Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.2858%/8h= +312.9% APRpaid last 24h +0.332%

Price spread now: Kraken Futures against Binance−0.090%7-day average +0.116% · you buy dearer than you sell

Net, funding: paid 7d − costs−$19as in the Funding arb table

Net, price: spread back to 7d avg − costs−$127as in the Price arb table

costs, in and out, $10k−$1061.063% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.868%+$87 on $10k

Price spread, last 4 days (all we have)+0.127%+$13 · spread now −0.090%, 7d avg +0.116%

Together, before fees+0.995%+$99 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.206% cheaper against Binance than usual: you would sell low and buy high (spread −0.090% now, against its 7-day average of +0.116%). If the spread goes back, that is −$21 on $10k: about 6 hours of funding at the current rate (+$86 a day). At the pace of the last 7 days (+0.868% in total) that is about 40 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.868% in total (about 45.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance 1000BONKUSDT	0.000003513	0.0100	pay 0.0050% / 4h	3h 51m	$18.4M	$89.0M	75x
Short	Kraken Futures PF_BONKUSD	0.000003510	0.2958	get 0.0370% / 1h	51m 53s	$179K	$275K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Binance. 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 BinancebpFee Kraken FuturesbpOrdersPrice spread, now −0.090%Rate

Funding earned: $600.15
Price spread: −0.090% → +0.116%: −$20.59
Slippage, 4 orders: −$86.3
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $473.26
Costs to cover: 1.063%
Break-even: 1.5 days

Slippage from Binance: live order book, 6 min ago; Kraken Futures: live order book, 46 min ago.

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 Binance live order book, 6 min ago	1.41 bp	12.2 bp −$12	29.7 bp −$297	236.6 bp −$23.7K	doesn't fit
Sell Kraken Futures live order book, 46 min ago	29.55 bp	35.4 bp −$35	128.4 bp −$1,284	doesn't fit	doesn't fit

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	−0.0024%	1h	0.000003511	−0.057%	$42K	$68K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003509	−0.102%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003501	−0.339%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.803%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0035%	1h	0.000003509	−0.114%	$34K	$164K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003510	−0.087%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0096%	4h	0.000003517	+0.114%	$1.1M	$20.3M	75x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003513	+0.014%	$70K	$139K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003516	+0.077%	$58K	$334K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003514	+0.028%	$117K	$162K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDTlong	+0.0100%	4h	0.000003513	long leg	$18.4M	$89.0M	75x
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003509	−0.122%	$12.4M	$27.3M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003510	−0.085%	$3.0M	$15.2M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003507	−0.171%	$922K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003509	−0.114%	$11.4M	$9.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003507	−0.182%	$2.9M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003508	−0.142%	$4.5M	$5.4M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003508	−0.142%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003526	+0.368%	$331K	$99K	—	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003508	−0.142%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003514	+0.028%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003506	−0.199%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003520	+0.199%	$100K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003507	−0.182%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003506	−0.199%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−14.603%	$536	—	100x	as long as short
Lighter 1000BONK	+0.0288%	1h	0.000003511	−0.057%	$246K	$756K	10x	as long as short
ApeX Omni 1000BONKUSDT	+0.0345%	1h	0.000003506	−0.199%	$59K	$703K	25x	as long as short
Hyperliquid kBONK	+0.0723%	1h	0.000003512	−0.028%	$12.0M	$8.4M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.2280%	1h	0.000003515	+0.057%	$54K	$23K	10x	as long as short
Kraken Futures PF_BONKUSDshort	+0.2958%	1h	0.000003510	−0.090%	$179K	$275K	50x