Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0237%/8h= −25.9% APRpaid last 24h +0.130%

Price spread now: BingX against Deribit0.000%7-day average −0.001% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$79as in the Price arb table

costs, in and out, $10k−$790.789% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.551%+$55 on $10k

Price spread, last 3 days (all we have)+0.167%+$17 · spread now 0.000%, 7d avg −0.001%

Together, before fees+0.718%+$72 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate. Mind the row above: over the last 6 days funding on this pair paid +0.551%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000BONK_USDC-PERPETUAL	0.000003412	0.0337	pay 0.0042% / 1h	14m 36s	$2K	$110K	10x
Short	BingX 1000BONK-USDC	0.000003412	0.0100	get 0.0050% / 4h	3h 14m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$49.67
Price spread: 0.000% → −0.001%: $0.06
Slippage, 4 orders: −$61.87
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$128.48
Costs to cover: 0.789%
Break-even: never at this rate

Slippage from Deribit: live order book, 24 min ago; BingX: live order book, 6 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 Deribit live order book, 24 min ago	10.31 bp	13.8 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 6 min ago	4.43 bp	27.9 bp −$28	74.5 bp −$745	413.6 bp −$41.4K	684.3 bp −$342.1K

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	0.000003371	−1.202%	$43K	$25K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003413	+0.029%	$1.0M	$14.5M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0042%	4h	0.000003410	−0.059%	$29K	$39K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003409	−0.079%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003415	+0.101%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.045%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003409	−0.074%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003410	−0.059%	$18K	$101K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003417	+0.145%	$66K	$253K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003417	+0.147%	$115K	$122K	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	0.000003413	+0.038%	$15.6M	$53.1M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003412	0.000%	$10.8M	$17.1M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003414	+0.059%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003413	+0.029%	$735K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003418	+0.176%	$10.1M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003413	+0.041%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003412	0.000%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDCshort	+0.0100%	4h	0.000003412	0.000%	—	$6.5M	—
Variational Omni 1000BONK	+0.0100%	4h	0.000003401	−0.323%	$305K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003389	−0.674%	$57K	$709K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003418	+0.176%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003412	0.000%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003411	−0.029%	$94K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003414	+0.051%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003411	−0.029%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.075%	$569	—	100x	as long as short
Lighter 1000BONK	+0.0328%	1h	0.000003421	+0.264%	$354K	$474K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	+0.0337%	1h	0.000003412	long leg	$2K	$110K	10x
Backpack kBONK_USDC_PERP	+0.0351%	1h	0.000003414	+0.059%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0607%	1h	0.000003421	+0.264%	$9.7M	$7.4M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1455%	1h	0.000003424	+0.341%	$213K	$165K	50x	as long as short