Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.2357%/8h= +258.1% APRpaid last 24h +0.124%

Price spread now: Kraken Futures against KuCoin+0.271%7-day average +0.084% · you sell dearer than you buy

Net, funding: paid 7d − costs−$70as in the Funding arb table

Net, price: spread back to 7d avg − costs−$109as in the Price arb table

costs, in and out, $10k−$1281.281% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.583%+$58 on $10k

Price spread, last 4 days (all we have)−0.596%−$60 · spread now +0.271%, 7d avg +0.084%

Together, before fees−0.013%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$71 a day on $10k at the current rate, and Kraken Futures is 0.187% dearer against KuCoin than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of +0.084%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.583% in total (about 30.4% 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	KuCoin 1000BONKUSDTM	0.000003421	0.0100	pay 0.0050% / 4h	15m 05s	$2.6M	$9.8M	75x
Short	Kraken Futures PF_BONKUSD	0.000003430	0.2457	get 0.0307% / 1h	15m 05s	$221K	$177K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against KuCoin. 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 KuCoinbpFee Kraken FuturesbpOrdersPrice spread, now +0.271%Rate

Funding earned: $495.01
Price spread: +0.271% → +0.084%: $18.75
Slippage, 4 orders: −$106.06
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $385.7
Costs to cover: 1.281%
Break-even: 1.5 days

Slippage from KuCoin: live order book, 3 min ago; Kraken Futures: live order book, 42 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 KuCoin live order book, 3 min ago	2.93 bp	23.5 bp −$23	390.0 bp −$3,900	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 42 min ago	26.71 bp	34.7 bp −$35	73.5 bp −$735	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	0.000003390	−0.903%	$42K	$35K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003420	−0.015%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003422	+0.020%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.294%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0042%	1h	0.000003422	+0.032%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0076%	4h	0.000003421	+0.003%	$29K	$55K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003421	+0.001%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0094%	4h	0.000003423	+0.061%	$974K	$15.5M	75x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003425	+0.120%	$224K	$672K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003422	+0.032%	$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	0.000003420	−0.030%	$79K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003418	−0.085%	$114K	$109K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003421	+0.003%	$16.6M	$59.8M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003419	−0.064%	$10.9M	$18.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003420	−0.026%	$2.5M	$9.1M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003420	−0.026%	$818K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003420	−0.026%	$9.0M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTMlong	+0.0100%	4h	0.000003421	long leg	$2.6M	$9.8M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003416	−0.143%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003422	+0.032%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003417	−0.117%	$311K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003417	−0.114%	$58K	$705K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003428	+0.208%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003422	+0.032%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003430	+0.266%	$97K	$120K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003422	+0.020%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003420	−0.026%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.304%	$572	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0342%	1h	0.000003423	+0.061%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0771%	1h	0.000003427	+0.178%	$10.1M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSDshort	+0.2457%	1h	0.000003430	+0.271%	$221K	$177K	50x