Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.1071%/8h= +117.3% APRpaid last 24h −0.096%

Price spread now: Deribit against Binance+0.167%7-day average −0.016% · 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−$28as in the Price arb table

costs, in and out, $10k−$460.462% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.436%−$44 on $10k

Price spread, last 4 days (all we have)−0.436%−$44 · spread now +0.167%, 7d avg −0.016%

Together, before fees−0.873%−$87 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$32 a day on $10k at the current rate, and Deribit is 0.184% dearer against Binance than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.016%. Mind the row above: over the last 6 days funding on this pair cost −0.436%, 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 -0.436% in total (about -27.2% 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	Binance 1000BONKUSDT	0.000003518	0.0100	pay 0.0050% / 4h	3h 21m	$17.4M	$63.4M	75x
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003524	0.1171	get 0.0146% / 1h	21m 14s	$6K	$123K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now +0.167%Rate

Funding earned: $224.88
Price spread: +0.167% → −0.016%: $18.36
Slippage, 4 orders: −$29.25
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $197
Costs to cover: 0.462%
Break-even: 0.9 days

Slippage from Binance: live order book, 6 min ago; Deribit: 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 Binance live order book, 6 min ago	1.42 bp	15.8 bp −$16	35.0 bp −$350	290.4 bp −$29.0K	doesn't fit
Sell Deribit live order book, 63 min ago	7.33 bp	10.8 bp −$11	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	−0.0312%	1h	0.000003520	+0.053%	$44K	$39K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003529	+0.320%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003522	+0.113%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.939%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0082%	4h	0.000003519	+0.025%	$30K	$54K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003524	+0.164%	$4	—	15x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003520	+0.041%	$81K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003527	+0.252%	$119K	$107K	10x	as long as short
Binance 1000BONKUSDTlong	+0.0100%	4h	0.000003518	long leg	$17.4M	$63.4M	75x
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003512	−0.174%	$11.4M	$19.7M	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-SWAP	+0.0100%	8h	0.000003514	−0.117%	$2.6M	$9.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003515	−0.089%	$877K	$2.8M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003514	−0.117%	$9.8M	$7.5M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003521	+0.070%	$3.0M	$10.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003511	−0.202%	$4.4M	$3.2M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003513	−0.146%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003522	+0.106%	$326K	$140K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003516	−0.060%	$59K	$707K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003526	+0.224%	$38K	$108K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003524	+0.167%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003520	+0.053%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003531	+0.366%	$100K	$121K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003519	+0.026%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003519	+0.025%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0107%	4h	0.000003518	−0.003%	$1.0M	$16.6M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−14.727%	$589	—	100x	as long as short
Lighter 1000BONK	+0.0216%	1h	0.000003523	+0.139%	$247K	$692K	10x	as long as short
Hyperliquid kBONK	+0.0838%	1h	0.000003520	+0.053%	$10.4M	$5.0M	10x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	+0.1171%	1h	0.000003524	+0.167%	$6K	$123K	10x
Backpack kBONK_USDC_PERP	+0.1423%	1h	0.000003520	+0.053%	$48K	$16K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2379%	1h	0.000003530	+0.326%	$225K	$178K	50x	as long as short