Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h +0.005%

Price spread now: Gate against Reya+0.264%152s7-day average — · you sell dearer than you buy

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

Long on Reya Short on Gate

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Gate is 0.264% dearer against Reya than usual: you sell high and buy low: +$26 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 152 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	Reya kBONKRUSDPERP	0.000003622	0.0083	pay 0.0010% / 1h	26m 48s	$4	—	15x
Short	Gate BONK_USDT	0.000003632	0.0100	get 0.0050% / 4h	1h 26m	$965K	$3.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Reya. 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 ReyabpFee GatebpOrdersPrice spread, now +0.264%Rate

Funding earned: $3.6
Price spread: +0.264% → 0.000%: $26.42
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Gate: 7.5 bp × 2 orders: −$15
Net: $9.02
Costs to cover: 0.210%
Break-even: from the start

Slippage unknown: Reya: no order-book sample; Gate: live order book, 1 min ago. 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 Reya no order-book sample	—	—	—	—	—
Sell Gate live order book, 1 min ago	2.76 bp	19.8 bp −$20	81.5 bp −$815	doesn't fit	doesn't fit

Reya: 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	−0.0016%	1h	0.000003622	−0.012%	$46K	$62K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003626	+0.110%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003627	+0.118%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−9.619%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERPlong	+0.0083%	1h	0.000003622	long leg	$4	—	15x
Nado kBONK-PERP	+0.0100%	1h	0.000003631	+0.237%	$55K	$123K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003636	+0.375%	$61K	$303K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003629	+0.181%	$120K	$138K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003636	+0.375%	$18.7M	$79.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003636	+0.364%	$12.6M	$24.6M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003634	+0.319%	$3.0M	$13.7M	20x	as long as short
Gate BONK_USDTshort	+0.0100%	4h	0.000003632	+0.264%	$965K	$3.4M	50x
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003637	+0.402%	$12.1M	$9.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003635	+0.333%	$3.1M	$10.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003633	+0.292%	$4.7M	$4.7M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003634	+0.319%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003605	−0.485%	$338K	$146K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003628	+0.154%	$61K	$707K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003633	+0.292%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003638	+0.430%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003634	+0.319%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003645	+0.623%	$103K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003632	+0.268%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003628	+0.154%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0111%	4h	0.000003631	+0.237%	$1.1M	$19.4M	75x	as long as short
Lighter 1000BONK	+0.0160%	1h	0.000003636	+0.375%	$253K	$747K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−17.183%	$555	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0852%	1h	0.000003635	+0.347%	$25K	$165K	10x	as long as short
Hyperliquid kBONK	+0.1261%	1h	0.000003641	+0.513%	$12.5M	$7.8M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1756%	1h	0.000003643	+0.568%	$56K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2963%	1h	0.000003644	+0.592%	$224K	$222K	50x	as long as short