Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1610%/8h= −176.3% APRpaid last 24h −0.061%

Price spread now: BloFin against Kraken Futures+0.043%57s7-day average −0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$109as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$870.871% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.216%−$22 on $10k

Price spread, last 3 days (all we have)−0.192%−$19 · spread now +0.043%, 7d avg −0.092%

Together, before fees−0.408%−$41 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.135% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.043% now, against its 7-day average of −0.092%): +$14 on $10k if it goes back. Holding the pair costs −$48 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.216% in total) that is about 4.4 days. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.216% in total (about -11.3% 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	0.000003389	0.1470	pay 0.0184% / 1h	34m 01s	$207K	$156K	50x
Short	BloFin 1000BONK-USDT	0.000003390	−0.0140	pay 0.0070% / 4h	3h 34m	$1.0M	$14.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpOrdersPrice spread, now +0.043%Rate

Funding earned: −$338.14
Price spread: +0.043% → −0.092%: $13.51
Slippage, 4 orders: −$65.11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$411.73
Costs to cover: 0.871%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 38 min ago; BloFin: 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, 38 min ago	17.88 bp	29.0 bp −$29	105.7 bp −$1,057	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	1.47 bp	21.2 bp −$21	29.8 bp −$298	61.9 bp −$6,187	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	0.000003383	−0.164%	$43K	$24K	50x	as long as short
BloFin 1000BONK-USDTshort	−0.0140%	4h	0.000003390	+0.043%	$1.0M	$14.4M	75x
Orderly PERP_1000BONK_USDC	−0.0055%	4h	0.000003380	−0.252%	$29K	$39K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003381	−0.226%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003385	−0.094%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003380	−0.252%	$2K	$110K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.381%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003378	−0.311%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003378	−0.297%	$16K	$105K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003383	−0.157%	$65K	$262K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003389	+0.013%	$113K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003378	−0.310%	$15.4M	$53.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003379	−0.279%	$10.5M	$17.0M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003379	−0.282%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003380	−0.252%	$725K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003380	−0.252%	$9.9M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003381	−0.217%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003380	−0.252%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003379	−0.282%	—	$8.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003396	+0.219%	$305K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003394	+0.161%	$57K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003385	−0.105%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003381	−0.223%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003390	+0.043%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003379	−0.273%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003380	−0.252%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.467%	$566	—	100x	as long as short
Lighter 1000BONK	+0.0288%	1h	0.000003386	−0.075%	$311K	$420K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0300%	1h	0.000003381	−0.223%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0634%	1h	0.000003383	−0.164%	$10.0M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.1470%	1h	0.000003389	long leg	$207K	$156K	50x