Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0235%/8h= +25.7% APRpaid last 24h −0.106%

Price spread now: Deribit against Bitget−0.320%48s7-day average +0.023% · 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—prices read too far apart to compare

costs, in and out, $10k−$670.671% of the position

Long on Bitget Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.542%−$54 on $10k

Price spread, last 4 days (all we have)−0.064%−$6 · spread now −0.320%, 7d avg +0.023%

Together, before fees−0.606%−$61 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.343% cheaper against Bitget than usual: you would sell low and buy high (spread −0.320% now, against its 7-day average of +0.023%). If the spread goes back, that is −$34 on $10k: about 4.9 days of funding at the current rate (+$7 a day). Mind the row above: over the last 6 days funding on this pair cost −0.542%, so the current rate has only just turned in your favour. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget 1000BONKUSDT	0.000003433	0.0100	pay 0.0050% / 4h	28m 34s	$4.3M	$3.1M	75x
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003422	0.0335	get 0.0042% / 1h	28m 34s	$2K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bitget. 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 BitgetbpFee DeribitbpOrdersPrice spread, now −0.320%Rate

Funding earned: $49.31
Price spread: −0.320% → +0.023%: −$34.31
Slippage, 4 orders: −$48.12
Fee Bitget: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$52.12
Costs to cover: 0.671%
Break-even: 14.4 days

Slippage from Bitget: live order book, 4 min ago; Deribit: live order book, 60 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 Bitget live order book, 4 min ago	4.42 bp	21.3 bp −$21	51.8 bp −$518	doesn't fit	doesn't fit
Sell Deribit live order book, 60 min ago	7.36 bp	10.9 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	−0.0320%	1h	0.000003397	−1.049%	$43K	$34K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003427	−0.166%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003419	−0.405%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.632%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0073%	4h	0.000003420	−0.379%	$29K	$56K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003436	+0.086%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003423	−0.291%	$225K	$670K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003434	+0.029%	$31K	$101K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003419	−0.395%	$79K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003425	−0.233%	$114K	$109K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003430	−0.077%	$16.6M	$59.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003430	−0.082%	$10.8M	$18.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003435	+0.058%	$2.5M	$9.1M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003427	−0.175%	$818K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003430	−0.087%	$9.2M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003429	−0.105%	$2.6M	$9.7M	75x	as long as short
Bitget 1000BONKUSDTlong	+0.0100%	4h	0.000003433	long leg	$4.3M	$3.1M	75x
BingX 1000BONK-USDT	+0.0100%	4h	0.000003429	−0.117%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003399	−0.979%	$309K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003388	−1.311%	$57K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003426	−0.204%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003423	−0.291%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003428	−0.146%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003427	−0.186%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003418	−0.437%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0126%	4h	0.000003421	−0.350%	$962K	$15.4M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.613%	$571	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	+0.0335%	1h	0.000003422	−0.320%	$2K	$110K	10x
Backpack kBONK_USDC_PERP	+0.0337%	1h	0.000003421	−0.350%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0749%	1h	0.000003423	−0.291%	$10.1M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2458%	1h	0.000003429	−0.114%	$221K	$177K	50x	as long as short