Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0140%/8h= −15.3% APRpaid last 24h −0.072%

Price spread now: Coinbase International against Orderly+0.113%7-day average — · you sell dearer than you buy

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

Long on Orderly Short on Coinbase International

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—needs both histories

The price spread pays, funding is against you. Coinbase International is 0.113% dearer against Orderly than usual: you sell high and buy low (spread +0.113% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 2.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000BONK_USDC	0.000003528	0.0100	pay 0.0050% / 4h	8m 15s	$30K	$51K	20x
Short	Coinbase International 1000BONK-PERP-INTX	0.000003532	−0.0040	pay 0.0005% / 1h	8m 15s	$43K	$67K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Orderly. 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 OrderlybpFee Coinbase InternationalbpOrdersPrice spread, now +0.113%Rate

Funding earned: −$29.4
Price spread: +0.113% → 0.000%: $11.34
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$34.06
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Coinbase International: 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 Orderly no order-book sample	—	—	—	—	—
Sell Coinbase International no order-book sample	—	—	—	—	—

Orderly and Coinbase International: 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-INTXshort	−0.0040%	1h	0.000003532	+0.113%	$43K	$67K	50x
dYdX BONK-USD	0.0000%	1h	0.000003535	+0.185%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003531	+0.079%	$24	—	150x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0033%	1h	0.000003531	+0.085%	$35K	$164K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.200%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0077%	4h	0.000003538	+0.283%	$1.1M	$20.4M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003533	+0.144%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003533	+0.156%	$69K	$138K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003535	+0.202%	$59K	$323K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003539	+0.312%	$119K	$161K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003532	+0.107%	$18.5M	$88.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003530	+0.057%	$12.5M	$26.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003531	+0.085%	$3.0M	$15.1M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003533	+0.142%	$950K	$3.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003530	+0.057%	$11.5M	$9.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003530	+0.060%	$2.9M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003528	0.000%	$4.5M	$5.4M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003530	+0.057%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003527	−0.041%	$331K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003530	+0.057%	$59K	$705K	25x	as long as short
Orderly PERP_1000BONK_USDClong	+0.0100%	4h	0.000003528	long leg	$30K	$51K	20x
SunX BONK-USDT	+0.0100%	4h	0.000003534	+0.170%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003530	+0.057%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003531	+0.085%	$100K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003530	+0.048%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003529	+0.028%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−14.966%	$539	—	100x	as long as short
Lighter 1000BONK	+0.0464%	1h	0.000003535	+0.198%	$247K	$769K	10x	as long as short
Hyperliquid kBONK	+0.0978%	1h	0.000003538	+0.283%	$12.1M	$8.4M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1768%	1h	0.000003538	+0.283%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.4508%	1h	0.000003535	+0.203%	$180K	$275K	50x	as long as short