Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0196%/8h= +21.5% APRpaid last 24h +0.013%

Price spread now: Lighter against Aster−0.029%7-day average +0.011% · you buy dearer than you sell

Net, funding: paid 7d − costs−$85as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$910.907% of the position

Long on Aster Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.061%+$6 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now −0.029%, 7d avg +0.011%

Together, before fees+0.045%+ Points / potential airdropAster: Stage 5 · Lighter: Season 3 · farm board+$5 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.039% cheaper against Aster than usual: you would sell low and buy high (spread −0.029% now, against its 7-day average of +0.011%). If the spread goes back, that is −$4 on $10k: about 16 hours of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.061% in total) that is about 4.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.061% in total (about 3.2% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aster 1000BONKUSDT	0.000003492	0.0100	pay 0.0050% / 4h	3h 34m	$48K	$322K	10x
Short	Lighter 1000BONK	0.000003491	0.0296	get 0.0037% / 1h	34m 35s	$245K	$759K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Aster. 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 AsterbpFee LighterbpOrdersPrice spread, now −0.029%Rate

Funding earned: $41.16
Price spread: −0.029% → +0.011%: −$3.95
Slippage, 4 orders: −$82.67
Fee Aster: 4 bp × 2 orders: −$8
Fee Lighter: 0 bp × 2 orders: $0
Net: −$53.46
Costs to cover: 0.907%
Break-even: 16.1 days

Slippage from Aster: live order book, 62 min ago; Lighter: live order book, 46 min ago.

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 Aster live order book, 62 min ago	8.45 bp	40.3 bp −$40	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 46 min ago	4.23 bp	17.2 bp −$17	51.9 bp −$519	doesn't fit	doesn't fit

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	−0.0024%	1h	0.000003480	−0.344%	$42K	$66K	50x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003485	−0.212%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.243%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0037%	1h	0.000003486	−0.172%	$34K	$164K	10x	as long as short
dYdX BONK-USD	+0.0068%	1h	0.000003483	−0.249%	$14K	$5K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003484	−0.230%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003488	−0.100%	$69K	$136K	10x	as long as short
Aster 1000BONKUSDTlong	+0.0100%	4h	0.000003492	long leg	$48K	$322K	10x
Pacifica kBONK	+0.0100%	1h	0.000003487	−0.143%	$116K	$163K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003488	−0.115%	$18.0M	$89.0M	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	0.000003486	−0.160%	$12.4M	$27.0M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003484	−0.229%	$3.0M	$14.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003484	−0.229%	$921K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003488	−0.115%	$11.4M	$10.0M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003487	−0.132%	$2.9M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003487	−0.143%	$4.5M	$5.3M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003487	−0.143%	—	$5.1M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003493	+0.026%	$328K	$94K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003498	+0.172%	$59K	$700K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003486	−0.172%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003491	−0.029%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003485	−0.200%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003491	−0.029%	$99K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003485	−0.212%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003485	−0.200%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0145%	4h	0.000003492	0.000%	$1.1M	$19.9M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−14.089%	$532	—	100x	as long as short
Lighter 1000BONKshort	+0.0296%	1h	0.000003491	−0.029%	$245K	$759K	10x
Hyperliquid kBONK	+0.0588%	1h	0.000003491	−0.029%	$11.9M	$8.2M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1813%	1h	0.000003493	+0.029%	$54K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2974%	1h	0.000003491	−0.020%	$178K	$272K	50x	as long as short