Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0217%/8h= −23.7% APRpaid last 24h +0.059%

Price spread now: Variational Omni against Deribit+0.011%7-day average −0.056% · you sell dearer than you buy

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

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.259%+$26 on $10k

Price spread, last 4 days (all we have)−0.127%−$13 · spread now +0.011%, 7d avg −0.056%

Together, before fees+0.132%+ Points / potential airdropVariational Omni: Active · farm board+$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.066% dearer against Deribit than usual: you sell high and buy low (spread +0.011% now, against its 7-day average of −0.056%): +$7 on $10k if it goes back. Holding the pair costs −$7 a day in funding at the current rate, which eats that in about 25 hours. Mind the row above: over the last 4 days funding on this pair paid +0.259%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000BONK_USDC-PERPETUAL	0.000003531	0.0317	pay 0.0040% / 1h	19m 59s	$35K	$164K	10x
Short	Variational Omni 1000BONK	0.000003531	0.0100	get 0.0050% / 4h	19m 59s	$332K	$99K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.011%Rate

Funding earned: −$45.51
Price spread: +0.011% → −0.056%: $6.64
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$45.87
Costs to cover: 0.070%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 49 min ago; Variational Omni: RFQ quote, 19 min ago. 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, 49 min ago	9.76 bp	16.1 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 19 min ago	7.03 bp	doesn't fit	54.8 bp −$548	doesn't fit	doesn't fit

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	−0.0040%	1h	0.000003521	−0.283%	$43K	$65K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003530	−0.019%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003535	+0.116%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.278%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0068%	4h	0.000003538	+0.198%	$1.1M	$20.3M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003529	−0.059%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003527	−0.099%	$69K	$138K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003540	+0.255%	$59K	$319K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003533	+0.057%	$117K	$149K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003539	+0.228%	$18.4M	$87.4M	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	0.000003538	+0.198%	$12.4M	$26.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003541	+0.283%	$3.0M	$15.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003532	+0.028%	$942K	$3.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003540	+0.255%	$11.2M	$9.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003530	−0.028%	$3.0M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003537	+0.170%	$4.6M	$5.3M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003537	+0.170%	—	$5.1M	—	as long as short
Variational Omni 1000BONKshort	+0.0100%	4h	0.000003531	+0.011%	$332K	$99K	—
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003509	−0.623%	$59K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003529	−0.057%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003538	+0.198%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003530	−0.028%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003533	+0.057%	$100K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003540	+0.242%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003524	−0.198%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−15.038%	$538	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	+0.0317%	1h	0.000003531	long leg	$35K	$164K	10x
Lighter 1000BONK	+0.0440%	1h	0.000003540	+0.255%	$248K	$768K	10x	as long as short
Hyperliquid kBONK	+0.0989%	1h	0.000003542	+0.312%	$12.1M	$8.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1663%	1h	0.000003543	+0.340%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.4511%	1h	0.000003533	+0.051%	$180K	$276K	50x	as long as short