Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.1030%/8h= +112.8% APRpaid last 24h −0.069%

Price spread now: Deribit against MEXC−0.548%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

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

costs, in and out, $10k−$300.301% of the position

Long on MEXC Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.423%−$42 on $10k

Price spread, last 4 days (all we have)+0.447%+$45 · spread now −0.548%, 7d avg −0.014%

Together, before fees+0.024%+$2 on $10k · with fees, hour by hour

Funding pays, the price is against you. Deribit is 0.535% cheaper against MEXC than usual: you would sell low and buy high (spread −0.548% now, against its 7-day average of −0.014%). If the spread goes back, that is −$53 on $10k: about 42 hours of funding at the current rate (+$31 a day). Mind the row above: over the last 6 days funding on this pair cost −0.423%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 6 days it paid -0.423% in total (about -26.0% 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	MEXC 1000BONK_USDT	0.000003648	0.0100	pay 0.0050% / 4h	1h 33m	$12.4M	$9.1M	125x
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003628	0.1130	get 0.0141% / 1h	33m 32s	$25K	$165K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against MEXC. 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 MEXCbpFee DeribitbpOrdersPrice spread, now −0.548%Rate

Funding earned: $216.31
Price spread: −0.548% → −0.014%: −$53.46
Slippage, 4 orders: −$23.07
Fee MEXC: 0 bp × 2 orders: $0
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $132.78
Costs to cover: 0.301%
Break-even: 2.7 days

Slippage from MEXC: live order book, 5 min ago; Deribit: live order book, 40 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 MEXC live order book, 5 min ago	1.36 bp	3.1 bp −$3	11.6 bp −$116	80.0 bp −$7,997	134.6 bp −$67.3K
Sell Deribit live order book, 40 min ago	8.39 bp	11.9 bp −$12	doesn't fit	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	0.000003622	−0.713%	$46K	$62K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003643	−0.128%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003629	−0.515%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−10.252%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003631	−0.468%	$4	—	15x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003636	−0.330%	$60K	$303K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003643	−0.137%	$121K	$134K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003635	−0.356%	$18.9M	$79.1M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003636	−0.337%	$12.6M	$24.4M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003632	−0.439%	$3.0M	$13.5M	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BONK_USDT	+0.0100%	4h	0.000003641	−0.192%	$1.0M	$3.3M	50x	as long as short
MEXC 1000BONK_USDTlong	+0.0100%	4h	0.000003648	long leg	$12.4M	$9.1M	125x
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003642	−0.159%	$2.9M	$10.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003632	−0.439%	$4.7M	$4.6M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003647	−0.027%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003644	−0.113%	$345K	$146K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003700	+1.425%	$62K	$706K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003632	−0.425%	$55K	$123K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003625	−0.630%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003626	−0.603%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003623	−0.685%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003644	−0.110%	$103K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003643	−0.147%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003619	−0.795%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0150%	4h	0.000003642	−0.164%	$1.1M	$19.2M	75x	as long as short
Lighter 1000BONK	+0.0192%	1h	0.000003651	+0.082%	$254K	$746K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−17.763%	$557	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	+0.1130%	1h	0.000003628	−0.548%	$25K	$165K	10x
Hyperliquid kBONK	+0.1227%	1h	0.000003640	−0.219%	$12.5M	$7.7M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1764%	1h	0.000003633	−0.411%	$56K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2966%	1h	0.000003640	−0.220%	$224K	$221K	50x	as long as short