Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1961%/8h= −214.7% APRpaid last 24h −0.096%

Price spread now: HTX against Kraken Futures−0.008%7-day average +0.031% · you buy dearer than you sell

Net, funding: paid 7d − costs−$362as in the Funding arb table

Net, price: spread back to 7d avg − costs−$319as in the Price arb table

costs, in and out, $10k−$3153.155% of the position

Long on Kraken Futures Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.470%−$47 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now −0.008%, 7d avg +0.031%

Together, before fees−0.504%−$50 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$59 a day on $10k at the current rate, and HTX is 0.039% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.031%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.470% in total (about -24.5% 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	0.000003371	0.2061	pay 0.0258% / 1h	5m 26s	$218K	$174K	50x
Short	HTX BONK-USDT	0.000003371	0.0100	get 0.0050% / 4h	1h 05m	$95K	$119K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.008%Rate

Funding earned: −$411.81
Price spread: −0.008% → +0.031%: −$3.87
Slippage, 4 orders: −$293.47
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$731.16
Costs to cover: 3.155%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 57 min ago; HTX: live order book, 56 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, 57 min ago	37.63 bp	58.9 bp −$59	177.1 bp −$1,771	doesn't fit	doesn't fit
Sell HTX live order book, 56 min ago	33.26 bp	39.3 bp −$39	doesn't fit	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	−0.0336%	1h	0.000003362	−0.275%	$43K	$33K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003362	−0.265%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003362	−0.275%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003362	−0.269%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.885%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0066%	4h	0.000003360	−0.334%	$29K	$57K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003364	−0.218%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003366	−0.156%	$222K	$670K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003365	−0.186%	$27K	$96K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003367	−0.121%	$78K	$250K	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	0.000003363	−0.245%	$113K	$104K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003365	−0.182%	$16.1M	$57.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003361	−0.319%	$10.7M	$18.1M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003363	−0.245%	$2.5M	$8.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003363	−0.245%	$831K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003367	−0.127%	$9.4M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003365	−0.189%	$2.6M	$9.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003358	−0.394%	$4.2M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003363	−0.245%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003367	−0.127%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003363	−0.235%	$307K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003378	+0.200%	$57K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003371	−0.008%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003365	−0.186%	$2K	$6K	10x	as long as short
HTX BONK-USDTshort	+0.0100%	4h	0.000003371	−0.008%	$95K	$119K	30x
Extended 1000BONK-USD	+0.0104%	1h	0.000003363	−0.256%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003359	−0.364%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0125%	4h	0.000003375	+0.111%	$953K	$15.0M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.013%	$562	—	100x	as long as short
Hyperliquid kBONK	+0.0804%	1h	0.000003371	−0.008%	$10.0M	$4.7M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2061%	1h	0.000003371	long leg	$218K	$174K	50x