Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1357%/8h= −148.6% APRpaid last 24h −0.053%

Price spread now: Bitget against Kraken Futures−0.405%7-day average −0.146% · you buy dearer than you sell

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$118as in the Price arb table

costs, in and out, $10k−$920.923% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.449%−$45 on $10k

Price spread, last 3 days (all we have)+0.429%+$43 · spread now −0.405%, 7d avg −0.146%

Together, before fees−0.021%−$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$41 a day on $10k at the current rate, and Bitget is 0.259% cheaper against Kraken Futures than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of −0.146%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.449% in total (about -23.4% 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	0.000003419	0.1457	pay 0.0182% / 1h	12m 37s	$213K	$165K	50x
Short	Bitget 1000BONKUSDT	0.000003405	0.0100	get 0.0050% / 4h	3h 12m	$4.3M	$3.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.405%Rate

Funding earned: −$285
Price spread: −0.405% → −0.146%: −$25.9
Slippage, 4 orders: −$70.3
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$403.2
Costs to cover: 0.923%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 60 min ago; Bitget: 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 Kraken Futures live order book, 60 min ago	17.88 bp	29.0 bp −$29	105.7 bp −$1,057	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	5.91 bp	18.5 bp −$19	38.1 bp −$381	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	−0.0376%	1h	0.000003371	−1.400%	$43K	$25K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003403	−0.464%	$1.0M	$14.5M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0039%	4h	0.000003404	−0.434%	$29K	$39K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003409	−0.279%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003410	−0.259%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.237%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003410	−0.259%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003410	−0.244%	$18K	$101K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003411	−0.239%	$65K	$253K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003408	−0.317%	$115K	$122K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003408	−0.309%	$15.7M	$53.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003405	−0.411%	$10.7M	$17.1M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003409	−0.288%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003408	−0.317%	$733K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003407	−0.347%	$10.0M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003406	−0.370%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDTshort	+0.0100%	4h	0.000003405	−0.405%	$4.3M	$3.0M	75x
BingX 1000BONK-USDC	+0.0100%	4h	0.000003407	−0.347%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003401	−0.523%	$305K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003409	−0.288%	$57K	$708K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003413	−0.171%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003409	−0.288%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003412	−0.200%	$94K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003408	−0.311%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003405	−0.405%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.251%	$571	—	100x	as long as short
Lighter 1000BONK	+0.0328%	1h	0.000003414	−0.142%	$353K	$474K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0337%	1h	0.000003409	−0.288%	$2K	$110K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0366%	1h	0.000003410	−0.259%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0607%	1h	0.000003415	−0.113%	$9.7M	$7.4M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.1457%	1h	0.000003419	long leg	$213K	$165K	50x