Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0145%/8h= +15.9% APRpaid last 24h +0.144%

Price spread now: Gate against Deribit−0.059%51s7-day average −0.014% · 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−$770.772% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.512%+$51 on $10k

Price spread, last 3 days (all we have)+0.410%+$41 · spread now −0.059%, 7d avg −0.014%

Together, before fees+0.922%+$92 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.045% cheaper against Deribit than usual: you would sell low and buy high (spread −0.059% now, against its 7-day average of −0.014%). If the spread goes back, that is −$5 on $10k: about 25 hours of funding at the current rate (+$4 a day). At the pace of the last 6 days (+0.512% in total) that is about 12 hours. The two prices were read 51 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	Deribit 1000BONK_USDC-PERPETUAL	0.000003384	−0.0045	get 0.0006% / 1h	46m 23s	$2K	$110K	10x
Short	Gate BONK_USDT	0.000003382	0.0100	get 0.0050% / 4h	2h 46m	$746K	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.059%Rate

Funding earned: $30.54
Price spread: −0.059% → −0.014%: −$4.5
Slippage, 4 orders: −$55.22
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$51.18
Costs to cover: 0.772%
Break-even: 18.7 days

Slippage from Deribit: live order book, 8 min ago; Gate: live order book, 1 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, 8 min ago	8.87 bp	21.2 bp −$21	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.96 bp	20.4 bp −$20	71.1 bp −$711	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	0.000003381	−0.089%	$43K	$21K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003386	+0.059%	$1.0M	$13.2M	75x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	−0.0045%	1h	0.000003384	long leg	$2K	$110K	10x
Orderly PERP_1000BONK_USDC	−0.0034%	4h	0.000003381	−0.089%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003381	−0.080%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003385	+0.030%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.251%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003382	−0.072%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003386	+0.059%	$203K	$283K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003383	−0.030%	$20K	$104K	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	0.000003384	+0.013%	$67K	$252K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003384	0.000%	$116K	$116K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003383	−0.035%	$15.3M	$49.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003379	−0.148%	$10.2M	$16.1M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003380	−0.118%	$2.5M	$7.6M	20x	as long as short
Gate BONK_USDTshort	+0.0100%	4h	0.000003382	−0.059%	$746K	$2.6M	50x
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003382	−0.059%	$9.8M	$6.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003382	−0.074%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003382	−0.059%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003381	−0.089%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003386	+0.059%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003379	−0.162%	$304K	$105K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003380	−0.118%	$57K	$693K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003390	+0.177%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003385	+0.030%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003399	+0.443%	$80K	$117K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003383	−0.038%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003382	−0.059%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.348%	$566	—	100x	as long as short
Hyperliquid kBONK	+0.0753%	1h	0.000003388	+0.118%	$10.1M	$6.9M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1132%	1h	0.000003392	+0.244%	$206K	$185K	50x	as long as short