Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.2701%/8h= +295.7% APRpaid last 24h +0.727%

Price spread now: GMX against Orderly−17.173%7-day average — · you buy dearer than you sell

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

Long on Orderly Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 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

Funding pays, the price is against you. GMX is 17.173% cheaper against Orderly than usual: you would sell low and buy high (spread −17.173% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,717 on $10k: about 21 days of funding at the current rate (+$81 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000BONK_USDC	0.000003622	0.0100	pay 0.0050% / 4h	1h 54m	$31K	$52K	20x
Short	GMX BONK/USD [ETH-USDC]	0.000003000	L +0.0194% / S −0.2801%	get 0.0350% / 1h	54m 38s	$399	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −17.173%Rate

Funding earned: $567.15
Price spread: −17.173% → 0.000%: −$1,717.28
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee GMX: 6 bp × 2 orders: −$12
Net: −$1,168.13
Costs to cover: 0.180%
Break-even: 21.4 days

Slippage unknown: Orderly: no order-book sample; GMX: 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 GMX no order-book sample	—	—	—	—	—

Orderly and GMX: 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	0.000003606	−0.442%	$44K	$52K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003620	−0.045%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003624	+0.064%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−9.608%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003630	+0.233%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003631	+0.248%	$52K	$119K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003621	−0.015%	$61K	$301K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003624	+0.055%	$121K	$133K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003624	+0.061%	$18.6M	$76.5M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003625	+0.097%	$12.3M	$23.6M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003627	+0.138%	$3.0M	$13.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003623	+0.028%	$999K	$3.2M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003628	+0.166%	$11.0M	$8.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003620	−0.052%	$2.9M	$10.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003624	+0.055%	$4.6M	$4.3M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003621	−0.028%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003608	−0.390%	$335K	$142K	—	as long as short
Orderly PERP_1000BONK_USDClong	+0.0100%	4h	0.000003622	long leg	$31K	$52K	20x
SunX BONK-USDT	+0.0100%	4h	0.000003633	+0.304%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003630	+0.221%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003633	+0.304%	$103K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003621	−0.040%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003621	−0.028%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0157%	4h	0.000003632	+0.276%	$1.1M	$18.9M	75x	as long as short
GMX BONK/USD [ETH-USDC]short	L +0.0194% / S −0.2801%	1h	0.000003000	−17.173%	$399	—	100x
Lighter 1000BONK	+0.0576%	1h	0.000003626	+0.110%	$253K	$738K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0853%	1h	0.000003629	+0.193%	$20K	$155K	10x	as long as short
ApeX Omni 1000BONKUSDT	+0.0866%	1h	0.000003639	+0.469%	$61K	$706K	25x	as long as short
Hyperliquid kBONK	+0.1334%	1h	0.000003627	+0.138%	$12.0M	$7.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.2124%	1h	0.000003635	+0.359%	$58K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2963%	1h	0.000003644	+0.595%	$224K	$219K	50x	as long as short