Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0211%/8h= −23.1% APRpaid last 24h +0.059%

Price spread now: Bybit against Deribit+0.048%7-day average −0.009% · 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−$55as in the Price arb table

costs, in and out, $10k−$600.602% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.479%+$48 on $10k

Price spread, last 4 days (all we have)+0.020%+$2 · spread now +0.048%, 7d avg −0.009%

Together, before fees+0.499%+$50 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bybit is 0.057% dearer against Deribit than usual: you sell high and buy low (spread +0.048% now, against its 7-day average of −0.009%): +$6 on $10k if it goes back. Holding the pair costs −$6 a day in funding at the current rate, which eats that in about 21 hours. Mind the row above: over the last 6 days funding on this pair paid +0.479%, 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	0.000003567	0.0311	pay 0.0039% / 1h	46m 40s	$35K	$165K	10x
Short	Bybit 1000BONKUSDT	0.000003569	0.0100	get 0.0050% / 4h	46m 40s	$12.3M	$25.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BybitbpOrdersPrice spread, now +0.048%Rate

Funding earned: −$44.31
Price spread: +0.048% → −0.009%: $5.66
Slippage, 4 orders: −$42.23
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$98.88
Costs to cover: 0.602%
Break-even: never at this rate

Slippage from Deribit: live order book, 22 min ago; Bybit: live order book, 2 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, 22 min ago	9.76 bp	16.1 bp −$16	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.41 bp	13.5 bp −$14	38.7 bp −$387	209.6 bp −$21.0K	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	−0.0040%	1h	0.000003550	−0.477%	$43K	$64K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003568	+0.036%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003563	−0.112%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−8.214%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003566	−0.017%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003567	+0.014%	$64K	$134K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003572	+0.140%	$59K	$318K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003569	+0.056%	$118K	$145K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003570	+0.084%	$18.4M	$84.2M	75x	as long as short
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003569	+0.048%	$12.3M	$25.7M	50x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003570	+0.084%	$2.9M	$14.4M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003567	0.000%	$983K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003570	+0.084%	$11.7M	$9.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003569	+0.056%	$3.0M	$10.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003569	+0.056%	$4.6M	$5.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003572	+0.140%	—	$5.1M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003506	−1.715%	$330K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003525	−1.177%	$59K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003564	−0.084%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003572	+0.140%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003562	−0.140%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003563	−0.112%	$101K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003570	+0.071%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003560	−0.196%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0131%	4h	0.000003566	−0.028%	$1.1M	$19.9M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−15.896%	$544	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	+0.0311%	1h	0.000003567	long leg	$35K	$165K	10x
Lighter 1000BONK	+0.0568%	1h	0.000003571	+0.112%	$250K	$757K	10x	as long as short
Hyperliquid kBONK	+0.1139%	1h	0.000003572	+0.140%	$12.2M	$8.1M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1580%	1h	0.000003572	+0.140%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.4460%	1h	0.000003573	+0.160%	$182K	$262K	50x	as long as short