Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.2897%/8h= −317.2% APRpaid last 24h −0.230%

Price spread now: OKX against Kraken Futures−0.537%55s7-day average −0.122% · you buy dearer than you sell

Net, funding: paid 7d − costs−$177as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1131.135% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.639%−$64 on $10k

Price spread, last 4 days (all we have)+0.547%+$55 · spread now −0.537%, 7d avg −0.122%

Together, before fees−0.092%−$9 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$87 a day on $10k at the current rate, and OKX is 0.415% cheaper against Kraken Futures than usual: you would sell low and buy high (−$41 if the spread goes back to its 7-day average of −0.122%). Swap the legs. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.639% in total (about -33.3% 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	0.000003602	0.2997	pay 0.0375% / 1h	3m 25s	$222K	$223K	50x
Short	OKX BONK-USDT-SWAP	0.000003583	0.0100	get 0.0100% / 8h	1h 03m	$2.9M	$14.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.537%Rate

Funding earned: −$608.39
Price spread: −0.537% → −0.122%: −$41.48
Slippage, 4 orders: −$93.46
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$763.33
Costs to cover: 1.135%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 39 min ago; OKX: live order book, 5 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, 39 min ago	23.37 bp	46.4 bp −$46	165.4 bp −$1,654	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	2.79 bp	13.8 bp −$14	55.4 bp −$554	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	0.000003575	−0.759%	$45K	$63K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003589	−0.362%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003588	−0.398%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−9.115%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003583	−0.539%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003585	−0.467%	$62K	$128K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003587	−0.424%	$60K	$311K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003590	−0.343%	$119K	$139K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003583	−0.541%	$18.5M	$82.5M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003580	−0.620%	$12.4M	$25.3M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAPshort	+0.0100%	8h	0.000003583	−0.537%	$2.9M	$14.2M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003585	−0.481%	$978K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003581	−0.592%	$12.3M	$9.4M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003583	−0.534%	$3.0M	$10.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003578	−0.676%	$4.6M	$4.9M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003581	−0.592%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003594	−0.235%	$338K	$156K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003586	−0.454%	$60K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003582	−0.565%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003595	−0.204%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003591	−0.315%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003594	−0.232%	$102K	$132K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003586	−0.440%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003579	−0.648%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0111%	4h	0.000003590	−0.343%	$1.1M	$19.6M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−16.721%	$547	—	100x	as long as short
Lighter 1000BONK	+0.0208%	1h	0.000003593	−0.259%	$252K	$750K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0586%	1h	0.000003592	−0.287%	$35K	$176K	10x	as long as short
Hyperliquid kBONK	+0.1298%	1h	0.000003591	−0.315%	$12.3M	$8.0M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1631%	1h	0.000003596	−0.176%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2997%	1h	0.000003602	long leg	$222K	$223K	50x