Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0057%/8h= −6.3% APRpaid last 24h −0.006%

Price spread now: Injective against BloFin−6.323%7-day average — · you buy dearer than you sell

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

Long on BloFin 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 6.323% cheaper against BloFin than usual: you would sell low and buy high (−$632 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	BloFin 1000BONK-USDT	0.000003495	0.0090	pay 0.0045% / 4h	3h 42m	$1.1M	$20.2M	75x
Short	Injective BONK/USDC PERP	0.000003274	0.0033	get 0.0004% / 1h	42m 35s	$3K	$113	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against BloFin. 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 BloFinbpFee InjectivebpOrdersPrice spread, now −6.323%Rate

Funding earned: −$12
Price spread: −6.323% → 0.000%: −$632.33
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$656.35
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 6 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 BloFin live order book, 6 min ago	10.00 bp	16.9 bp −$17	26.7 bp −$267	96.7 bp −$9,670	doesn't fit
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	−0.0024%	1h	0.000003490	−0.143%	$42K	$68K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003489	−0.160%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003495	+0.006%	$24	—	150x	as long as short
Injective BONK/USDC PERPshort	+0.0033%	1h	0.000003274	−6.323%	$3K	$113	5.5x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003496	+0.041%	$4	—	15x	as long as short
BloFin 1000BONK-USDTlong	+0.0090%	4h	0.000003495	long leg	$1.1M	$20.2M	75x
Aster 1000BONKUSDT	+0.0100%	4h	0.000003497	+0.049%	$47K	$333K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003489	−0.172%	$116K	$162K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003496	+0.032%	$18.1M	$89.8M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003495	+0.014%	$12.4M	$27.5M	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	0.000003492	−0.086%	$3.0M	$15.1M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003487	−0.229%	$921K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003489	−0.172%	$11.4M	$10.0M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003490	−0.134%	$2.9M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003486	−0.258%	$4.5M	$5.4M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003490	−0.143%	—	$5.1M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003492	−0.088%	$328K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003504	+0.258%	$59K	$701K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003489	−0.157%	$69K	$139K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003497	+0.057%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003502	+0.200%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003497	+0.057%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003501	+0.172%	$99K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003489	−0.183%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003496	+0.029%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−14.163%	$534	—	100x	as long as short
Lighter 1000BONK	+0.0216%	1h	0.000003490	−0.143%	$245K	$759K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0322%	1h	0.000003499	+0.114%	$34K	$164K	10x	as long as short
Hyperliquid kBONK	+0.0614%	1h	0.000003494	−0.029%	$11.9M	$8.4M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1927%	1h	0.000003503	+0.229%	$54K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2965%	1h	0.000003502	+0.192%	$179K	$275K	50x	as long as short