Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0017%/8h= +1.9% APRpaid last 24h +0.005%

Price spread now: Bybit against Reya−0.222%46s7-day average — · you buy dearer than you sell

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

Long on Reya Short on Bybit

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

Funding pays, the price is against you. Bybit is 0.222% cheaper against Reya than usual: you would sell low and buy high (spread −0.222% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$22 on $10k: about 43 days of funding at the current rate (+$1 a day). The two prices were read 46 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	Reya kBONKRUSDPERP	0.000003557	0.0083	pay 0.0010% / 1h	37m 40s	$4	—	15x
Short	Bybit 1000BONKUSDT	0.000003549	0.0100	get 0.0050% / 4h	37m 40s	$12.4M	$26.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Reya. 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 ReyabpFee BybitbpOrdersPrice spread, now −0.222%Rate

Funding earned: $3.6
Price spread: −0.222% → 0.000%: −$22.22
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$35.63
Costs to cover: 0.170%
Break-even: 76.3 days

Slippage unknown: Reya: no order-book sample; Bybit: live order book, 1 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 Reya no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	1.41 bp	14.7 bp −$15	35.1 bp −$351	127.1 bp −$12.7K	doesn't fit

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	−0.0040%	1h	0.000003555	−0.054%	$43K	$64K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003550	−0.194%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003557	+0.005%	$25	—	150x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0031%	1h	0.000003559	+0.059%	$35K	$164K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.954%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERPlong	+0.0083%	1h	0.000003557	long leg	$4	—	15x
Nado kBONK-PERP	+0.0100%	1h	0.000003558	+0.045%	$64K	$134K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003554	−0.082%	$59K	$318K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003551	−0.166%	$118K	$148K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003551	−0.156%	$18.3M	$85.1M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003549	−0.222%	$12.4M	$26.0M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003554	−0.082%	$3.0M	$14.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003549	−0.222%	$994K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003552	−0.138%	$11.6M	$9.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003552	−0.144%	$3.0M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003549	−0.222%	$4.6M	$5.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003549	−0.222%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003571	+0.405%	$336K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003578	+0.593%	$60K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003558	+0.031%	$30K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003564	+0.199%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003556	−0.025%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003586	+0.818%	$102K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003550	−0.192%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003558	+0.031%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0137%	4h	0.000003556	−0.025%	$1.1M	$20.1M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−15.657%	$543	—	100x	as long as short
Lighter 1000BONK	+0.0512%	1h	0.000003553	−0.110%	$247K	$762K	10x	as long as short
Hyperliquid kBONK	+0.1033%	1h	0.000003554	−0.082%	$12.2M	$8.1M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1638%	1h	0.000003559	+0.059%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.4469%	1h	0.000003566	+0.259%	$182K	$262K	50x	as long as short