Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.3850%/8h= +421.5% APRpaid last 24h +0.839%

Price spread now: GMX against Variational Omni−13.099%7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on GMX

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 airdropVariational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. GMX is 13.099% cheaper against Variational Omni than usual: you would sell low and buy high (spread −13.099% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$1,310 on $10k: about 11 days of funding at the current rate (+$115 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni 1000BONK	0.000003452	0.0100	pay 0.0050% / 4h	1h 55m	$335K	$126K	—
Short	GMX BONK/USD [ETH-USDC]	0.000003000	L +0.0196% / S −0.3950%	get 0.0494% / 1h	55m 48s	$526	—	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Variational Omni. 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 Variational OmnibpFee GMXbpOrdersPrice spread, now −13.099%Rate

Funding earned: $808.45
Price spread: −13.099% → 0.000%: −$1,309.86
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee GMX: 6 bp × 2 orders: −$12
Net: −$513.41
Costs to cover: 0.120%
Break-even: 11.4 days

Slippage unknown: Variational Omni: RFQ quote, 56 min ago; 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 Variational Omni RFQ quote, 56 min ago	7.21 bp	doesn't fit	50.5 bp −$505	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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 exchanges

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	−0.0056%	1h	0.000003453	+0.023%	$45K	$91K	50x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003448	−0.113%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−5.162%	$3K	$57	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0040%	1h	0.000003446	−0.179%	$24K	$162K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003445	−0.218%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003449	−0.092%	$244K	$735K	10x	as long as short
BloFin 1000BONK-USDT	+0.0098%	4h	0.000003457	+0.139%	$1.1M	$19.7M	75x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003441	−0.310%	$67K	$133K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003448	−0.121%	$47K	$218K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003450	−0.063%	$115K	$150K	10x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003448	−0.131%	$17.7M	$89.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003444	−0.237%	$12.2M	$26.3M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003447	−0.150%	$3.0M	$14.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003441	−0.324%	$915K	$3.3M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003448	−0.121%	$10.9M	$10.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003442	−0.284%	$2.9M	$10.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003444	−0.237%	$4.4M	$5.2M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003442	−0.295%	—	$6.5M	—	as long as short
Variational Omni 1000BONKlong	+0.0100%	4h	0.000003452	long leg	$335K	$126K	—
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003456	+0.110%	$58K	$695K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003446	−0.179%	$29K	$47K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003453	+0.023%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003446	−0.179%	$2K	$10K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003451	−0.034%	$98K	$138K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003444	−0.227%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003444	−0.237%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]short	L +0.0196% / S −0.3950%	1h	0.000003000	−13.099%	$526	—	100x
Hyperliquid kBONK	+0.0376%	1h	0.000003451	−0.034%	$11.8M	$8.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1092%	1h	0.000003450	−0.063%	$54K	$25K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1648%	1h	0.000003450	−0.055%	$175K	$253K	50x	as long as short
dYdX BONK-USD	+0.2866%	1h	0.000003450	−0.063%	$13K	$12K	10x	as long as short