Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1929%/8h= −211.2% APRpaid last 24h −0.096%

Price spread now: Bybit against Kraken Futures−0.815%7-day average −0.142% · you buy dearer than you sell

Net, funding: paid 7d − costs−$186as in the Funding arb table

Net, price: spread back to 7d avg − costs−$200as in the Price arb table

costs, in and out, $10k−$1321.322% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.543%−$54 on $10k

Price spread, last 4 days (all we have)+1.389%+$139 · spread now −0.815%, 7d avg −0.142%

Together, before fees+0.846%+$85 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$58 a day on $10k at the current rate, and Bybit is 0.674% cheaper against Kraken Futures than usual: you would sell low and buy high (−$67 if the spread goes back to its 7-day average of −0.142%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.543% in total (about -28.3% 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	0.000003425	0.2029	pay 0.0254% / 1h	34m 40s	$221K	$174K	50x
Short	Bybit 1000BONKUSDT	0.000003397	0.0100	get 0.0050% / 4h	1h 34m	$10.8M	$17.9M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.815%Rate

Funding earned: −$405.03
Price spread: −0.815% → −0.142%: −$67.36
Slippage, 4 orders: −$111.17
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$604.56
Costs to cover: 1.322%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 28 min ago; Bybit: live order book, 4 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, 28 min ago	37.63 bp	58.9 bp −$59	177.1 bp −$1,771	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.48 bp	15.5 bp −$15	31.4 bp −$314	209.1 bp −$20.9K	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	−0.0336%	1h	0.000003380	−1.312%	$45K	$31K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003418	−0.202%	$951K	$15.2M	75x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003396	−0.835%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003414	−0.316%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.407%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0043%	1h	0.000003416	−0.260%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0048%	4h	0.000003415	−0.290%	$29K	$58K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003413	−0.336%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003401	−0.698%	$224K	$670K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003412	−0.363%	$27K	$97K	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	0.000003415	−0.283%	$79K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003399	−0.757%	$114K	$108K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003399	−0.757%	$16.0M	$56.9M	75x	as long as short
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003397	−0.815%	$10.8M	$17.9M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003399	−0.757%	$2.5M	$8.4M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003400	−0.728%	$845K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003399	−0.757%	$9.6M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003400	−0.742%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003393	−0.932%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003399	−0.757%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003416	−0.260%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003409	−0.470%	$310K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003387	−1.107%	$57K	$707K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003420	−0.144%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003415	−0.290%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003420	−0.144%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003398	−0.798%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003413	−0.348%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.407%	$571	—	100x	as long as short
Hyperliquid kBONK	+0.0742%	1h	0.000003407	−0.523%	$10.1M	$4.7M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2029%	1h	0.000003425	long leg	$221K	$174K	50x