Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.2531%/8h= +277.2% APRpaid last 24h +0.197%

Price spread now: Kraken Futures against Binance+0.114%7-day average +0.108% · you sell dearer than you buy

Net, funding: paid 7d − costs−$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$108as in the Price arb table

costs, in and out, $10k−$1091.086% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.735%+$73 on $10k

Price spread, last 4 days (all we have)−0.165%−$16 · spread now +0.114%, 7d avg +0.108%

Together, before fees+0.570%+$57 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.108%, so right now this pair is about funding alone: +$76 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.735% in total (about 38.3% 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	0.000003530	0.0100	pay 0.0050% / 4h	2h 48m	$17.9M	$70.1M	75x
Short	Kraken Futures PF_BONKUSD	0.000003534	0.2631	get 0.0329% / 1h	48m 13s	$217K	$218K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.114%Rate

Funding earned: $531.59
Price spread: +0.114% → +0.108%: $0.66
Slippage, 4 orders: −$88.55
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $423.69
Costs to cover: 1.086%
Break-even: 1.4 days

Slippage from Binance: live order book, 9 min ago; Kraken Futures: live order book, 64 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, 9 min ago	1.42 bp	10.0 bp −$10	30.8 bp −$308	164.9 bp −$16.5K	doesn't fit
Sell Kraken Futures live order book, 64 min ago	24.27 bp	30.9 bp −$31	104.3 bp −$1,043	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	−0.0136%	1h	0.000003509	−0.587%	$44K	$46K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003525	−0.122%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003526	−0.099%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.245%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003530	+0.020%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0090%	4h	0.000003526	−0.105%	$30K	$53K	20x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003531	+0.037%	$249K	$704K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003521	−0.243%	$59K	$299K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003522	−0.218%	$119K	$122K	10x	as long as short
Binance 1000BONKUSDTlong	+0.0100%	4h	0.000003530	long leg	$17.9M	$70.1M	75x

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003521	−0.238%	$11.6M	$21.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003529	−0.020%	$2.7M	$11.4M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003529	−0.020%	$923K	$3.0M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003527	−0.077%	$9.9M	$8.0M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003530	+0.020%	$3.0M	$10.3M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003526	−0.105%	$4.5M	$3.8M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003526	−0.105%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003490	−1.128%	$324K	$141K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003487	−1.210%	$59K	$706K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003529	−0.006%	$42K	$114K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003534	+0.122%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003528	−0.048%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003530	+0.008%	$100K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003527	−0.090%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003522	−0.218%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0122%	4h	0.000003509	−0.587%	$1.0M	$17.5M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−15.007%	$389	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0601%	1h	0.000003529	−0.020%	$9K	$134K	10x	as long as short
Hyperliquid kBONK	+0.1666%	1h	0.000003539	+0.263%	$11.9M	$6.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1729%	1h	0.000003512	−0.502%	$46K	$17K	10x	as long as short
Kraken Futures PF_BONKUSDshort	+0.2631%	1h	0.000003534	+0.114%	$217K	$218K	50x