Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.2855%/8h= −312.6% APRpaid last 24h −0.230%

Price spread now: KuCoin against Kraken Futures−0.363%7-day average −0.078% · you buy dearer than you sell

Net, funding: paid 7d − costs−$188as in the Funding arb table

Net, price: spread back to 7d avg − costs−$150as in the Price arb table

costs, in and out, $10k−$1211.210% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.665%−$67 on $10k

Price spread, last 4 days (all we have)+0.447%+$45 · spread now −0.363%, 7d avg −0.078%

Together, before fees−0.219%−$22 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$86 a day on $10k at the current rate, and KuCoin is 0.286% cheaper against Kraken Futures than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of −0.078%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.665% in total (about -34.7% 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	0.000003653	0.2955	pay 0.0369% / 1h	50m 06s	$225K	$219K	50x
Short	KuCoin 1000BONKUSDTM	0.000003640	0.0100	get 0.0050% / 4h	1h 50m	$3.0M	$10.7M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.363%Rate

Funding earned: −$599.58
Price spread: −0.363% → −0.078%: −$28.57
Slippage, 4 orders: −$98.97
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$749.12
Costs to cover: 1.210%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 57 min ago; KuCoin: live order book, 8 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	21.33 bp	38.8 bp −$39	175.9 bp −$1,759	doesn't fit	doesn't fit
Sell KuCoin live order book, 8 min ago	2.73 bp	28.3 bp −$28	131.7 bp −$1,317	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	−0.0016%	1h	0.000003606	−1.300%	$44K	$52K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003637	−0.440%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003639	−0.394%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−10.387%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003643	−0.275%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0085%	4h	0.000003627	−0.725%	$1.1M	$19.0M	75x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003624	−0.807%	$51K	$119K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003638	−0.422%	$61K	$301K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003641	−0.342%	$122K	$133K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003641	−0.342%	$18.7M	$76.7M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003627	−0.714%	$12.3M	$23.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003632	−0.588%	$3.0M	$13.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003640	−0.369%	$1.0M	$3.2M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003641	−0.342%	$11.1M	$8.6M	125x	as long as short
KuCoin 1000BONKUSDTMshort	+0.0100%	4h	0.000003640	−0.363%	$3.0M	$10.7M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003640	−0.369%	$4.7M	$4.3M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003640	−0.369%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003625	−0.782%	$339K	$146K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003624	−0.807%	$61K	$705K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003640	−0.369%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003648	−0.150%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003643	−0.287%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003645	−0.232%	$104K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003642	−0.327%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003638	−0.424%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−17.887%	$402	—	100x	as long as short
Lighter 1000BONK	+0.0360%	1h	0.000003645	−0.232%	$254K	$738K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0574%	1h	0.000003643	−0.287%	$20K	$155K	10x	as long as short
Hyperliquid kBONK	+0.1273%	1h	0.000003647	−0.177%	$12.1M	$7.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1645%	1h	0.000003648	−0.150%	$56K	$24K	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2955%	1h	0.000003653	long leg	$225K	$219K	50x