Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0148%/8h= +16.2% APRpaid last 24h +0.142%

Price spread now: KuCoin against Deribit−0.006%7-day average +0.056% · 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−$84as in the Price arb table

costs, in and out, $10k−$780.780% of the position

Long on Deribit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.521%+$52 on $10k

Price spread, last 3 days (all we have)+0.297%+$30 · spread now −0.006%, 7d avg +0.056%

Together, before fees+0.818%+$82 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.062% cheaper against Deribit than usual: you would sell low and buy high (spread −0.006% now, against its 7-day average of +0.056%). If the spread goes back, that is −$6 on $10k: about 33 hours of funding at the current rate (+$4 a day). At the pace of the last 6 days (+0.521% in total) that is about 16 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000BONK_USDC-PERPETUAL	0.000003359	−0.0048	get 0.0006% / 1h	20m 32s	$2K	$110K	10x
Short	KuCoin 1000BONKUSDTM	0.000003359	0.0100	get 0.0050% / 4h	1h 20m	$2.7M	$9.9M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.006%Rate

Funding earned: $31
Price spread: −0.006% → +0.056%: −$6.18
Slippage, 4 orders: −$59.03
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$53.21
Costs to cover: 0.780%
Break-even: 19.0 days

Slippage from Deribit: live order book, 28 min ago; KuCoin: live order book, 3 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, 28 min ago	7.46 bp	13.9 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 3 min ago	2.98 bp	25.8 bp −$26	122.8 bp −$1,228	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	−0.0248%	1h	0.000003342	−0.506%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003362	+0.089%	$1.0M	$13.3M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0081%	4h	0.000003360	+0.030%	$29K	$41K	20x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	−0.0048%	1h	0.000003359	long leg	$2K	$110K	10x
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003360	+0.042%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003360	+0.017%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.531%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003359	+0.002%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003359	0.000%	$189K	$301K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003360	+0.045%	$19K	$106K	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	0.000003362	+0.086%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003360	+0.030%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003358	−0.037%	$15.1M	$51.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003357	−0.048%	$10.2M	$16.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003357	−0.060%	$2.4M	$7.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003359	0.000%	$743K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003358	−0.030%	$10.1M	$6.6M	125x	as long as short
KuCoin 1000BONKUSDTMshort	+0.0100%	4h	0.000003359	−0.006%	$2.7M	$9.9M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003355	−0.119%	$4.2M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003359	0.000%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003361	+0.060%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003350	−0.266%	$301K	$121K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003348	−0.327%	$57K	$699K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003364	+0.149%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003361	+0.060%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003371	+0.357%	$91K	$151K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003357	−0.064%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003359	0.000%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.688%	$562	—	100x	as long as short
Hyperliquid kBONK	+0.0926%	1h	0.000003366	+0.208%	$10.1M	$7.4M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.0962%	1h	0.000003368	+0.269%	$205K	$149K	50x	as long as short