BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.2369%/8h= −259.4% APRnext payment −$2.96 per $10,000 · paid last 24h −0.120%

Price spread now: Lighter against Kraken Futures−0.263%7-day average −0.093% · you buy dearer than you sell

Net, funding: paid 7d − costs−$159as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1081.080% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.505%−$51 on $10k

Price spread, last 4 days (all we have)+0.468%+$47 · spread now −0.263%, 7d avg −0.093%

Together, before fees−0.037%+ Points / potential airdropLighter: Season 3 · farm board−$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$71 a day on $10k at the current rate, and Lighter is 0.171% cheaper against Kraken Futures than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.093%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.505% in total (about -26.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.96 per $10,000. 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	0.000003420	0.2465	pay 0.0308% / 1h	21m 52s	$221K	$177K	50x
Short	Lighter 1000BONK	0.000003411	0.0096	get 0.0012% / 1h	21m 52s	$223K	$672K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.263%Rate

Funding earned: −$497.39
Price spread: −0.263% → −0.093%: −$17.07
Slippage, 4 orders: −$97.99
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$622.45
Costs to cover: 1.080%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 36 min ago; Lighter: live order book, 19 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, 36 min ago	26.71 bp	45.9 bp −$46	150.9 bp −$1,509	doesn't fit	doesn't fit
Sell Lighter live order book, 19 min ago	4.44 bp	13.0 bp −$13	54.8 bp −$548	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	−0.0320%	1h	0.000003410	−0.293%	$43K	$35K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003410	−0.282%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003410	−0.290%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.269%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0044%	1h	0.000003408	−0.351%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0074%	4h	0.000003405	−0.439%	$29K	$56K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003411	−0.266%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0093%	4h	0.000003412	−0.234%	$964K	$15.4M	75x	as long as short
Lighter 1000BONKshort	+0.0096%	1h	0.000003411	−0.263%	$223K	$672K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003414	−0.176%	$31K	$101K	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	0.000003407	−0.366%	$79K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003412	−0.234%	$114K	$109K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003408	−0.355%	$16.5M	$59.7M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003403	−0.500%	$10.8M	$18.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003407	−0.380%	$2.5M	$9.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003406	−0.410%	$815K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003411	−0.263%	$9.1M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003409	−0.322%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003407	−0.380%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003405	−0.439%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003423	+0.084%	$311K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003427	+0.204%	$58K	$705K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003422	+0.058%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003409	−0.322%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003415	−0.146%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003407	−0.392%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003404	−0.468%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.281%	$569	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0324%	1h	0.000003408	−0.351%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0760%	1h	0.000003412	−0.234%	$10.0M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2465%	1h	0.000003420	long leg	$221K	$177K	50x