Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0336%/8h= −36.8% APRpaid last 24h +7.375%

Price spread now: BloFin against GMX+11.600%51s7-day average — · you sell dearer than you buy

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

Long on GMX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 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

The price spread pays, funding is against you. BloFin is 11.600% dearer against GMX than usual: you sell high and buy low (spread +11.600% now, against zero (this spread has no 7-day history yet)): +$1,160 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 4 months. The two prices were read 51 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	GMX BONK/USD [ETH-USDC]	0.000003000	L +0.0196% / S −0.4340%	pay 0.0025% / 1h	45m 30s	$560	—	100x
Short	BloFin 1000BONK-USDT	0.000003348	−0.0140	pay 0.0070% / 4h	1h 45m	$1.0M	$13.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against GMX. 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 GMXbpFee BloFinbpOrdersPrice spread, now +11.600%Rate

Funding earned: −$70.64
Price spread: +11.600% → 0.000%: $1,160
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: $1,065.36
Costs to cover: 0.240%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 3 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 GMX no order-book sample	—	—	—	—	—
Sell BloFin live order book, 3 min ago	4.48 bp	10.5 bp −$10	22.6 bp −$226	58.5 bp −$5,851	doesn't fit

GMX: 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	−0.0248%	1h	0.000003327	+10.900%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDTshort	−0.0140%	4h	0.000003348	+11.600%	$1.0M	$13.2M	75x
Orderly PERP_1000BONK_USDC	−0.0071%	4h	0.000003350	+11.667%	$29K	$41K	20x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	−0.0048%	1h	0.000003350	+11.667%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003349	+11.650%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003356	+11.854%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	+9.133%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003356	+11.874%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003355	+11.833%	$195K	$294K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003355	+11.850%	$19K	$107K	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	0.000003358	+11.918%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003355	+11.833%	$115K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003357	+11.900%	$15.1M	$51.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003355	+11.850%	$10.2M	$16.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003357	+11.900%	$2.4M	$7.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003352	+11.733%	$745K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003358	+11.933%	$10.1M	$6.4M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003357	+11.897%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003355	+11.833%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003352	+11.733%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003353	+11.767%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003345	+11.491%	$301K	$104K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003350	+11.667%	$57K	$698K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003354	+11.800%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003352	+11.733%	$2K	$6K	10x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003356	+11.862%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003346	+11.533%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]long	L +0.0196% / S −0.4340%	1h	0.000003000	long leg	$560	—	100x
HTX BONK-USDT	+0.0248%	4h	0.000003365	+12.167%	$88K	$144K	30x	as long as short
Hyperliquid kBONK	+0.0798%	1h	0.000003361	+12.033%	$9.9M	$7.3M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.0965%	1h	0.000003357	+11.886%	$204K	$149K	50x	as long as short