Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.1037%/8h= −113.6% APRpaid last 24h −0.013%

Price spread now: Variational Omni against Kraken Futures+1.154%7-day average −0.185% · you sell dearer than you buy

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

Long on Kraken Futures Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.381%−$38 on $10k

Price spread, last 3 days (all we have)−1.098%−$110 · spread now +1.154%, 7d avg −0.185%

Together, before fees−1.480%+ Points / potential airdropVariational Omni: Active · farm board−$148 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 1.340% dearer against Kraken Futures than usual: you sell high and buy low (spread +1.154% now, against its 7-day average of −0.185%): +$134 on $10k if it goes back. Holding the pair costs −$31 a day in funding at the current rate, which eats that in about 4.3 days. At the pace of the last 3 days (−0.381% in total) that is about 11 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BONKUSD	0.000003378	0.1137	pay 0.0142% / 1h	22m 57s	$205K	$149K	50x
Short	Variational Omni 1000BONK	0.000003417	0.0100	get 0.0050% / 4h	2h 22m	$305K	$104K	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Variational OmnibpOrdersPrice spread, now +1.154%Rate

Funding earned: −$217.82
Price spread: +1.154% → −0.185%: $133.96
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$93.86
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Kraken Futures: live order book, 64 min ago; Variational Omni: RFQ quote, 1 min ago. 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, 64 min ago	11.77 bp	31.8 bp −$32	109.1 bp −$1,091	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	7.40 bp	doesn't fit	60.7 bp −$607	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	0.000003368	−0.293%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003373	−0.145%	$1.0M	$13.2M	75x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	−0.0047%	1h	0.000003370	−0.234%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDC	−0.0041%	4h	0.000003371	−0.204%	$29K	$41K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003370	−0.234%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003371	−0.216%	$2K	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.076%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003370	−0.223%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003373	−0.145%	$199K	$290K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003369	−0.248%	$20K	$109K	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	0.000003372	−0.187%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003371	−0.204%	$115K	$117K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003371	−0.207%	$15.2M	$50.8M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003370	−0.234%	$10.2M	$16.5M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003371	−0.204%	$2.5M	$7.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003370	−0.234%	$741K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003370	−0.234%	$10.2M	$6.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003371	−0.213%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003368	−0.293%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003370	−0.234%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003374	−0.115%	$30K	$7K	10x	as long as short
Variational Omni 1000BONKshort	+0.0100%	4h	0.000003417	+1.154%	$305K	$104K	—
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003394	+0.477%	$57K	$693K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003377	−0.026%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003372	−0.174%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003392	+0.418%	$79K	$118K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003370	−0.231%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003372	−0.174%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.187%	$563	—	100x	as long as short
Hyperliquid kBONK	+0.0735%	1h	0.000003377	−0.026%	$10.0M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.1137%	1h	0.000003378	long leg	$205K	$149K	50x