Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.2857%/8h= −312.9% APRpaid last 24h −0.391%

Price spread now: Orderly against Kraken Futures−0.102%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 7 days−1.291%−$129 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$86 a day on $10k at the current rate, and Orderly is 0.102% cheaper against Kraken Futures than usual: you would sell low and buy high (−$10 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -1.291% in total (about -67.3% 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	0.000003511	0.2957	pay 0.0370% / 1h	48m 01s	$179K	$275K	50x
Short	Orderly PERP_1000BONK_USDC	0.000003507	0.0100	get 0.0050% / 4h	3h 48m	$30K	$51K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.102%Rate

Funding earned: −$600.01
Price spread: −0.102% → 0.000%: −$10.2
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$626.21
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 50 min ago; Orderly: no order-book sample. Net counts fees only.

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, 50 min ago	29.55 bp	45.9 bp −$46	159.6 bp −$1,596	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0024%	1h	0.000003481	−0.843%	$42K	$68K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003495	−0.432%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003506	−0.139%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.739%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0073%	4h	0.000003493	−0.501%	$1.1M	$20.2M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003505	−0.160%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003503	−0.202%	$70K	$139K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003512	+0.040%	$58K	$333K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003499	−0.330%	$116K	$162K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003511	+0.014%	$18.4M	$89.8M	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	0.000003509	−0.054%	$12.5M	$27.4M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003509	−0.045%	$3.0M	$15.2M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003504	−0.187%	$926K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003508	−0.073%	$11.3M	$9.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003509	−0.042%	$3.0M	$11.1M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003506	−0.130%	$4.5M	$5.5M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003507	−0.102%	—	$5.1M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003509	−0.047%	$329K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003515	+0.126%	$59K	$702K	25x	as long as short
Orderly PERP_1000BONK_USDCshort	+0.0100%	4h	0.000003507	−0.102%	$30K	$51K	20x
SunX BONK-USDT	+0.0100%	4h	0.000003512	+0.040%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003508	−0.073%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003511	+0.012%	$99K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003509	−0.056%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003506	−0.130%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−14.544%	$535	—	100x	as long as short
Lighter 1000BONK	+0.0272%	1h	0.000003511	+0.012%	$246K	$757K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0320%	1h	0.000003509	−0.045%	$34K	$164K	10x	as long as short
Hyperliquid kBONK	+0.0728%	1h	0.000003514	+0.097%	$12.0M	$8.4M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.2099%	1h	0.000003516	+0.154%	$54K	$23K	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2957%	1h	0.000003511	long leg	$179K	$275K	50x