Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0168%/8h= −18.4% APRpaid last 24h −0.009%

Price spread now: KuCoin against Backpack+0.020%7-day average — · you sell dearer than you buy

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

Long on Backpack Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. KuCoin is 0.020% dearer against Backpack than usual: you sell high and buy low (spread +0.020% now, against zero (this spread has no 7-day history yet)): +$2 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 10 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Backpack kBONK_USDC_PERP	0.000003459	0.0268	pay 0.0034% / 1h	59m 10s	$30K	$7K	10x
Short	KuCoin 1000BONKUSDTM	0.000003460	0.0100	get 0.0050% / 4h	3h 59m	$2.7M	$9.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Backpack. 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 BackpackbpFee KuCoinbpOrdersPrice spread, now +0.020%Rate

Funding earned: −$35.38
Price spread: +0.020% → 0.000%: $2.02
Slippage, 4 orders: no order book: not counted
Fee Backpack: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$55.36
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Backpack: no order-book sample; KuCoin: live order book, 9 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 Backpack no order-book sample	—	—	—	—	—
Sell KuCoin live order book, 9 min ago	2.90 bp	24.3 bp −$24	134.5 bp −$1,345	doesn't fit	doesn't fit

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	−0.0312%	1h	0.000003457	−0.058%	$43K	$36K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003456	−0.076%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003460	+0.017%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−5.348%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0078%	4h	0.000003459	0.000%	$30K	$55K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003461	+0.056%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003461	+0.058%	$225K	$671K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003467	+0.223%	$80K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003461	+0.058%	$115K	$108K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003459	+0.013%	$16.7M	$60.4M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003459	+0.009%	$11.2M	$19.1M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003456	−0.087%	$2.5M	$9.3M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003459	0.000%	$838K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003459	0.000%	$9.1M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTMshort	+0.0100%	4h	0.000003460	+0.020%	$2.7M	$9.8M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003455	−0.116%	$4.4M	$3.2M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003460	+0.029%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003464	+0.141%	$316K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003454	−0.145%	$58K	$704K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003461	+0.072%	$34K	$102K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003464	+0.145%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003459	0.000%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003469	+0.289%	$98K	$120K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003459	+0.001%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003459	0.000%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0112%	4h	0.000003456	−0.087%	$972K	$15.8M	75x	as long as short
Hyperliquid kBONK	+0.0142%	1h	0.000003463	+0.116%	$10.2M	$4.9M	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−13.270%	$579	—	100x	as long as short
Backpack kBONK_USDC_PERPlong	+0.0268%	1h	0.000003459	long leg	$30K	$7K	10x
Deribit 1000BONK_USDC-PERPETUAL	+0.0328%	1h	0.000003461	+0.058%	$6K	$123K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2424%	1h	0.000003464	+0.149%	$224K	$177K	50x	as long as short