Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0067%/8h= −7.3% APRpaid last 24h −0.029%

Price spread now: Injective against OKX−7.566%98s7-day average — · you buy dearer than you sell

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

Long on OKX Short on Injective

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 against this trade now: funding costs −$2 a day on $10k at the current rate, and Injective is 7.566% cheaper against OKX than usual: you would sell low and buy high (−$757 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 98 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BONK-USDT-SWAP	0.000003542	0.0100	pay 0.0100% / 8h	59m 50s	$2.9M	$14.1M	20x
Short	Injective BONK/USDC PERP	0.000003274	0.0033	get 0.0004% / 1h	59m 50s	$3K	$113	5.5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against OKX. 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 OKXbpFee InjectivebpOrdersPrice spread, now −7.566%Rate

Funding earned: −$14
Price spread: −7.566% → 0.000%: −$756.63
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$780.65
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 3 min ago; Injective: 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 OKX live order book, 3 min ago	1.40 bp	16.1 bp −$16	53.3 bp −$533	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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	−0.0016%	1h	0.000003568	+0.734%	$44K	$63K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003565	+0.657%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003565	+0.638%	$25	—	150x	as long as short
Injective BONK/USDC PERPshort	+0.0033%	1h	0.000003274	−7.566%	$3K	$113	5.5x
BloFin 1000BONK-USDT	+0.0067%	4h	0.000003577	+0.988%	$1.1M	$19.6M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003569	+0.774%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003570	+0.805%	$62K	$128K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003550	+0.226%	$59K	$311K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003571	+0.819%	$119K	$139K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003545	+0.075%	$18.3M	$82.7M	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	0.000003540	−0.056%	$12.2M	$25.3M	50x	as long as short
OKX BONK-USDT-SWAPlong	+0.0100%	8h	0.000003542	long leg	$2.9M	$14.1M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003553	+0.311%	$970K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003559	+0.480%	$12.0M	$9.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003553	+0.302%	$3.0M	$10.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003549	+0.198%	$4.6M	$4.9M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003552	+0.282%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003566	+0.674%	$336K	$156K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003586	+1.242%	$60K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003567	+0.706%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003575	+0.932%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003568	+0.734%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003577	+0.988%	$101K	$132K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003559	+0.466%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003566	+0.678%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−15.302%	$545	—	100x	as long as short
Lighter 1000BONK	+0.0216%	1h	0.000003551	+0.254%	$249K	$749K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0592%	1h	0.000003568	+0.734%	$35K	$176K	10x	as long as short
Hyperliquid kBONK	+0.0908%	1h	0.000003557	+0.423%	$12.2M	$8.0M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1613%	1h	0.000003573	+0.875%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.3014%	1h	0.000003582	+1.129%	$221K	$223K	50x	as long as short