Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0056%/8h= +6.1% APRpaid last 24h +0.126%

Price spread now: MEXC against Deribit−0.118%7-day average +0.013% · 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−$47as in the Price arb table

costs, in and out, $10k−$340.337% of the position

Long on Deribit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.427%+$43 on $10k

Price spread, last 3 days (all we have)+0.268%+$27 · spread now −0.118%, 7d avg +0.013%

Together, before fees+0.696%+$70 on $10k · with fees, hour by hour

Funding pays, the price is against you. MEXC is 0.131% cheaper against Deribit than usual: you would sell low and buy high (spread −0.118% now, against its 7-day average of +0.013%). If the spread goes back, that is −$13 on $10k: about 7.9 days of funding at the current rate (+$2 a day). At the pace of the last 6 days (+0.427% in total) that is about 41 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000BONK_USDC-PERPETUAL	0.000003397	0.0044	pay 0.0006% / 1h	48m 02s	$2K	$110K	10x
Short	MEXC 1000BONK_USDT	0.000003393	0.0100	get 0.0050% / 4h	48m 02s	$9.8M	$6.6M	125x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now −0.118%Rate

Funding earned: $11.66
Price spread: −0.118% → +0.013%: −$13.1
Slippage, 4 orders: −$26.72
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee MEXC: 0 bp × 2 orders: $0
Net: −$35.16
Costs to cover: 0.337%
Break-even: 28.1 days

Slippage from Deribit: live order book, 61 min ago; MEXC: live order book, 5 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, 61 min ago	7.46 bp	13.9 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 5 min ago	1.47 bp	5.2 bp −$5	11.9 bp −$119	64.2 bp −$6,421	126.6 bp −$63.3K

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	−0.0456%	1h	0.000003342	−1.619%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003394	−0.088%	$1.0M	$13.8M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0082%	4h	0.000003398	+0.029%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003395	−0.062%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003396	−0.042%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.621%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	+0.0044%	1h	0.000003397	long leg	$2K	$110K	10x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003395	−0.057%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003397	0.000%	$190K	$299K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003396	−0.015%	$20K	$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	0.000003393	−0.127%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003398	+0.029%	$115K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003394	−0.085%	$15.4M	$52.0M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003392	−0.138%	$10.3M	$16.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003395	−0.059%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003395	−0.059%	$729K	$2.6M	50x	as long as short
MEXC 1000BONK_USDTshort	+0.0100%	4h	0.000003393	−0.118%	$9.8M	$6.6M	125x
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003394	−0.085%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003393	−0.118%	$4.2M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003393	−0.118%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003393	−0.116%	$305K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003399	+0.059%	$57K	$699K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003400	+0.088%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003396	−0.029%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003400	+0.088%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003395	−0.062%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003395	−0.059%	$4K	—	3x	as long as short
Backpack kBONK_USDC_PERP	+0.0187%	1h	0.000003398	+0.029%	$30K	$7K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.687%	$567	—	100x	as long as short
Hyperliquid kBONK	+0.1289%	1h	0.000003405	+0.236%	$10.2M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1441%	1h	0.000003400	+0.086%	$207K	$149K	50x	as long as short