Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0497%/8h= +54.4% APRpaid last 24h −0.059%

Price spread now: Deribit against OKX+0.425%46s7-day average −0.015% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$650.648% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.513%−$51 on $10k

Price spread, last 4 days (all we have)−0.531%−$53 · spread now +0.425%, 7d avg −0.015%

Together, before fees−1.044%−$104 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$15 a day on $10k at the current rate, and Deribit is 0.440% dearer against OKX than usual: you sell high and buy low: +$44 more if the spread goes back to its 7-day average of −0.015%. Mind the row above: over the last 6 days funding on this pair cost −0.513%, so the current rate has only just turned in your favour. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BONK-USDT-SWAP	0.000003529	0.0100	pay 0.0100% / 8h	7h 56m	$3.0M	$15.2M	20x
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003544	0.0597	get 0.0075% / 1h	56m 31s	$35K	$164K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against OKX. 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 OKXbpFee DeribitbpOrdersPrice spread, now +0.425%Rate

Funding earned: $104.42
Price spread: +0.425% → −0.015%: $44
Slippage, 4 orders: −$47.77
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $83.64
Costs to cover: 0.648%
Break-even: 1.4 days

Slippage from OKX: live order book, 2 min ago; Deribit: live order book, 7 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 OKX live order book, 2 min ago	2.85 bp	20.7 bp −$21	62.3 bp −$623	doesn't fit	doesn't fit
Sell Deribit live order book, 7 min ago	8.52 bp	12.0 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	−0.0024%	1h	0.000003535	+0.170%	$42K	$69K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003534	+0.154%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003541	+0.332%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.226%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0061%	4h	0.000003542	+0.368%	$1.1M	$20.5M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003542	+0.368%	$4	—	15x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003536	+0.198%	$59K	$323K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003537	+0.227%	$118K	$162K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003532	+0.085%	$18.5M	$88.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003528	−0.014%	$12.4M	$27.3M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAPlong	+0.0100%	8h	0.000003529	long leg	$3.0M	$15.2M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003534	+0.142%	$946K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003533	+0.113%	$11.5M	$9.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003534	+0.130%	$3.0M	$11.1M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003530	+0.028%	$4.5M	$5.4M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003532	+0.085%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003525	−0.113%	$332K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003528	−0.028%	$59K	$704K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003531	+0.071%	$69K	$138K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003540	+0.312%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003545	+0.453%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003542	+0.368%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003543	+0.397%	$100K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003535	+0.172%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003538	+0.255%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−14.990%	$540	—	100x	as long as short
Lighter 1000BONK	+0.0368%	1h	0.000003541	+0.340%	$248K	$756K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	+0.0597%	1h	0.000003544	+0.425%	$35K	$164K	10x
Hyperliquid kBONK	+0.0703%	1h	0.000003542	+0.368%	$12.1M	$8.5M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.2249%	1h	0.000003545	+0.453%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2927%	1h	0.000003547	+0.502%	$181K	$275K	50x	as long as short