Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0178%/8h= −19.4% APRpaid last 24h −0.107%

Price spread now: Orderly against Lighter0.000%7-day average — · you sell dearer than you buy

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

Long on Lighter Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropLighter: Season 3 · farm boardneeds both histories

The price spread sits at zero (this spread has no 7-day history yet), so right now this pair is about funding alone: −$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003407	0.0096	pay 0.0012% / 1h	45m 47s	$191K	$299K	10x
Short	Orderly PERP_1000BONK_USDC	0.000003407	−0.0082	pay 0.0041% / 4h	45m 47s	$29K	$40K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now 0.000%Rate

Funding earned: −$37.29
Price spread: 0.000% → 0.000%: $0
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$43.29
Costs to cover: 0.060%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 15 min ago; 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 Lighter live order book, 15 min ago	2.95 bp	9.4 bp −$9	31.1 bp −$311	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

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	−0.0456%	1h	0.000003342	−1.908%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003402	−0.147%	$1.0M	$13.8M	75x	as long as short
Orderly PERP_1000BONK_USDCshort	−0.0082%	4h	0.000003407	0.000%	$29K	$40K	20x
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003409	+0.070%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003408	+0.017%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.904%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0044%	1h	0.000003408	+0.029%	$2K	$110K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003411	+0.104%	$4	—	15x	as long as short
Lighter 1000BONKlong	+0.0096%	1h	0.000003407	long leg	$191K	$299K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003411	+0.117%	$20K	$106K	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	0.000003410	+0.077%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003409	+0.059%	$115K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003406	−0.021%	$15.4M	$52.1M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003408	+0.018%	$10.4M	$16.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003405	−0.059%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003407	0.000%	$731K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003407	0.000%	$9.9M	$6.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003406	−0.026%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003403	−0.117%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003407	0.000%	—	$8.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003393	−0.409%	$305K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003399	−0.235%	$57K	$699K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003417	+0.294%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003406	−0.029%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003412	+0.147%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003404	−0.091%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003406	−0.029%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.946%	$570	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0240%	1h	0.000003409	+0.059%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.1308%	1h	0.000003413	+0.176%	$10.3M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1437%	1h	0.000003410	+0.095%	$207K	$149K	50x	as long as short