Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.1377%/8h= +150.8% APRpaid last 24h +0.033%

Price spread now: Kraken Futures against BingX+0.118%7-day average +0.127% · you sell dearer than you buy

Net, funding: paid 7d − costs−$68as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1081.082% of the position

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.406%+$41 on $10k

Price spread, last 3 days (all we have)−0.149%−$15 · spread now +0.118%, 7d avg +0.127%

Together, before fees+0.257%+$26 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.127%, so right now this pair is about funding alone: +$41 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.406% in total (about 21.2% 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	BingX 1000BONK-USDC	0.000003368	0.0100	pay 0.0050% / 4h	3h 58m	—	$6.5M	—
Short	Kraken Futures PF_BONKUSD	0.000003372	0.1477	get 0.0185% / 1h	58m 44s	$206K	$156K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.118%Rate

Funding earned: $289.26
Price spread: +0.118% → +0.127%: −$0.99
Slippage, 4 orders: −$88.18
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $180.09
Costs to cover: 1.082%
Break-even: 2.6 days

Slippage from BingX: live order book, 11 min ago; Kraken Futures: live order book, 14 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, 11 min ago	2.99 bp	24.8 bp −$25	71.0 bp −$710	487.0 bp −$48.7K	720.5 bp −$360.3K
Sell Kraken Futures live order book, 14 min ago	17.88 bp	26.7 bp −$27	73.4 bp −$734	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	−0.0376%	1h	0.000003361	−0.208%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003368	0.000%	$1.0M	$14.0M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0062%	4h	0.000003364	−0.119%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003365	−0.092%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003371	+0.104%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.791%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0047%	1h	0.000003365	−0.089%	$2K	$110K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003367	−0.029%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003372	+0.119%	$233K	$337K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003369	+0.032%	$65K	$251K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003369	+0.030%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003369	+0.035%	$15.5M	$53.1M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003368	0.000%	$10.3M	$16.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003371	+0.089%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003366	−0.059%	$722K	$2.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003369	+0.030%	$9.9M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003368	−0.003%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003369	+0.030%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDClong	+0.0100%	4h	0.000003368	long leg	—	$6.5M	—
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003366	−0.059%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003368	+0.001%	$302K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003368	0.000%	$57K	$703K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003365	−0.074%	$19K	$106K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003371	+0.089%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003366	−0.059%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003372	+0.119%	$92K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003365	−0.094%	$22K	$3K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003363	−0.148%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.926%	$563	—	100x	as long as short
Hyperliquid kBONK	+0.0505%	1h	0.000003375	+0.208%	$9.9M	$7.5M	10x	as long as short
Kraken Futures PF_BONKUSDshort	+0.1477%	1h	0.000003372	+0.118%	$206K	$156K	50x