Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0093%/8h= −10.2% APRpaid last 24h +0.151%

Price spread now: BloFin against Deribit+0.089%7-day average +0.034% · 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−$50as in the Price arb table

costs, in and out, $10k−$550.554% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.732%+$73 on $10k

Price spread, last 3 days (all we have)−0.055%−$6 · spread now +0.089%, 7d avg +0.034%

Together, before fees+0.677%+$68 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.055% dearer against Deribit than usual: you sell high and buy low (spread +0.089% now, against its 7-day average of +0.034%): +$6 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 48 hours. Mind the row above: over the last 6 days funding on this pair paid +0.732%, 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	0.000003370	−0.0047	get 0.0006% / 1h	23m 05s	$2K	$110K	10x
Short	BloFin 1000BONK-USDT	0.000003373	−0.0140	pay 0.0070% / 4h	2h 23m	$1.0M	$13.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.089%Rate

Funding earned: −$19.6
Price spread: +0.089% → +0.034%: $5.55
Slippage, 4 orders: −$36.42
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$69.48
Costs to cover: 0.554%
Break-even: never at this rate

Slippage from Deribit: live order book, 31 min ago; BloFin: 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, 31 min ago	8.87 bp	21.2 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	1.49 bp	14.3 bp −$14	23.6 bp −$236	64.6 bp −$6,461	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	0.000003368	−0.059%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDTshort	−0.0140%	4h	0.000003373	+0.089%	$1.0M	$13.2M	75x
Deribit 1000BONK_USDC-PERPETUALlong	−0.0047%	1h	0.000003370	long leg	$2K	$110K	10x
Orderly PERP_1000BONK_USDC	−0.0041%	4h	0.000003371	+0.030%	$29K	$41K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003370	0.000%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003371	+0.018%	$2K	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.849%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003370	+0.010%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003373	+0.089%	$199K	$290K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003369	−0.015%	$20K	$109K	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	0.000003372	+0.053%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003371	+0.030%	$115K	$117K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003371	+0.030%	$15.2M	$50.8M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003369	−0.027%	$10.2M	$16.5M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003371	+0.030%	$2.5M	$7.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003368	−0.059%	$740K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003370	0.000%	$10.2M	$6.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003371	+0.030%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003367	−0.089%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003369	−0.030%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003374	+0.119%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003417	+1.391%	$305K	$104K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003394	+0.712%	$57K	$693K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003377	+0.208%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003372	+0.059%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003392	+0.653%	$79K	$118K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003370	+0.002%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003372	+0.059%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.979%	$563	—	100x	as long as short
Hyperliquid kBONK	+0.0735%	1h	0.000003377	+0.208%	$10.0M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1137%	1h	0.000003378	+0.234%	$205K	$149K	50x	as long as short