BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0866%/8h= +94.8% APRnext payment +$1.08 per $10,000 · paid last 24h +0.018%

Price spread now: Kraken Futures against Lighter+0.191%7-day average +0.083% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$84as in the Price arb table

costs, in and out, $10k−$940.944% of the position

Long on Lighter Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.386%+$39 on $10k

Price spread, last 3 days (all we have)−0.144%−$14 · spread now +0.191%, 7d avg +0.083%

Together, before fees+0.242%+ Points / potential airdropLighter: Season 3 · farm board+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and Kraken Futures is 0.109% dearer against Lighter than usual: you sell high and buy low: +$11 more if the spread goes back to its 7-day average of +0.083%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.386% in total (about 20.1% a year). A funding rate is set anew for every payment; at this rate the next one is about +$1.08 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	Lighter 1000BONK	0.000003361	0.0096	pay 0.0012% / 1h	19m 09s	$189K	$301K	10x
Short	Kraken Futures PF_BONKUSD	0.000003367	0.0962	get 0.0120% / 1h	19m 09s	$205K	$149K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Lighter. 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 LighterbpFee Kraken FuturesbpOrdersPrice spread, now +0.191%Rate

Funding earned: $181.85
Price spread: +0.191% → +0.083%: $10.86
Slippage, 4 orders: −$84.39
Fee Lighter: 0 bp × 2 orders: $0
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $98.32
Costs to cover: 0.944%
Break-even: 3.2 days

Slippage from Lighter: live order book, 55 min ago; Kraken Futures: live order book, 63 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 Lighter live order book, 55 min ago	4.47 bp	10.8 bp −$11	33.5 bp −$335	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 63 min ago	20.70 bp	39.0 bp −$39	74.9 bp −$749	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	−0.0248%	1h	0.000003342	−0.565%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003356	−0.149%	$1.0M	$13.3M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0082%	4h	0.000003360	−0.030%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003360	−0.033%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003357	−0.131%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003358	−0.089%	$2K	$110K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.589%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003357	−0.117%	$4	—	15x	as long as short
Lighter 1000BONKlong	+0.0096%	1h	0.000003361	long leg	$189K	$301K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003355	−0.164%	$19K	$106K	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	0.000003360	−0.032%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003356	−0.149%	$113K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003360	−0.031%	$15.1M	$51.7M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003359	−0.071%	$10.2M	$16.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003360	−0.030%	$2.4M	$7.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003357	−0.119%	$719K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003360	−0.030%	$10.1M	$6.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003357	−0.104%	$2.6M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003358	−0.089%	$4.2M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003360	−0.030%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003363	+0.060%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003357	−0.117%	$301K	$121K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003360	−0.030%	$57K	$699K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003362	+0.030%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003359	−0.060%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003370	+0.268%	$91K	$151K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003358	−0.094%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003358	−0.089%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.741%	$562	—	100x	as long as short
Hyperliquid kBONK	+0.0930%	1h	0.000003367	+0.179%	$10.1M	$7.4M	10x	as long as short
Kraken Futures PF_BONKUSDshort	+0.0962%	1h	0.000003367	+0.191%	$205K	$149K	50x