Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h −0.005%

Price spread now: Variational Omni against Lighter+0.013%7-day average −0.095% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.049%−$5 on $10k

Price spread, last 4 days (all we have)+0.006%+$1 · spread now +0.013%, 7d avg −0.095%

Together, before fees−0.043%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.108% dearer against Lighter than usual: you sell high and buy low, +$11 on $10k if it goes back to its 7-day average of −0.095%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter 1000BONK	0.000003499	0.0096	pay 0.0012% / 1h	27m 57s	$246K	$717K	10x
Short	Variational Omni 1000BONK	0.000003499	0.0100	get 0.0050% / 4h	2h 27m	$325K	$141K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Lighter. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +0.013%Rate

Funding earned: $0.84
Price spread: +0.013% → −0.095%: $10.77
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $11.61
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 3 min ago; Variational Omni: RFQ quote, 21 min ago. 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, 3 min ago	1.42 bp	18.2 bp −$18	37.3 bp −$373	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 21 min ago	5.71 bp	doesn't fit	54.2 bp −$542	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	−0.0136%	1h	0.000003489	−0.286%	$43K	$47K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003490	−0.257%	$13K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003493	−0.171%	$9K	$134K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003492	−0.211%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.430%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003494	−0.144%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0092%	4h	0.000003494	−0.143%	$30K	$53K	20x	as long as short
Lighter 1000BONKlong	+0.0096%	1h	0.000003499	long leg	$246K	$717K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003494	−0.143%	$42K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003502	+0.090%	$58K	$299K	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	0.000003495	−0.114%	$116K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003497	−0.062%	$17.9M	$71.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003496	−0.086%	$11.5M	$22.2M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003499	0.000%	$2.8M	$11.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003492	−0.200%	$922K	$3.1M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003497	−0.057%	$10.4M	$8.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003496	−0.086%	$3.0M	$10.4M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003496	−0.086%	$4.5M	$3.9M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003496	−0.086%	—	$4.9M	—	as long as short
Variational Omni 1000BONKshort	+0.0100%	4h	0.000003499	+0.013%	$325K	$141K	—
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003497	−0.057%	$59K	$703K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003499	0.000%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003495	−0.114%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003501	+0.057%	$100K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003499	−0.014%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003494	−0.143%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0119%	4h	0.000003513	+0.400%	$1.0M	$17.8M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−14.261%	$385	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.1607%	1h	0.000003500	+0.029%	$46K	$17K	10x	as long as short
Hyperliquid kBONK	+0.1624%	1h	0.000003504	+0.143%	$11.8M	$6.6M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2655%	1h	0.000003502	+0.083%	$215K	$218K	50x	as long as short