Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0254%/8h= +27.8% APRpaid last 24h +0.101%

Price spread now: Backpack against Orderly+0.176%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Backpack

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

Both sides work for this trade now. Funding pays +$8 a day on $10k at the current rate, and Backpack is 0.176% dearer against Orderly than usual: you sell high and buy low: +$18 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000BONK_USDC	0.000003405	0.0074	pay 0.0037% / 4h	23m 08s	$29K	$56K	20x
Short	Backpack kBONK_USDC_PERP	0.000003411	0.0328	get 0.0041% / 1h	23m 08s	$30K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now +0.176%Rate

Funding earned: $53.33
Price spread: +0.176% → 0.000%: $17.62
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Backpack: 5 bp × 2 orders: −$10
Net: $54.95
Costs to cover: 0.160%
Break-even: from the start

Slippage unknown: Orderly: no order-book sample; Backpack: 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 Backpack no order-book sample	—	—	—	—	—

Orderly and Backpack: 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	−0.0320%	1h	0.000003402	−0.088%	$42K	$35K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003407	+0.069%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003408	+0.076%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.847%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0044%	1h	0.000003406	+0.029%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDClong	+0.0074%	4h	0.000003405	long leg	$29K	$56K	20x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003407	+0.056%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0093%	4h	0.000003412	+0.206%	$964K	$15.4M	75x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003410	+0.147%	$223K	$672K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003408	+0.103%	$31K	$101K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000BONKUSDT	+0.0100%	4h	0.000003414	+0.277%	$79K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003410	+0.147%	$113K	$109K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003405	+0.014%	$16.5M	$59.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003403	−0.044%	$10.8M	$18.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003408	+0.088%	$2.5M	$9.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003407	+0.059%	$812K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003404	−0.029%	$9.1M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003406	+0.032%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003407	+0.059%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003410	+0.147%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003423	+0.525%	$311K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003427	+0.646%	$58K	$705K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003413	+0.235%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003407	+0.059%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003426	+0.617%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003406	+0.018%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003404	−0.029%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.894%	$569	—	100x	as long as short
Backpack kBONK_USDC_PERPshort	+0.0328%	1h	0.000003411	+0.176%	$30K	$7K	10x
Hyperliquid kBONK	+0.0759%	1h	0.000003415	+0.294%	$10.0M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2467%	1h	0.000003416	+0.322%	$221K	$177K	50x	as long as short