Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.4240%/8h= +464.3% APRpaid last 24h +0.507%

Price spread now: GMX against Binance−10.847%50s7-day average — · you buy dearer than you sell

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

Long on Binance Short on GMX

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—needs both histories

Funding pays, the price is against you. GMX is 10.847% cheaper against Binance than usual: you would sell low and buy high (spread −10.847% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,085 on $10k: about 8.5 days of funding at the current rate (+$127 a day). The two prices were read 50 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	Binance 1000BONKUSDT	0.000003365	0.0100	pay 0.0050% / 4h	1h 05m	$16.1M	$57.6M	75x
Short	GMX BONK/USD [ETH-USDC]	0.000003000	L +0.0197% / S −0.4340%	get 0.0542% / 1h	5m 34s	$562	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Binance. 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 BinancebpFee GMXbpOrdersPrice spread, now −10.847%Rate

Funding earned: $890.37
Price spread: −10.847% → 0.000%: −$1,084.7
Slippage, 4 orders: no order book: not counted
Fee Binance: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: −$216.32
Costs to cover: 0.220%
Break-even: 8.7 days

Slippage unknown: Binance: live order book, 7 min ago; GMX: 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 Binance live order book, 7 min ago	1.48 bp	8.4 bp −$8	24.5 bp −$245	164.6 bp −$16.5K	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	−0.0336%	1h	0.000003362	−0.089%	$43K	$33K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003362	−0.079%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003364	−0.030%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003365	+0.003%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.704%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0066%	4h	0.000003366	+0.030%	$29K	$57K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003364	−0.032%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003366	+0.030%	$222K	$670K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003365	0.000%	$27K	$96K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003368	+0.075%	$78K	$250K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003363	−0.059%	$113K	$104K	10x	as long as short
Binance 1000BONKUSDTlong	+0.0100%	4h	0.000003365	long leg	$16.1M	$57.6M	75x
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003365	−0.012%	$10.7M	$18.1M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003366	+0.030%	$2.5M	$8.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003361	−0.119%	$831K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003360	−0.149%	$9.4M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003362	−0.089%	$2.6M	$9.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003361	−0.119%	$4.2M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003365	0.000%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003367	+0.059%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003363	−0.049%	$307K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003378	+0.386%	$57K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003370	+0.149%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003365	0.000%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003371	+0.178%	$95K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003363	−0.070%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003364	−0.030%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0125%	4h	0.000003375	+0.297%	$953K	$15.0M	75x	as long as short
GMX BONK/USD [ETH-USDC]short	L +0.0197% / S −0.4340%	1h	0.000003000	−10.847%	$562	—	100x
Hyperliquid kBONK	+0.0802%	1h	0.000003370	+0.149%	$10.0M	$4.7M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2061%	1h	0.000003371	+0.186%	$218K	$174K	50x	as long as short