Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h +0.244%

Price spread now: Bybit against GMX+14.350%7-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 Bybit

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

The price spread pays, funding is against you. Bybit is 14.350% dearer against GMX than usual: you sell high and buy low (spread +14.350% now, against zero (this spread has no 7-day history yet)): +$1,435 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 17 months.

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 −0.3950%	pay 0.0024% / 1h	25m 53s	$522	—	100x
Short	Bybit 1000BONKUSDT	0.000003431	0.0100	get 0.0050% / 4h	3h 25m	$12.2M	$27.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +14.350%Rate

Funding earned: −$20.15
Price spread: +14.350% → 0.000%: $1,435
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $1,391.85
Costs to cover: 0.230%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; Bybit: 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 Bybit live order book, 3 min ago	1.47 bp	16.8 bp −$17	35.4 bp −$354	159.0 bp −$15.9K	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	−0.0024%	1h	0.000003404	+13.467%	$46K	$81K	50x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003409	+13.640%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	+9.133%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0048%	4h	0.000003422	+14.067%	$1.1M	$19.5M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003421	+14.031%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003419	+13.967%	$65K	$142K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003432	+14.412%	$47K	$322K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003419	+13.967%	$113K	$163K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003431	+14.356%	$17.7M	$90.8M	75x	as long as short
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003431	+14.350%	$12.2M	$27.5M	50x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003433	+14.433%	$3.0M	$15.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003423	+14.100%	$908K	$3.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003429	+14.300%	$11.1M	$10.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003420	+13.987%	$2.9M	$11.1M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003424	+14.133%	$4.4M	$5.4M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003430	+14.333%	—	$5.1M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003433	+14.431%	$322K	$94K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003432	+14.400%	$58K	$700K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003417	+13.900%	$29K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003424	+14.133%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003420	+14.000%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003423	+14.100%	$98K	$138K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003423	+14.101%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003418	+13.933%	$4K	—	3x	as long as short
dYdX BONK-USD	+0.0183%	1h	0.000003416	+13.877%	$13K	$11K	10x	as long as short
GMX BONK/USD [ETH-USDC]long	L +0.0196% / S −0.3950%	1h	0.000003000	long leg	$522	—	100x
Lighter 1000BONK	+0.0240%	1h	0.000003423	+14.100%	$243K	$765K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0335%	1h	0.000003422	+14.067%	$23K	$174K	10x	as long as short
Hyperliquid kBONK	+0.0568%	1h	0.000003425	+14.167%	$11.7M	$8.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1649%	1h	0.000003427	+14.233%	$53K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.3033%	1h	0.000003422	+14.079%	$174K	$273K	50x	as long as short