Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.2866%/8h= −313.8% APRpaid last 24h −0.331%

Price spread now: BingX against Kraken Futures−0.128%7-day average −0.137% · you buy dearer than you sell

Net, funding: paid 7d − costs−$213as in the Funding arb table

Net, price: spread back to 7d avg − costs−$141as in the Price arb table

costs, in and out, $10k−$1421.417% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.716%−$72 on $10k

Price spread, last 4 days (all we have)+0.098%+$10 · spread now −0.128%, 7d avg −0.137%

Together, before fees−0.618%−$62 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.137%, so right now this pair is about funding alone: −$86 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.716% in total (about -37.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BONKUSD	0.000003500	0.2966	pay 0.0371% / 1h	3m 23s	$178K	$272K	50x
Short	BingX 1000BONK-USDC	0.000003496	0.0100	get 0.0050% / 4h	3h 03m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now −0.128%Rate

Funding earned: −$601.8
Price spread: −0.128% → −0.137%: $0.9
Slippage, 4 orders: −$121.7
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$742.6
Costs to cover: 1.417%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 29 min ago; BingX: live order book, 7 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 Kraken Futures live order book, 29 min ago	34.61 bp	46.6 bp −$47	166.2 bp −$1,662	doesn't fit	doesn't fit
Sell BingX live order book, 7 min ago	4.29 bp	27.6 bp −$28	83.4 bp −$834	451.9 bp −$45.2K	751.9 bp −$376.0K

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	−0.0024%	1h	0.000003491	−0.271%	$45K	$84K	50x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003493	−0.208%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.470%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003495	−0.159%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0096%	4h	0.000003500	−0.014%	$1.1M	$20.0M	75x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003494	−0.171%	$65K	$142K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003497	−0.105%	$48K	$291K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003497	−0.100%	$116K	$161K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003497	−0.102%	$18.0M	$91.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003495	−0.165%	$12.4M	$27.5M	50x	as long as short

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	0.000003495	−0.157%	$3.1M	$15.2M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003493	−0.214%	$924K	$3.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003497	−0.100%	$11.5M	$10.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003496	−0.128%	$2.9M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003495	−0.157%	$4.5M	$5.4M	75x	as long as short
BingX 1000BONK-USDCshort	+0.0100%	4h	0.000003496	−0.128%	—	$6.5M	—
Variational Omni 1000BONK	+0.0100%	4h	0.000003489	−0.330%	$340K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003488	−0.357%	$59K	$697K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003496	−0.128%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003501	+0.015%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003496	−0.128%	$3K	$8K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003498	−0.071%	$100K	$136K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003495	−0.169%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003494	−0.185%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−14.298%	$532	—	100x	as long as short
Lighter 1000BONK	+0.0208%	1h	0.000003497	−0.100%	$245K	$775K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0322%	1h	0.000003497	−0.100%	$24K	$162K	10x	as long as short
dYdX BONK-USD	+0.0551%	1h	0.000003493	−0.202%	$13K	$10K	10x	as long as short
Hyperliquid kBONK	+0.0577%	1h	0.000003500	−0.014%	$11.9M	$8.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1612%	1h	0.000003500	−0.014%	$54K	$23K	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2966%	1h	0.000003500	long leg	$178K	$272K	50x