Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0022%/8h= +2.4% APRpaid last 24h +0.075%

Price spread now: Aevo against Orderly−0.028%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on Aevo

What this pair did over the last

the charts below follow

Funding, last 5 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. Aevo is 0.028% cheaper against Orderly than usual: you would sell low and buy high (spread −0.028% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 4.3 days of funding at the current rate (+$1 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000BONK_USDC	0.000003542	0.0082	pay 0.0041% / 4h	3h 20m	$30K	$54K	20x
Short	Aevo 1000BONK-PERP	0.000003541	0.0104	get 0.0013% / 1h	20m 09s	$4K	—	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aevo against Orderly. 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 OrderlybpFee AevobpOrdersPrice spread, now −0.028%Rate

Funding earned: $4.63
Price spread: −0.028% → 0.000%: −$2.82
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Aevo: 8 bp × 2 orders: −$16
Net: −$20.19
Costs to cover: 0.220%
Break-even: 37.5 days

Slippage unknown: Orderly: no order-book sample; Aevo: 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 Orderly no order-book sample	—	—	—	—	—
Sell Aevo no order-book sample	—	—	—	—	—

Orderly and Aevo: 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	−0.0312%	1h	0.000003544	+0.056%	$44K	$40K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003531	−0.300%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003544	+0.045%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.566%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDClong	+0.0082%	4h	0.000003542	long leg	$30K	$54K	20x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003543	+0.040%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003541	−0.014%	$39K	$108K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003547	+0.130%	$82K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003528	−0.395%	$119K	$107K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003547	+0.130%	$17.5M	$63.7M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003548	+0.164%	$11.5M	$19.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003547	+0.141%	$2.6M	$10.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003543	+0.028%	$885K	$2.8M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003547	+0.141%	$9.9M	$7.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003547	+0.127%	$3.0M	$10.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003539	−0.085%	$4.5M	$3.2M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003544	+0.056%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003518	−0.681%	$326K	$140K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003516	−0.734%	$59K	$707K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003549	+0.198%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003545	+0.085%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003551	+0.254%	$101K	$121K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003544	+0.043%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERPshort	+0.0104%	1h	0.000003541	−0.028%	$4K	—	3x
BloFin 1000BONK-USDT	+0.0107%	4h	0.000003518	−0.678%	$1.0M	$16.6M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−15.302%	$592	—	100x	as long as short
Lighter 1000BONK	+0.0208%	1h	0.000003549	+0.198%	$249K	$692K	10x	as long as short
Hyperliquid kBONK	+0.0855%	1h	0.000003549	+0.198%	$10.5M	$5.0M	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.1162%	1h	0.000003546	+0.113%	$6K	$123K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1434%	1h	0.000003552	+0.282%	$49K	$16K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2363%	1h	0.000003554	+0.336%	$226K	$176K	50x	as long as short