Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.023%

Price spread now: Injective against Gate−2.035%69s7-day average — · you buy dearer than you sell

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

Long on Gate 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 2.035% cheaper against Gate than usual: you would sell low and buy high (−$203 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 69 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	Gate BONK_USDT	0.000003342	0.0100	pay 0.0050% / 4h	2h 12m	$738K	$2.6M	50x
Short	Injective BONK/USDC PERP	0.000003274	0.0033	get 0.0004% / 1h	12m 07s	$3K	$113	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Gate. 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 GatebpFee InjectivebpOrdersPrice spread, now −2.035%Rate

Funding earned: −$14
Price spread: −2.035% → 0.000%: −$203.47
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$232.49
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Gate: 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 Gate live order book, 6 min ago	4.46 bp	15.8 bp −$16	92.3 bp −$923	doesn't fit	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
Deribit 1000BONK_USDC-PERPETUAL	−0.0348%	1h	0.000003341	−0.030%	$2K	$110K	10x	as long as short
Coinbase International 1000BONK-PERP-INTX	−0.0320%	1h	0.000003344	+0.060%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003346	+0.120%	$1.0M	$13.1M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0045%	4h	0.000003343	+0.030%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003345	+0.081%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003347	+0.143%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERPshort	+0.0033%	1h	0.000003274	−2.035%	$3K	$113	5.5x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003342	+0.014%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003344	+0.060%	$197K	$290K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003343	+0.045%	$19K	$108K	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	0.000003348	+0.190%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003346	+0.120%	$114K	$120K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003342	−0.008%	$15.0M	$51.0M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003339	−0.090%	$10.1M	$16.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003343	+0.030%	$2.4M	$7.6M	20x	as long as short
Gate BONK_USDTlong	+0.0100%	4h	0.000003342	long leg	$738K	$2.6M	50x
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003342	0.000%	$10.0M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003344	+0.075%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003342	0.000%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003341	−0.030%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003342	0.000%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003354	+0.370%	$302K	$104K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003352	+0.299%	$57K	$695K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003347	+0.150%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003341	−0.030%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003376	+1.017%	$78K	$123K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003341	−0.024%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003343	+0.030%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.233%	$559	—	100x	as long as short
Hyperliquid kBONK	+0.0742%	1h	0.000003350	+0.239%	$9.9M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1147%	1h	0.000003348	+0.181%	$203K	$148K	50x	as long as short