

Long on OKX 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 14.506% cheaper against OKX than usual: you would sell low and buy high (spread −14.506% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,451 on $10k: about 18 days of funding at the current rate (+$81 a day). The two prices were read 52 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BONK-USDT-SWAP	0.000003509	0.0100	pay 0.0100% / 8h	2h 46m	$2.7M	$11.3M	20x
Short	GMX BONK/USD [ETH-USDC]	0.000003000	L +0.0194% / S −0.2801%	get 0.0350% / 1h	46m 30s	$388	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now −14.506%Rate

Funding earned: $567.15
Price spread: −14.506% → 0.000%: −$1,450.56
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$905.4
Costs to cover: 0.220%
Break-even: 18.2 days

Slippage unknown: OKX: live order book, 2 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 OKX live order book, 2 min ago	1.42 bp	12.2 bp −$12	42.2 bp −$422	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	−0.0136%	1h	0.000003511	+0.057%	$44K	$46K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003510	+0.028%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003513	+0.117%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.697%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0035%	1h	0.000003511	+0.057%	$9K	$134K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003505	−0.102%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0090%	4h	0.000003509	0.000%	$30K	$53K	20x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003515	+0.171%	$248K	$705K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003507	−0.043%	$42K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003514	+0.142%	$59K	$299K	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	0.000003511	+0.057%	$119K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003511	+0.057%	$17.8M	$70.1M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003508	−0.031%	$11.6M	$21.9M	50x	as long as short
OKX BONK-USDT-SWAPlong	+0.0100%	8h	0.000003509	long leg	$2.7M	$11.3M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003509	0.000%	$918K	$3.0M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003511	+0.057%	$9.8M	$8.0M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003506	−0.074%	$3.0M	$10.3M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003507	−0.057%	$4.5M	$3.8M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003507	−0.057%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003490	−0.545%	$324K	$141K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003487	−0.627%	$59K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003518	+0.256%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003512	+0.085%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003512	+0.085%	$100K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003510	+0.030%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003503	−0.171%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0114%	4h	0.000003512	+0.085%	$1.0M	$17.5M	75x	as long as short
GMX BONK/USD [ETH-USDC]short	L +0.0194% / S −0.2801%	1h	0.000003000	−14.506%	$388	—	100x
Hyperliquid kBONK	+0.1658%	1h	0.000003515	+0.171%	$11.9M	$6.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1740%	1h	0.000003515	+0.171%	$46K	$17K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2642%	1h	0.000003520	+0.313%	$216K	$218K	50x	as long as short