BONK

Leg	Exchange	Price	Fund. /8h	Each payment	Next in	OI	Vol 24h	Lev
LONG	PhoenixkBONK	0.000003593	−0.0156	get 0.0019% / 1h	43m 41s	$113K	$192K	10x	Long Phoenix
SHORT	Deribit1000BONK_USDC-PERPETUAL	0.000003602	0	0.0000% / 1h	43m 41s	$35K	$488K	10x	Short Deribit

Price gap+0.250%70s

Funding gap+0.0156% /8h

Both sides work: funding pays +$5 a day on $10k, and the gap is 0.291% above its 7d average: +$29 more if it goes back.

The two prices were read 70 s apart: part of this gap may be the market moving.

If you open now and hold

on $10k a leg · figures of the last 7D, not a forecast

Funding+$38+0.0156% /8h now · paid +0.381% over the last 6 days (all we have)

Price—spread +0.250%70s now · prices read too far apart to compare

Costs−$900.900% of $10k · taker + slippage, in and out

Result—no pointsneeds both prices read together

Funding history

you earnyou payavg

RANGE STATS · 7D

Average /8h—

Highest—

Lowest—

Paid you—

Short leg rate minus long leg rate, per 8h. Above zero: the pair pays you.

Price spread between the two exchanges

Deribit price against Phoenixnow

RANGE STATS · 7D

Now+0.250%

Average—

Range—

Wider than now—

Where the spread has been, last 7D

share of time at each level

Funding on every exchange

/8h

BONK on 31 exchanges

lowest funding first

Before you open

1 ok · 4 to watch

Watch: Thin at this size33.4 / 11.6 bp
At $10k entering Phoenix costs 33.4 bp, fee and slippage, 2.9× Deribit’s.
Note: Margin at max leverage$1,000 + $1,000
Phoenix 10x, Deribit 10x. Keep about 2× this so a sharp move doesn’t liquidate one leg.
OK: Same payment interval1h / 1h
Both legs pay at the same time.
Next 24h at the current rates, on $10k a leg: +$4.68Long Phoenix: 24 payments, +$4.68; short Deribit: 24 payments, $0.00.
Watch: Prices read 70 s apart+0.250% vs −0.041%
Part of this gap may be the market moving.
Watch: Short leg is thinner$35K vs $113K OI
Deribit sets your exit cost. Check its book before closing.
Note: No points program—
Neither exchange runs points right now.
Watch: KYCPhoenix No · Deribit Yes
ID, proof of address and a financial profile before any deposit; not for the US, Canada, Japan or retail UK clients.

Profit calculator

both legs, in and out

Position, each leg

Hold for

Orders

Price spread

Funding rate

Funding earned+0.0210%/8h × 21 periods+$44.05

Price spreadprices read too far apart to compare—

Slippage, 4 orderslive order books−$75.99

Fee Phoenix bp × 2 orders−$7.00

Fee Deribit bp × 2 orders−$7.00

Net · 7 days · $10k−$45.94

price spread not counted: prices read too far apart

Costs to cover0.900%Break-even14.3 days

Slippage: Phoenix: live order book, 59 min ago; Deribit: live order book, 40 min ago

Cost to enter

taker + slippage from mid, one side

BUY · LONGPhoenix5.4033.4 bp−$33114.8 bp−$1,148doesn’t fitdoesn’t fit

SELL · SHORTDeribit8.1111.6 bp−$12doesn’t fitdoesn’t fitdoesn’t fit

Closing costs about the same again.

BONK news

posts that mention BONK, from every exchangeSearch all news →

09-24 20:40	Phoenix	Listing	Now live: $Bonk - 10x leverage. The coin that started it all is now available on Phoenix. @PhoenixTrade on X ↗
09-24 15:00	Phoenix	Listing	new market kBONK ($BONK) seen by our collector
09-22 07:03	ApeX Omni	Other	59 up, 26 down on the ApeX board, median name +2.5%. Memecoins swept it: ethereum:0x6982508145454ce325ddbe47a25d4ec3d2311933 +25.9%, $BONK +20.5%, $WIF +20.1%, with $TAO +18.2%. $AR -15.0% is the only real casualty. This is what a short squeeze looks like on day two. @OfficialApeXdex on X ↗