Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.009%

Price spread now: Backpack against Bybit−0.229%45s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 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 between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.229% cheaper against Bybit than usual: you would sell low and buy high, −$23 on $10k if it goes back to zero (this spread has no 7-day history yet). The two prices were read 45 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	Bybit 1000BONKUSDT	0.000003413	0.0100	pay 0.0050% / 4h	1h 31m	$10.8M	$17.9M	50x
Short	Backpack kBONK_USDC_PERP	0.000003405	0.0100	get 0.0013% / 1h	31m 27s	$30K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Bybit. 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 BybitbpFee BackpackbpOrdersPrice spread, now −0.229%Rate

Funding earned: $0
Price spread: −0.229% → 0.000%: −$22.86
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$43.86
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; Backpack: 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 Bybit live order book, 2 min ago	1.47 bp	13.6 bp −$14	34.0 bp −$340	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

Backpack: 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	0.000003380	−0.961%	$45K	$31K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003401	−0.346%	$951K	$15.1M	75x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003406	−0.191%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003403	−0.287%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003410	−0.082%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.067%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0051%	4h	0.000003415	+0.064%	$29K	$58K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003411	−0.056%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003410	−0.082%	$225K	$670K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003409	−0.097%	$27K	$97K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000BONKUSDT	+0.0100%	4h	0.000003413	+0.008%	$79K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003409	−0.111%	$115K	$108K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003414	+0.035%	$16.1M	$56.9M	75x	as long as short
Bybit 1000BONKUSDTlong	+0.0100%	4h	0.000003413	long leg	$10.8M	$17.9M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003411	−0.053%	$2.5M	$8.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003406	−0.199%	$846K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003415	+0.064%	$9.6M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003412	−0.035%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003410	−0.082%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003410	−0.082%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERPshort	+0.0100%	1h	0.000003405	−0.229%	$30K	$7K	10x
Variational Omni 1000BONK	+0.0100%	4h	0.000003409	−0.116%	$310K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003413	+0.006%	$57K	$707K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003404	−0.258%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003402	−0.316%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003428	+0.445%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003410	−0.081%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003412	−0.023%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.096%	$570	—	100x	as long as short
Hyperliquid kBONK	+0.0769%	1h	0.000003419	+0.182%	$10.1M	$4.7M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2036%	1h	0.000003413	+0.003%	$220K	$174K	50x	as long as short