Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0082%/8h= −9.0% APRpaid last 24h +0.045%

Price spread now: dYdX against Orderly−0.190%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 dYdX

What this pair did over the last

the charts below follow

Funding, last 6 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 against this trade now: funding costs −$2 a day on $10k at the current rate, and dYdX is 0.190% cheaper against Orderly than usual: you would sell low and buy high (−$19 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000BONK_USDC	0.000003529	0.0082	pay 0.0041% / 4h	3h 18m	$30K	$54K	20x
Short	dYdX BONK-USD	0.000003522	0	get 0.0000% / 1h	18m 33s	$13K	$3K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

dYdX 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 dYdXbpOrdersPrice spread, now −0.190%Rate

Funding earned: −$17.21
Price spread: −0.190% → 0.000%: −$19
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee dYdX: 5 bp × 2 orders: −$10
Net: −$52.21
Costs to cover: 0.160%
Break-even: never at this rate

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

Orderly and dYdX: 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	0.000003529	0.000%	$44K	$40K	50x	as long as short
dYdX BONK-USDshort	0.0000%	1h	0.000003522	−0.190%	$13K	$3K	10x
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003522	−0.196%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.226%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDClong	+0.0082%	4h	0.000003529	long leg	$30K	$54K	20x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003518	−0.300%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003519	−0.269%	$39K	$108K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003522	−0.191%	$82K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003522	−0.198%	$120K	$110K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003521	−0.227%	$17.4M	$63.9M	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	0.000003515	−0.405%	$11.4M	$19.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003518	−0.312%	$2.6M	$10.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003522	−0.198%	$881K	$2.8M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003520	−0.255%	$10.0M	$7.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003524	−0.142%	$3.0M	$10.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003518	−0.312%	$4.5M	$3.3M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003520	−0.255%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003518	−0.315%	$326K	$140K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003528	−0.028%	$59K	$707K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003537	+0.227%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003531	+0.057%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003541	+0.340%	$100K	$121K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003518	−0.325%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003528	−0.028%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0120%	4h	0.000003535	+0.170%	$1.0M	$16.7M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−14.990%	$590	—	100x	as long as short
Lighter 1000BONK	+0.0224%	1h	0.000003529	0.000%	$247K	$692K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0600%	1h	0.000003532	+0.085%	$6K	$123K	10x	as long as short
Hyperliquid kBONK	+0.0847%	1h	0.000003526	−0.085%	$10.4M	$5.0M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1451%	1h	0.000003536	+0.198%	$48K	$16K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2371%	1h	0.000003541	+0.341%	$226K	$176K	50x	as long as short