Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bybit against Variational Omni+0.440%7-day average +0.046% · you sell dearer than you buy

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

Long on Variational Omni Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.006%−$1 on $10k

Price spread, last 4 days (all we have)−1.399%−$140 · spread now +0.440%, 7d avg +0.046%

Together, before fees−1.405%+ Points / potential airdropVariational Omni: Active · farm board−$141 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.394% dearer against Variational Omni than usual: you sell high and buy low, +$39 on $10k if it goes back to its 7-day average of +0.046%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000BONK	0.000003430	0.0100	pay 0.0050% / 4h	2h 02m	$313K	$134K	—
Short	Bybit 1000BONKUSDT	0.000003445	0.0100	get 0.0050% / 4h	2h 02m	$11.0M	$17.8M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Variational Omni. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpFee BybitbpOrdersPrice spread, now +0.440%Rate

Funding earned: $0
Price spread: +0.440% → +0.046%: $39.38
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $28.38
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 2 min ago; Bybit: 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 Variational Omni RFQ quote, 2 min ago	5.82 bp	doesn't fit	55.2 bp −$552	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	1.46 bp	13.9 bp −$14	35.5 bp −$355	339.8 bp −$34.0K	doesn't fit

BONK on 30 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	−0.0336%	1h	0.000003427	−0.085%	$44K	$27K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003436	+0.187%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003444	+0.417%	$24	—	150x	as long as short
Orderly PERP_1000BONK_USDC	+0.0024%	4h	0.000003446	+0.469%	$30K	$58K	20x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.545%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0040%	1h	0.000003447	+0.499%	$2K	$110K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003441	+0.322%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003439	+0.265%	$224K	$678K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003441	+0.338%	$27K	$106K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003438	+0.228%	$81K	$269K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003438	+0.236%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003445	+0.447%	$16.1M	$57.1M	75x	as long as short
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003445	+0.440%	$11.0M	$17.8M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003448	+0.528%	$2.5M	$8.4M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003442	+0.353%	$878K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003446	+0.469%	$9.6M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003440	+0.294%	$2.6M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003446	+0.469%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003443	+0.382%	—	$4.7M	—	as long as short
Variational Omni 1000BONKlong	+0.0100%	4h	0.000003430	long leg	$313K	$134K	—
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003432	+0.061%	$58K	$708K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003452	+0.644%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003446	+0.469%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003442	+0.353%	$97K	$149K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003445	+0.430%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003444	+0.411%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.534%	$575	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0332%	1h	0.000003439	+0.265%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.1004%	1h	0.000003448	+0.528%	$10.2M	$6.4M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2038%	1h	0.000003457	+0.799%	$223K	$173K	50x	as long as short