Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.029%

Price spread now: Bybit against Injective+3.955%7-day average — · you sell dearer than you buy

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

Long on Injective 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

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bybit is 3.955% dearer against Injective than usual: you sell high and buy low: +$396 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective BONK/USDC PERP	0.000003274	0.0033	pay 0.0004% / 1h	23m 08s	$3K	$113	5.5x
Short	Bybit 1000BONKUSDT	0.000003403	0.0100	get 0.0050% / 4h	23m 08s	$10.8M	$18.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now +3.955%Rate

Funding earned: $14
Price spread: +3.955% → 0.000%: $395.54
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $398.52
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: live order book, just now. 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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, just now	2.94 bp	15.1 bp −$15	32.0 bp −$320	159.6 bp −$16.0K	doesn't fit

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	−0.0320%	1h	0.000003402	+3.910%	$42K	$35K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003407	+4.073%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003408	+4.081%	$24	—	150x	as long as short
Injective BONK/USDC PERPlong	+0.0033%	1h	0.000003274	long leg	$3K	$113	5.5x
Deribit 1000BONK_USDC-PERPETUAL	+0.0044%	1h	0.000003406	+4.032%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0074%	4h	0.000003405	+4.001%	$29K	$56K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003407	+4.060%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0093%	4h	0.000003412	+4.215%	$964K	$15.4M	75x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003410	+4.154%	$223K	$672K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003408	+4.108%	$31K	$101K	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	0.000003414	+4.289%	$79K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003410	+4.154%	$113K	$109K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003405	+4.016%	$16.5M	$59.6M	75x	as long as short
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003403	+3.955%	$10.8M	$18.7M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003408	+4.093%	$2.5M	$9.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003407	+4.062%	$812K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003404	+3.971%	$9.1M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003406	+4.035%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003407	+4.062%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003410	+4.154%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003423	+4.547%	$311K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003427	+4.673%	$58K	$705K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003413	+4.246%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003407	+4.062%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003426	+4.643%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003406	+4.020%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003404	+3.971%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−8.369%	$569	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0328%	1h	0.000003411	+4.184%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0759%	1h	0.000003415	+4.307%	$10.0M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2467%	1h	0.000003416	+4.337%	$221K	$177K	50x	as long as short