Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0017%/8h= −1.9% APRpaid last 24h +0.070%

Price spread now: Reya against Orderly+0.107%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 Reya

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—+ Points / potential airdropReya: Active · farm boardneeds both histories

The price spread pays, funding is against you. Reya is 0.107% dearer against Orderly than usual: you sell high and buy low (spread +0.107% now, against zero (this spread has no 7-day history yet)): +$11 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 21 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Orderly PERP_1000BONK_USDC	0.000003617	0.0100	pay 0.0050% / 4h	2h 04m	$31K	$53K	20x
Short	Reya kBONKRUSDPERP	0.000003621	0.0083	get 0.0010% / 1h	4m 30s	$4	—	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Reya 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 ReyabpOrdersPrice spread, now +0.107%Rate

Funding earned: −$3.6
Price spread: +0.107% → 0.000%: $10.69
Slippage, 4 orders: no order book: not counted
Fee Orderly: 3 bp × 2 orders: −$6
Fee Reya: 3 bp × 2 orders: −$6
Net: −$4.91
Costs to cover: 0.120%
Break-even: never at this rate

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

Orderly and Reya: 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	−0.0136%	1h	0.000003651	+0.940%	$45K	$52K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003625	+0.229%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003616	−0.039%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−9.483%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERPshort	+0.0083%	1h	0.000003621	+0.107%	$4	—	15x
Nado kBONK-PERP	+0.0100%	1h	0.000003618	+0.041%	$51K	$119K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003627	+0.268%	$61K	$301K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003629	+0.332%	$123K	$129K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003621	+0.119%	$18.7M	$75.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003618	+0.030%	$12.2M	$23.4M	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	0.000003618	+0.028%	$2.9M	$12.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003620	+0.083%	$981K	$3.3M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003623	+0.166%	$11.2M	$8.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003619	+0.055%	$3.0M	$10.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003616	−0.028%	$4.6M	$4.2M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003619	+0.055%	—	$4.9M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003643	+0.715%	$337K	$142K	—	as long as short
Orderly PERP_1000BONK_USDClong	+0.0100%	4h	0.000003617	long leg	$31K	$53K	20x
SunX BONK-USDT	+0.0100%	4h	0.000003646	+0.802%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003645	+0.774%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003672	+1.521%	$105K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003623	+0.179%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003641	+0.664%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0158%	4h	0.000003645	+0.774%	$1.1M	$18.8M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−17.058%	$399	—	100x	as long as short
Lighter 1000BONK	+0.0200%	1h	0.000003633	+0.442%	$254K	$739K	10x	as long as short
ApeX Omni 1000BONKUSDT	+0.0269%	1h	0.000003661	+1.216%	$62K	$704K	25x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0848%	1h	0.000003648	+0.857%	$20K	$155K	10x	as long as short
Hyperliquid kBONK	+0.1552%	1h	0.000003629	+0.332%	$12.1M	$7.1M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1655%	1h	0.000003651	+0.940%	$49K	$18K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2544%	1h	0.000003656	+1.068%	$225K	$219K	50x	as long as short