Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.1934%/8h= −211.7% APRpaid last 24h −0.069%

Price spread now: Gate against Kraken Futures−0.323%7-day average −0.147% · you buy dearer than you sell

Net, funding: paid 7d − costs−$191as in the Funding arb table

Net, price: spread back to 7d avg − costs−$159as in the Price arb table

costs, in and out, $10k−$1411.410% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.504%−$50 on $10k

Price spread, last 3 days (all we have)+0.294%+$29 · spread now −0.323%, 7d avg −0.147%

Together, before fees−0.210%−$21 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 Gate is 0.176% cheaper against Kraken Futures than usual: you would sell low and buy high (−$18 if the spread goes back to its 7-day average of −0.147%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.504% in total (about -26.3% 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	0.000003464	0.2034	pay 0.0254% / 1h	26m 30s	$216K	$165K	50x
Short	Gate BONK_USDT	0.000003453	0.0100	get 0.0050% / 4h	2h 26m	$763K	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.323%Rate

Funding earned: −$406.08
Price spread: −0.323% → −0.147%: −$17.59
Slippage, 4 orders: −$116
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$564.67
Costs to cover: 1.410%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 41 min ago; Gate: live order book, 1 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, 41 min ago	33.60 bp	44.8 bp −$45	150.6 bp −$1,506	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.90 bp	30.5 bp −$31	95.8 bp −$958	doesn't fit	doesn't fit

BONK on 30 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	0.000003369	−2.748%	$43K	$26K	50x	as long as short
Orderly PERP_1000BONK_USDC	−0.0007%	4h	0.000003451	−0.381%	$30K	$59K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003452	−0.340%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003453	−0.335%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−5.490%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003455	−0.267%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003460	−0.107%	$27K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003456	−0.243%	$67K	$253K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003453	−0.323%	$115K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003462	−0.070%	$16.3M	$56.6M	75x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003460	−0.127%	$11.0M	$17.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003459	−0.150%	$2.5M	$8.4M	20x	as long as short
Gate BONK_USDTshort	+0.0100%	4h	0.000003453	−0.323%	$763K	$2.6M	50x
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003458	−0.179%	$9.6M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003455	−0.274%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003458	−0.179%	$4.4M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003456	−0.237%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003437	−0.772%	$313K	$127K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003439	−0.727%	$58K	$707K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003460	−0.121%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003453	−0.323%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003440	−0.699%	$97K	$158K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003457	−0.219%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003450	−0.410%	$4K	—	3x	as long as short
Lighter 1000BONK	+0.0112%	1h	0.000003454	−0.294%	$233K	$671K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−13.400%	$577	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0329%	1h	0.000003453	−0.323%	$2K	$110K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0378%	1h	0.000003455	−0.266%	$31K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0985%	1h	0.000003460	−0.121%	$10.3M	$7.6M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2034%	1h	0.000003464	long leg	$216K	$165K	50x