Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.136%

Price spread now: Deribit against HTX−0.268%7-day average −0.165% · 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−$204as in the Price arb table

costs, in and out, $10k−$1941.936% of the position

Long on HTX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.559%−$56 on $10k

Price spread, last 3 days (all we have)+0.227%+$23 · spread now −0.268%, 7d avg −0.165%

Together, before fees−0.332%−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.103% cheaper against HTX than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.165%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	HTX BONK-USDT	0.000003360	0.0100	pay 0.0050% / 4h	5m 36s	$92K	$153K	30x
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003351	0	get 0.0000% / 1h	5m 36s	$2K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against HTX. 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 HTXbpFee DeribitbpOrdersPrice spread, now −0.268%Rate

Funding earned: −$21
Price spread: −0.268% → −0.165%: −$10.26
Slippage, 4 orders: −$174.65
Fee HTX: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$224.91
Costs to cover: 1.936%
Break-even: never at this rate

Slippage from HTX: live order book, 6 min ago; Deribit: live order book, 38 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 HTX live order book, 6 min ago	19.33 bp	140.7 bp −$141	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 38 min ago	8.83 bp	12.3 bp −$12	doesn't fit	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	−0.0456%	1h	0.000003344	−0.476%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003351	−0.268%	$1.0M	$13.8M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0062%	4h	0.000003351	−0.268%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003351	−0.271%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003353	−0.194%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	0.0000%	1h	0.000003351	−0.268%	$2K	$110K	10x
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.560%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003350	−0.297%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003357	−0.089%	$212K	$324K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003352	−0.223%	$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	0.000003356	−0.121%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003353	−0.208%	$113K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003354	−0.179%	$15.2M	$52.7M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003353	−0.214%	$10.2M	$16.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003354	−0.179%	$2.4M	$7.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003353	−0.208%	$715K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003354	−0.179%	$9.8M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003354	−0.179%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003351	−0.268%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003353	−0.208%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003355	−0.149%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003349	−0.326%	$301K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003350	−0.298%	$56K	$703K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003356	−0.119%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003352	−0.238%	$2K	$6K	10x	as long as short
HTX BONK-USDTlong	+0.0100%	4h	0.000003360	long leg	$92K	$153K	30x
Extended 1000BONK-USD	+0.0104%	1h	0.000003353	−0.213%	$22K	$3K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003350	−0.298%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.714%	$560	—	100x	as long as short
Hyperliquid kBONK	+0.1176%	1h	0.000003361	+0.030%	$10.1M	$7.3M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1459%	1h	0.000003358	−0.047%	$205K	$151K	50x	as long as short