Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC+0.0017%/8hnext payment +$0.02 per $10,000 · paid last 24h −0.026%

Price spread now: Nado against Reya−0.264%74s7-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 Nado

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 · Nado: Active · farm boardneeds both histories

Funding pays, the price is against you. Nado is 0.264% cheaper against Reya than usual: you would sell low and buy high (spread −0.264% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$26 on $10k: about 51 days of funding at the current rate (+$1 a day). The two prices were read 74 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	0.000003373	0.0083	pay 0.0010% / 1h	52m 18s	$4	—	15x
Short	Nado kBONK-PERP	0.000003364	0.0100	get 0.0012% / 1h	52m 18s	$19K	$103K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado against Reya. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 NadobpOrdersPrice spread, now −0.264%Rate

Funding earned: $3.61
Price spread: −0.264% → 0.000%: −$26.41
Slippage, 4 orders: no order book: not counted
Fee Reya: 3 bp × 2 orders: −$6
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$35.8
Costs to cover: 0.130%
Break-even: 76.5 days

Slippage unknown: Reya: no order-book sample; Nado: live order book, 53 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 Nado live order book, 53 min ago	2.98 bp	16.5 bp −$17	doesn't fit	doesn't fit	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	−0.0280%	1h	0.000003365	−0.249%	$43K	$20K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003366	−0.220%	$1.0M	$12.4M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0073%	4h	0.000003370	−0.101%	$29K	$43K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003373	−0.018%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003369	−0.132%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.947%	$3K	$9K	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0047%	1h	0.000003369	−0.131%	$11K	$100K	10x	as long as short
ApeX Omni 1000BONKUSDT	+0.0050%	1h	0.000003362	−0.338%	$57K	$686K	25x	as long as short
Reya kBONKRUSDPERPlong	+0.0083%	1h	0.000003373	long leg	$4	—	15x
Lighter 1000BONK	+0.0096%	1h	0.000003371	−0.071%	$198K	$272K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado kBONK-PERPshort	+0.0100%	1h	0.000003364	−0.264%	$19K	$103K	10x
Aster 1000BONKUSDT	+0.0100%	4h	0.000003375	+0.060%	$65K	$238K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003370	−0.101%	$114K	$109K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003369	−0.140%	$15.1M	$47.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003368	−0.163%	$10.1M	$15.4M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003368	−0.160%	$2.4M	$7.3M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003371	−0.071%	$740K	$2.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003378	+0.136%	$10.5M	$6.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003376	+0.062%	$2.8M	$9.3M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003367	−0.190%	$4.2M	$2.9M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003374	+0.018%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003366	−0.220%	$31K	$6K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003377	+0.093%	$304K	$105K	—	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003377	+0.106%	$2K	$11K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003367	−0.190%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003376	+0.077%	$80K	$117K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003369	−0.125%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003368	−0.160%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.069%	$564	—	100x	as long as short
Hyperliquid kBONK	+0.0735%	1h	0.000003380	+0.195%	$10.1M	$6.6M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1246%	1h	0.000003375	+0.060%	$205K	$180K	50x	as long as short