Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0070%/8h= −7.7% APRpaid last 24h −0.031%

Price spread now: Deribit against Orderly+0.029%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 Deribit

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. Deribit is 0.029% dearer against Orderly than usual: you sell high and buy low (spread +0.029% now, against zero (this spread has no 7-day history yet)): +$3 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 33 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000BONK_USDC	0.000003421	0.0028	pay 0.0014% / 4h	1h 54m	$29K	$58K	20x
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003422	−0.0042	pay 0.0005% / 1h	54m 17s	$2K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.029%Rate

Funding earned: −$14.75
Price spread: +0.029% → 0.000%: $2.92
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$24.82
Costs to cover: 0.130%
Break-even: never at this rate

Slippage unknown: Orderly: no order-book sample; Deribit: live order book, 40 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 Orderly no order-book sample	—	—	—	—	—
Sell Deribit live order book, 40 min ago	8.77 bp	12.3 bp −$12	doesn't fit	doesn't fit	doesn't fit

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 30 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	−0.0336%	1h	0.000003431	+0.292%	$46K	$32K	50x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	−0.0042%	1h	0.000003422	+0.029%	$2K	$110K	10x
dYdX BONK-USD	0.0000%	1h	0.000003438	+0.509%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003419	−0.053%	$24	—	150x	as long as short
Orderly PERP_1000BONK_USDClong	+0.0028%	4h	0.000003421	long leg	$29K	$58K	20x
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.297%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003422	+0.041%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003439	+0.526%	$224K	$667K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003424	+0.102%	$27K	$106K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003433	+0.337%	$79K	$263K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003437	+0.468%	$114K	$118K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003425	+0.104%	$16.0M	$57.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003420	−0.018%	$10.9M	$17.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003424	+0.088%	$2.5M	$8.4M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003423	+0.058%	$891K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003425	+0.117%	$9.7M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003424	+0.096%	$2.6M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003420	−0.029%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003420	−0.029%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003444	+0.672%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003468	+1.372%	$313K	$133K	—	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003429	+0.234%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003425	+0.117%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003450	+0.848%	$98K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003425	+0.108%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003419	−0.058%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.306%	$572	—	100x	as long as short
ApeX Omni 1000BONKUSDT	+0.0220%	1h	0.000003438	+0.497%	$58K	$708K	25x	as long as short
Hyperliquid kBONK	+0.0584%	1h	0.000003430	+0.263%	$10.1M	$5.3M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2023%	1h	0.000003434	+0.387%	$222K	$174K	50x	as long as short