Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h +0.015%

Price spread now: Lighter against Bybit+0.029%7-day average +0.059% · you sell dearer than you buy

Net, funding: paid 7d − costs−$38as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$460.457% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.076%+$8 on $10k

Price spread, last 4 days (all we have)−0.053%−$5 · spread now +0.029%, 7d avg +0.059%

Together, before fees+0.023%+ Points / potential airdropLighter: Season 3 · farm board+$2 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Lighter is 0.030% cheaper against Bybit than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.059%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit 1000BONKUSDT	0.000003438	0.0100	pay 0.0050% / 4h	1h 49m	$12.1M	$26.2M	50x
Short	Lighter 1000BONK	0.000003439	0.0096	get 0.0012% / 1h	49m 26s	$243K	$735K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now +0.029%Rate

Funding earned: −$0.84
Price spread: +0.029% → +0.059%: −$2.97
Slippage, 4 orders: −$34.72
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$49.53
Costs to cover: 0.457%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Lighter: live order book, 58 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 Bybit live order book, 2 min ago	1.46 bp	11.3 bp −$11	34.0 bp −$340	doesn't fit	doesn't fit
Sell Lighter live order book, 58 min ago	2.88 bp	10.7 bp −$11	41.2 bp −$412	doesn't fit	doesn't fit

BONK on 31 exchanges

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	−0.0056%	1h	0.000003447	+0.262%	$45K	$90K	50x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003440	+0.052%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.770%	$3K	$57	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0041%	1h	0.000003438	0.000%	$24K	$162K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003435	−0.082%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0090%	4h	0.000003440	+0.058%	$1.1M	$19.7M	75x	as long as short
Lighter 1000BONKshort	+0.0096%	1h	0.000003439	+0.029%	$243K	$735K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003434	−0.116%	$66K	$133K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003440	+0.058%	$54K	$218K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003436	−0.058%	$114K	$150K	10x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003439	+0.034%	$17.7M	$89.4M	75x	as long as short
Bybit 1000BONKUSDTlong	+0.0100%	4h	0.000003438	long leg	$12.1M	$26.2M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003440	+0.058%	$3.0M	$14.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003435	−0.087%	$906K	$3.3M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003438	0.000%	$10.7M	$10.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003436	−0.052%	$2.9M	$10.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003434	−0.116%	$4.4M	$5.2M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003433	−0.145%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003434	−0.127%	$334K	$125K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003441	+0.087%	$58K	$693K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003439	+0.029%	$29K	$46K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003444	+0.175%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003436	−0.058%	$2K	$10K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003446	+0.233%	$98K	$137K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003434	−0.120%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003435	−0.087%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−12.740%	$525	—	100x	as long as short
Hyperliquid kBONK	+0.0397%	1h	0.000003440	+0.058%	$11.7M	$8.2M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1178%	1h	0.000003440	+0.058%	$54K	$25K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1652%	1h	0.000003441	+0.079%	$175K	$253K	50x	as long as short
dYdX BONK-USD	+0.2410%	1h	0.000003432	−0.170%	$13K	$12K	10x	as long as short