Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0124%/8h= −13.6% APRpaid last 24h −0.009%

Price spread now: MEXC against Lighter−0.255%7-day average −0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$47as in the Funding arb table

Net, price: spread back to 7d avg − costs−$53as in the Price arb table

costs, in and out, $10k−$310.309% of the position

Long on Lighter Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.162%−$16 on $10k

Price spread, last 4 days (all we have)+0.267%+$27 · spread now −0.255%, 7d avg −0.031%

Together, before fees+0.104%+ Points / potential airdropLighter: Season 3 · farm board+$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and MEXC is 0.224% cheaper against Lighter than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.031%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003529	0.0224	pay 0.0028% / 1h	18m 35s	$247K	$692K	10x
Short	MEXC 1000BONK_USDT	0.000003520	0.0100	get 0.0050% / 4h	3h 18m	$10.0M	$7.6M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.255%Rate

Funding earned: −$26.04
Price spread: −0.255% → −0.031%: −$22.36
Slippage, 4 orders: −$30.9
Fee Lighter: 0 bp × 2 orders: $0
Fee MEXC: 0 bp × 2 orders: $0
Net: −$79.3
Costs to cover: 0.309%
Break-even: never at this rate

Slippage from Lighter: live order book, 17 min ago; MEXC: live order book, 4 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, 17 min ago	1.42 bp	16.6 bp −$17	42.2 bp −$422	doesn't fit	doesn't fit
Sell MEXC live order book, 4 min ago	1.43 bp	4.3 bp −$4	10.6 bp −$106	68.0 bp −$6,802	124.6 bp −$62.3K

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	−0.0312%	1h	0.000003529	0.000%	$44K	$40K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003522	−0.190%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003534	+0.147%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.226%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0082%	4h	0.000003529	0.000%	$30K	$54K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003534	+0.140%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003541	+0.354%	$39K	$108K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003528	−0.026%	$82K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003522	−0.198%	$120K	$110K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003523	−0.170%	$17.4M	$63.9M	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	0.000003519	−0.289%	$11.5M	$19.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003519	−0.283%	$2.6M	$10.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003522	−0.198%	$881K	$2.8M	50x	as long as short
MEXC 1000BONK_USDTshort	+0.0100%	4h	0.000003520	−0.255%	$10.0M	$7.6M	125x
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003527	−0.057%	$3.0M	$10.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003517	−0.340%	$4.5M	$3.3M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003520	−0.255%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003518	−0.315%	$326K	$140K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003528	−0.028%	$59K	$707K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003537	+0.227%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003531	+0.057%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003541	+0.340%	$100K	$121K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003518	−0.325%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003528	−0.028%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0120%	4h	0.000003535	+0.170%	$1.0M	$16.7M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−14.990%	$590	—	100x	as long as short
Lighter 1000BONKlong	+0.0224%	1h	0.000003529	long leg	$247K	$692K	10x
Deribit 1000BONK_USDC-PERPETUAL	+0.0600%	1h	0.000003532	+0.085%	$6K	$123K	10x	as long as short
Hyperliquid kBONK	+0.0842%	1h	0.000003530	+0.028%	$10.4M	$5.0M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1451%	1h	0.000003536	+0.198%	$48K	$16K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2371%	1h	0.000003541	+0.341%	$226K	$176K	50x	as long as short