Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.005%

Price spread now: Backpack against Variational Omni+0.139%7-day average — · you sell dearer than you buy

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

Long on Variational Omni Short on Backpack

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 airdropVariational Omni: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Backpack is 0.139% dearer against Variational Omni than usual: you sell high and buy low, +$14 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000BONK	0.000003353	0.0100	pay 0.0050% / 4h	2h 29m	$302K	$104K	—
Short	Backpack kBONK_USDC_PERP	0.000003358	0.0100	get 0.0013% / 1h	29m 28s	$30K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack against Variational Omni. 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 Variational OmnibpFee BackpackbpOrdersPrice spread, now +0.139%Rate

Funding earned: $0
Price spread: +0.139% → 0.000%: $13.87
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Backpack: 5 bp × 2 orders: −$10
Net: $3.87
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 59 min ago; Backpack: 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 Variational Omni RFQ quote, 59 min ago	8.83 bp	doesn't fit	47.1 bp −$471	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

Backpack: 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	−0.0320%	1h	0.000003356	+0.079%	$43K	$21K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003359	+0.169%	$1.0M	$13.1M	75x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	−0.0048%	1h	0.000003357	+0.109%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDC	−0.0041%	4h	0.000003357	+0.109%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003358	+0.130%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003358	+0.129%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.366%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003357	+0.104%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003357	+0.109%	$198K	$289K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003357	+0.109%	$20K	$104K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000BONKUSDT	+0.0100%	4h	0.000003358	+0.139%	$64K	$252K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003357	+0.109%	$114K	$117K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003357	+0.109%	$15.1M	$50.0M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003356	+0.079%	$10.2M	$16.3M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003357	+0.109%	$2.4M	$7.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003355	+0.049%	$736K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003358	+0.139%	$10.2M	$6.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003356	+0.079%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003354	+0.019%	$4.2M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003357	+0.109%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERPshort	+0.0100%	1h	0.000003358	+0.139%	$30K	$7K	10x
Variational Omni 1000BONKlong	+0.0100%	4h	0.000003353	long leg	$302K	$104K	—
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003361	+0.228%	$57K	$693K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003361	+0.228%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003356	+0.079%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003357	+0.109%	$79K	$118K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003356	+0.066%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003356	+0.079%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.537%	$561	—	100x	as long as short
Hyperliquid kBONK	+0.0726%	1h	0.000003365	+0.347%	$9.9M	$7.0M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1143%	1h	0.000003362	+0.257%	$204K	$159K	50x	as long as short