Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0059%/8h= +6.4% APRpaid last 24h −0.046%

Price spread now: Orderly against Injective+7.178%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 Orderly

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 Orderly is 7.178% dearer against Injective than usual: you sell high and buy low: +$718 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	28m 48s	$3K	$113	5.5x
Short	Orderly PERP_1000BONK_USDC	0.000003509	0.0092	get 0.0046% / 4h	2h 28m	$30K	$53K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now +7.178%Rate

Funding earned: $12.33
Price spread: +7.178% → 0.000%: $717.78
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: $724.08
Costs to cover: 0.060%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Orderly: 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 Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: 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	−0.0136%	1h	0.000003522	+7.575%	$44K	$47K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003517	+7.431%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003513	+7.291%	$24	—	150x	as long as short
Injective BONK/USDC PERPlong	+0.0033%	1h	0.000003274	long leg	$3K	$113	5.5x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003520	+7.528%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDCshort	+0.0092%	4h	0.000003509	+7.178%	$30K	$53K	20x
Lighter 1000BONK	+0.0096%	1h	0.000003512	+7.269%	$246K	$716K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003520	+7.514%	$42K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003509	+7.178%	$58K	$299K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003520	+7.514%	$117K	$123K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003507	+7.129%	$17.9M	$71.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003504	+7.031%	$11.6M	$22.2M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003502	+6.964%	$2.8M	$11.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003506	+7.086%	$925K	$3.1M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003509	+7.178%	$10.4M	$8.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003504	+7.031%	$3.0M	$10.3M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003500	+6.903%	$4.5M	$3.9M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003505	+7.056%	—	$4.9M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003499	+6.886%	$325K	$141K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003497	+6.811%	$59K	$703K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003527	+7.728%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003511	+7.239%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003521	+7.544%	$100K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003506	+7.071%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003501	+6.933%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0119%	4h	0.000003513	+7.300%	$1.0M	$17.8M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−8.369%	$389	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0320%	1h	0.000003511	+7.239%	$9K	$134K	10x	as long as short
Hyperliquid kBONK	+0.1629%	1h	0.000003509	+7.178%	$11.8M	$6.5M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1631%	1h	0.000003512	+7.269%	$46K	$17K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2647%	1h	0.000003513	+7.306%	$215K	$218K	50x	as long as short