Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0172%/8h= −18.8% APRpaid last 24h −0.007%

Price spread now: Bitget against Lighter−0.468%7-day average −0.061% · you buy dearer than you sell

Net, funding: paid 7d − costs−$71as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$680.678% of the position

Long on Lighter Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.031%−$3 on $10k

Price spread, last 4 days (all we have)+0.439%+$44 · spread now −0.468%, 7d avg −0.061%

Together, before fees+0.408%+ Points / potential airdropLighter: Season 3 · farm board+$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Bitget is 0.407% cheaper against Lighter than usual: you would sell low and buy high (−$41 if the spread goes back to its 7-day average of −0.061%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003420	0.0272	pay 0.0034% / 1h	48m 28s	$375K	$498K	10x
Short	Bitget 1000BONKUSDT	0.000003404	0.0100	get 0.0050% / 4h	2h 48m	$4.3M	$3.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Lighter. 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 LighterbpFee BitgetbpOrdersPrice spread, now −0.468%Rate

Funding earned: −$36.12
Price spread: −0.468% → −0.061%: −$40.73
Slippage, 4 orders: −$55.79
Fee Lighter: 0 bp × 2 orders: $0
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$144.65
Costs to cover: 0.678%
Break-even: never at this rate

Slippage from Lighter: live order book, 2 min ago; Bitget: live order book, 5 min ago.

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 Lighter live order book, 2 min ago	2.93 bp	14.9 bp −$15	36.2 bp −$362	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	4.40 bp	19.8 bp −$20	45.0 bp −$450	doesn't fit	doesn't fit

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	−0.0336%	1h	0.000003390	−0.877%	$44K	$26K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003414	−0.175%	$939K	$14.9M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0026%	4h	0.000003408	−0.351%	$29K	$49K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003411	−0.254%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003410	−0.292%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003409	−0.316%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.269%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003404	−0.469%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003407	−0.365%	$27K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003412	−0.245%	$66K	$253K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003416	−0.117%	$113K	$125K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003413	−0.205%	$16.1M	$55.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003404	−0.468%	$10.7M	$17.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003408	−0.351%	$2.5M	$8.2M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003413	−0.205%	$715K	$2.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003416	−0.117%	$9.8M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003413	−0.196%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDTshort	+0.0100%	4h	0.000003404	−0.468%	$4.3M	$3.1M	75x
BingX 1000BONK-USDC	+0.0100%	4h	0.000003413	−0.205%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003404	−0.469%	$310K	$127K	—	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003415	−0.146%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003409	−0.322%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003419	−0.029%	$97K	$161K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003411	−0.274%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003409	−0.322%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.281%	$571	—	100x	as long as short
Lighter 1000BONKlong	+0.0272%	1h	0.000003420	long leg	$375K	$498K	10x
Backpack kBONK_USDC_PERP	+0.0539%	1h	0.000003415	−0.146%	$30K	$7K	10x	as long as short
ApeX Omni 1000BONKUSDT	+0.0648%	1h	0.000003408	−0.351%	$57K	$711K	25x	as long as short
Hyperliquid kBONK	+0.0898%	1h	0.000003414	−0.175%	$10.1M	$7.5M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2061%	1h	0.000003418	−0.064%	$213K	$165K	50x	as long as short