Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0054%/8h= −5.9% APRpaid last 24h −0.142%

Price spread now: Deribit against BingX−0.089%7-day average 0.000% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$750.752% of the position

Long on BingX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.550%−$55 on $10k

Price spread, last 3 days (all we have)−0.156%−$16 · spread now −0.089%, 7d avg 0.000%

Together, before fees−0.706%−$71 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Deribit is 0.089% cheaper against BingX than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of 0.000%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX 1000BONK-USDC	0.000003379	0.0100	pay 0.0050% / 4h	1h 42m	—	$6.5M	—
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003376	0.0046	get 0.0006% / 1h	42m 10s	$2K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BingX. 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 BingXbpFee DeribitbpOrdersPrice spread, now −0.089%Rate

Funding earned: −$11.28
Price spread: −0.089% → 0.000%: −$8.86
Slippage, 4 orders: −$58.23
Fee BingX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$95.37
Costs to cover: 0.752%
Break-even: never at this rate

Slippage from BingX: live order book, 8 min ago; Deribit: live order book, 7 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 BingX live order book, 8 min ago	4.49 bp	17.6 bp −$18	73.2 bp −$732	525.6 bp −$52.6K	739.7 bp −$369.8K
Sell Deribit live order book, 7 min ago	7.46 bp	11.0 bp −$11	doesn't fit	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	−0.0248%	1h	0.000003327	−1.539%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003364	−0.444%	$1.0M	$13.2M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0071%	4h	0.000003374	−0.148%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003377	−0.074%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003368	−0.336%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.107%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	+0.0046%	1h	0.000003376	−0.089%	$2K	$110K	10x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003376	−0.082%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003379	0.000%	$196K	$294K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003373	−0.163%	$19K	$106K	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	0.000003371	−0.231%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003368	−0.326%	$115K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003377	−0.061%	$15.2M	$51.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003378	−0.018%	$10.2M	$16.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003378	−0.030%	$2.5M	$7.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003372	−0.207%	$749K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003378	−0.030%	$10.1M	$6.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003377	−0.062%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003378	−0.030%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDClong	+0.0100%	4h	0.000003379	long leg	—	$6.5M	—
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003380	+0.030%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003349	−0.897%	$301K	$102K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003356	−0.681%	$57K	$698K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003377	−0.059%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003376	−0.089%	$2K	$6K	10x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003375	−0.107%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003370	−0.266%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.216%	$564	—	100x	as long as short
HTX BONK-USDT	+0.0227%	4h	0.000003381	+0.059%	$91K	$150K	30x	as long as short
Hyperliquid kBONK	+0.0893%	1h	0.000003386	+0.207%	$10.1M	$7.3M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.0958%	1h	0.000003380	+0.041%	$205K	$149K	50x	as long as short