Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.029%

Price spread now: Injective against HTX−10.252%65s7-day average — · you buy dearer than you sell

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

Long on HTX 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 10.252% cheaper against HTX than usual: you would sell low and buy high (−$1,025 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 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	HTX BONK-USDT	0.000003648	0.0100	pay 0.0050% / 4h	1h 56m	$104K	$131K	30x
Short	Injective BONK/USDC PERP	0.000003274	0.0033	get 0.0004% / 1h	56m 05s	$3K	$113	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against HTX. 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 HTXbpFee InjectivebpOrdersPrice spread, now −10.252%Rate

Funding earned: −$14
Price spread: −10.252% → 0.000%: −$1,025.22
Slippage, 4 orders: no order book: not counted
Fee HTX: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$1,051.24
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: HTX: live order book, 50 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 HTX live order book, 50 min ago	66.56 bp	342.3 bp −$342	doesn't fit	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
Coinbase International 1000BONK-PERP-INTX	−0.0016%	1h	0.000003611	−1.014%	$44K	$52K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003620	−0.760%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003616	−0.877%	$25	—	150x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0027%	1h	0.000003617	−0.850%	$20K	$155K	10x	as long as short
Injective BONK/USDC PERPshort	+0.0033%	1h	0.000003274	−10.252%	$3K	$113	5.5x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003616	−0.866%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0100%	4h	0.000003631	−0.466%	$1.1M	$18.8M	75x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003618	−0.822%	$61K	$301K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003621	−0.740%	$121K	$133K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003617	−0.862%	$18.7M	$76.3M	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	0.000003612	−0.990%	$12.2M	$23.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003617	−0.850%	$3.0M	$12.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003613	−0.959%	$994K	$3.2M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003616	−0.877%	$11.0M	$8.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003616	−0.888%	$2.9M	$10.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003614	−0.932%	$4.6M	$4.3M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003615	−0.905%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003633	−0.402%	$337K	$142K	—	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003612	−0.973%	$51K	$119K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003615	−0.905%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003623	−0.685%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003618	−0.822%	$2K	$7K	10x	as long as short
HTX BONK-USDTlong	+0.0100%	4h	0.000003648	long leg	$104K	$131K	30x
Extended 1000BONK-USD	+0.0104%	1h	0.000003617	−0.862%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003612	−0.987%	$4K	—	3x	as long as short
ApeX Omni 1000BONKUSDT	+0.0188%	1h	0.000003641	−0.192%	$62K	$706K	25x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−17.763%	$399	—	100x	as long as short
Lighter 1000BONK	+0.0768%	1h	0.000003621	−0.740%	$253K	$737K	10x	as long as short
Hyperliquid kBONK	+0.1293%	1h	0.000003625	−0.630%	$12.0M	$7.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.2256%	1h	0.000003626	−0.603%	$58K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2973%	1h	0.000003632	−0.438%	$224K	$219K	50x	as long as short