Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0488%/8h= −53.4% APRpaid last 24h −0.001%

Price spread now: Orderly against Deribit−0.056%7-day average — · you buy dearer than you sell

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

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 6 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 −$15 a day on $10k at the current rate, and Orderly is 0.056% cheaper against Deribit than usual: you would sell low and buy high (−$6 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	Deribit 1000BONK_USDC-PERPETUAL	0.000003584	0.0588	pay 0.0073% / 1h	1m 46s	$35K	$176K	10x
Short	Orderly PERP_1000BONK_USDC	0.000003582	0.0100	get 0.0050% / 4h	1h 01m	$31K	$52K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Deribit. 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 DeribitbpFee OrderlybpOrdersPrice spread, now −0.056%Rate

Funding earned: −$102.43
Price spread: −0.056% → 0.000%: −$5.58
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$121.01
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 7 min ago; Orderly: 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 Deribit live order book, 7 min ago	9.76 bp	16.1 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: 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	−0.0016%	1h	0.000003575	−0.251%	$45K	$63K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003573	−0.299%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003579	−0.137%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−8.650%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003580	−0.114%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0099%	4h	0.000003586	+0.056%	$1.1M	$19.6M	75x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003581	−0.070%	$62K	$128K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003578	−0.158%	$60K	$311K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003576	−0.223%	$119K	$139K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003578	−0.174%	$18.5M	$82.6M	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	0.000003571	−0.357%	$12.3M	$25.3M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003574	−0.279%	$2.9M	$14.2M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003580	−0.112%	$977K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003576	−0.223%	$12.3M	$9.4M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003576	−0.229%	$3.0M	$10.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003573	−0.307%	$4.6M	$4.9M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003579	−0.140%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003594	+0.275%	$338K	$156K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003586	+0.056%	$60K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDCshort	+0.0100%	4h	0.000003582	−0.056%	$31K	$52K	20x
SunX BONK-USDT	+0.0100%	4h	0.000003588	+0.112%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003583	−0.028%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003584	0.000%	$102K	$132K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003575	−0.237%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003578	−0.167%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−16.295%	$547	—	100x	as long as short
Lighter 1000BONK	+0.0216%	1h	0.000003578	−0.167%	$251K	$750K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	+0.0588%	1h	0.000003584	long leg	$35K	$176K	10x
Hyperliquid kBONK	+0.1292%	1h	0.000003582	−0.056%	$12.3M	$8.0M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1620%	1h	0.000003587	+0.084%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.3004%	1h	0.000003594	+0.278%	$221K	$223K	50x	as long as short