Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1934%/8h= +211.7% APRpaid last 24h +0.099%

Price spread now: Kraken Futures against Bitget+0.522%48s7-day average +0.154% · you sell dearer than you buy

Net, funding: paid 7d − costs−$92as in the Funding arb table

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

costs, in and out, $10k−$1421.422% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.504%+$50 on $10k

Price spread, last 4 days (all we have)−1.182%−$118 · spread now +0.522%, 7d avg +0.154%

Together, before fees−0.678%−$68 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$58 a day on $10k at the current rate, and Kraken Futures is 0.368% dearer against Bitget than usual: you sell high and buy low: +$37 more if the spread goes back to its 7-day average of +0.154%. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.504% in total (about 26.3% 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	Bitget 1000BONKUSDT	0.000003399	0.0100	pay 0.0050% / 4h	1h 29m	$4.3M	$3.0M	75x
Short	Kraken Futures PF_BONKUSD	0.000003417	0.2034	get 0.0254% / 1h	29m 28s	$221K	$174K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.522%Rate

Funding earned: $406.05
Price spread: +0.522% → +0.154%: $36.82
Slippage, 4 orders: −$120.16
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $300.71
Costs to cover: 1.422%
Break-even: 1.8 days

Slippage from Bitget: live order book, 3 min ago; Kraken Futures: live order book, 33 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 Bitget live order book, 3 min ago	4.42 bp	22.4 bp −$22	47.0 bp −$470	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 33 min ago	37.63 bp	44.7 bp −$45	112.5 bp −$1,125	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	−0.0336%	1h	0.000003404	+0.147%	$46K	$32K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003411	+0.353%	$953K	$15.1M	75x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003405	+0.186%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003403	+0.118%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003399	−0.015%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.678%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0050%	4h	0.000003398	−0.029%	$29K	$58K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003398	−0.018%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003407	+0.235%	$225K	$670K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003397	−0.059%	$27K	$97K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000BONKUSDT	+0.0100%	4h	0.000003401	+0.059%	$79K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003404	+0.147%	$114K	$104K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003398	−0.029%	$16.0M	$56.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003395	−0.118%	$10.8M	$17.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003396	−0.088%	$2.5M	$8.4M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003401	+0.059%	$845K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003399	0.000%	$9.6M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003400	+0.024%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDTlong	+0.0100%	4h	0.000003399	long leg	$4.3M	$3.0M	75x
BingX 1000BONK-USDT	+0.0100%	4h	0.000003399	0.000%	—	$4.7M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003407	+0.235%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003409	+0.288%	$311K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003407	+0.235%	$57K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003411	+0.353%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003404	+0.147%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003411	+0.353%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003398	−0.043%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003406	+0.206%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.739%	$568	—	100x	as long as short
Hyperliquid kBONK	+0.0774%	1h	0.000003407	+0.235%	$10.1M	$4.7M	10x	as long as short
Kraken Futures PF_BONKUSDshort	+0.2034%	1h	0.000003417	+0.522%	$221K	$174K	50x