Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.029%

Price spread now: Injective against BingX−6.697%7-day average — · you buy dearer than you sell

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

Long on BingX Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 Injective is 6.697% cheaper against BingX than usual: you would sell low and buy high (−$670 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	BingX 1000BONK-USDT	0.000003509	0.0100	pay 0.0050% / 4h	2h 59m	—	$5.1M	—
Short	Injective BONK/USDC PERP	0.000003274	0.0033	get 0.0004% / 1h	59m 09s	$3K	$113	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BingX. 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 BingXbpFee InjectivebpOrdersPrice spread, now −6.697%Rate

Funding earned: −$14
Price spread: −6.697% → 0.000%: −$669.71
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$693.73
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 11 min ago; Injective: 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 BingX live order book, 11 min ago	4.29 bp	13.6 bp −$14	24.0 bp −$240	70.9 bp −$7,089	562.1 bp −$281.1K
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0096%	1h	0.000003510	+0.028%	$47K	$94K	50x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003513	+0.128%	$24	—	150x	as long as short
Injective BONK/USDC PERPshort	+0.0033%	1h	0.000003274	−6.697%	$3K	$113	5.5x
Deribit 1000BONK_USDC-PERPETUAL	+0.0035%	1h	0.000003505	−0.114%	$24K	$162K	10x	as long as short
BloFin 1000BONK-USDT	+0.0060%	4h	0.000003511	+0.057%	$1.1M	$20.1M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003510	+0.024%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003513	+0.128%	$65K	$142K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003508	−0.025%	$48K	$292K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003516	+0.199%	$117K	$161K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003509	0.000%	$18.0M	$91.5M	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	0.000003508	−0.028%	$12.5M	$27.5M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003510	+0.028%	$3.1M	$15.3M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003507	−0.057%	$928K	$3.3M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003502	−0.199%	$11.3M	$10.4M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003505	−0.114%	$2.9M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003504	−0.142%	$4.5M	$5.5M	75x	as long as short
BingX 1000BONK-USDTlong	+0.0100%	4h	0.000003509	long leg	—	$5.1M	—
Variational Omni 1000BONK	+0.0100%	4h	0.000003517	+0.224%	$343K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003519	+0.285%	$59K	$696K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003506	−0.085%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003513	+0.114%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003507	−0.057%	$3K	$8K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003512	+0.085%	$100K	$136K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003507	−0.070%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003502	−0.199%	$4K	—	3x	as long as short
Lighter 1000BONK	+0.0152%	1h	0.000003511	+0.057%	$246K	$735K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−14.506%	$538	—	100x	as long as short
Hyperliquid kBONK	+0.0513%	1h	0.000003515	+0.171%	$11.9M	$8.5M	10x	as long as short
dYdX BONK-USD	+0.0558%	1h	0.000003510	+0.028%	$14K	$10K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1498%	1h	0.000003514	+0.142%	$54K	$24K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1807%	1h	0.000003510	+0.033%	$178K	$272K	50x	as long as short