Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.2560%/8h= +280.3% APRpaid last 24h +0.192%

Price spread now: Kraken Futures against Bybit+0.265%7-day average +0.144% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$95as in the Price arb table

costs, in and out, $10k−$1071.073% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.637%+$64 on $10k

Price spread, last 4 days (all we have)−0.320%−$32 · spread now +0.265%, 7d avg +0.144%

Together, before fees+0.317%+$32 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$77 a day on $10k at the current rate, and Kraken Futures is 0.121% dearer against Bybit than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.144%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.637% in total (about 33.2% 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	Bybit 1000BONKUSDT	0.000003487	0.0100	pay 0.0050% / 4h	2h 53m	$11.5M	$21.6M	50x
Short	Kraken Futures PF_BONKUSD	0.000003496	0.2660	get 0.0332% / 1h	53m 16s	$214K	$218K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.265%Rate

Funding earned: $537.51
Price spread: +0.265% → +0.144%: $12.06
Slippage, 4 orders: −$86.26
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $442.32
Costs to cover: 1.073%
Break-even: 1.2 days

Slippage from Bybit: live order book, just now; Kraken Futures: live order book, 59 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 Bybit live order book, just now	1.43 bp	13.8 bp −$14	34.7 bp −$347	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 59 min ago	24.27 bp	30.9 bp −$31	104.3 bp −$1,043	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	−0.0136%	1h	0.000003485	−0.057%	$43K	$46K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003490	+0.098%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003489	+0.060%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.108%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003489	+0.055%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0084%	4h	0.000003489	+0.057%	$30K	$53K	20x	as long as short
BloFin 1000BONK-USDT	+0.0094%	4h	0.000003492	+0.143%	$1.0M	$17.3M	75x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003488	+0.043%	$42K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003495	+0.237%	$58K	$299K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003492	+0.143%	$116K	$120K	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	0.000003493	+0.160%	$17.7M	$69.6M	75x	as long as short
Bybit 1000BONKUSDTlong	+0.0100%	4h	0.000003487	long leg	$11.5M	$21.6M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003491	+0.115%	$2.7M	$11.1M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003488	+0.029%	$911K	$3.0M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003489	+0.057%	$9.7M	$8.0M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003490	+0.095%	$3.0M	$10.3M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003489	+0.057%	$4.5M	$3.8M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003491	+0.115%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003504	+0.484%	$325K	$141K	—	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003496	+0.258%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003491	+0.115%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003506	+0.545%	$100K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003490	+0.073%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003488	+0.029%	$4K	—	3x	as long as short
Lighter 1000BONK	+0.0112%	1h	0.000003496	+0.258%	$247K	$703K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−13.966%	$385	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0323%	1h	0.000003490	+0.086%	$9K	$134K	10x	as long as short
Hyperliquid kBONK	+0.1584%	1h	0.000003499	+0.344%	$11.5M	$6.1M	10x	as long as short
ApeX Omni 1000BONKUSDT	+0.1592%	1h	0.000003512	+0.717%	$59K	$705K	25x	as long as short
Backpack kBONK_USDC_PERP	+0.1784%	1h	0.000003495	+0.229%	$46K	$17K	10x	as long as short
Kraken Futures PF_BONKUSDshort	+0.2660%	1h	0.000003496	+0.265%	$214K	$218K	50x