Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0096%/8h= −10.5% APRpaid last 24h +0.249%

Price spread now: OKX against GMX+18.833%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 OKX

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. OKX is 18.833% dearer against GMX than usual: you sell high and buy low (spread +18.833% now, against zero (this spread has no 7-day history yet)): +$1,883 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 22 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 0.0025% / 1h	14m 49s	$543	—	100x
Short	OKX BONK-USDT-SWAP	0.000003565	0.0100	get 0.0100% / 8h	1h 14m	$2.9M	$13.8M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +18.833%Rate

Funding earned: −$20.21
Price spread: +18.833% → 0.000%: $1,883.33
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: $1,841.12
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: GMX: no order-book sample; OKX: 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 OKX live order book, 3 min ago	2.77 bp	15.6 bp −$16	60.5 bp −$605	doesn't fit	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	−0.0016%	1h	0.000003561	+18.700%	$45K	$62K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003555	+18.510%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003551	+18.350%	$25	—	150x	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	0.000003553	+18.430%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003553	+18.450%	$53K	$123K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003563	+18.779%	$59K	$303K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003561	+18.700%	$118K	$139K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003564	+18.812%	$18.5M	$80.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003564	+18.803%	$12.3M	$24.9M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAPshort	+0.0100%	8h	0.000003565	+18.833%	$2.9M	$13.8M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003558	+18.600%	$963K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003564	+18.800%	$11.7M	$9.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003561	+18.693%	$3.0M	$10.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003565	+18.833%	$4.6M	$4.8M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003564	+18.800%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003567	+18.896%	$336K	$147K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003587	+19.567%	$60K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003565	+18.833%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003571	+19.033%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003566	+18.867%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003590	+19.667%	$102K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003565	+18.849%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003562	+18.733%	$4K	—	3x	as long as short
Lighter 1000BONK	+0.0136%	1h	0.000003568	+18.933%	$250K	$748K	10x	as long as short
BloFin 1000BONK-USDT	+0.0141%	4h	0.000003569	+18.967%	$1.1M	$19.2M	75x	as long as short
GMX BONK/USD [ETH-USDC]long	L +0.0196% / S −0.3950%	1h	0.000003000	long leg	$543	—	100x
Deribit 1000BONK_USDC-PERPETUAL	+0.0311%	1h	0.000003565	+18.833%	$35K	$176K	10x	as long as short
Hyperliquid kBONK	+0.1270%	1h	0.000003572	+19.067%	$12.3M	$7.9M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1663%	1h	0.000003572	+19.067%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.3017%	1h	0.000003579	+19.293%	$220K	$223K	50x	as long as short