Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0483%/8h= −52.9% APRpaid last 24h +0.118%

Price spread now: BloFin against Deribit−0.089%7-day average +0.035% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$71as in the Price arb table

costs, in and out, $10k−$580.584% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.726%+$73 on $10k

Price spread, last 3 days (all we have)+0.070%+$7 · spread now −0.089%, 7d avg +0.035%

Together, before fees+0.795%+$80 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$14 a day on $10k at the current rate, and BloFin is 0.124% cheaper against Deribit than usual: you would sell low and buy high (−$12 if the spread goes back to its 7-day average of +0.035%). Swap the legs. Mind the row above: over the last 6 days funding on this pair paid +0.726%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000BONK_USDC-PERPETUAL	0.000003374	0.0343	pay 0.0043% / 1h	49m 17s	$2K	$110K	10x
Short	BloFin 1000BONK-USDT	0.000003371	−0.0140	pay 0.0070% / 4h	3h 49m	$1.0M	$14.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now −0.089%Rate

Funding earned: −$101.46
Price spread: −0.089% → +0.035%: −$12.42
Slippage, 4 orders: −$39.4
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$172.28
Costs to cover: 0.584%
Break-even: never at this rate

Slippage from Deribit: live order book, 55 min ago; BloFin: live order book, 5 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 Deribit live order book, 55 min ago	8.83 bp	15.3 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	7.39 bp	15.9 bp −$16	30.9 bp −$309	79.3 bp −$7,935	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	−0.0376%	1h	0.000003362	−0.356%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDTshort	−0.0140%	4h	0.000003371	−0.089%	$1.0M	$14.2M	75x
Orderly PERP_1000BONK_USDC	−0.0062%	4h	0.000003370	−0.119%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003370	−0.107%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003366	−0.225%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.964%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003367	−0.208%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003365	−0.267%	$19K	$106K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003371	−0.103%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003369	−0.148%	$113K	$123K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003372	−0.059%	$15.5M	$53.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003371	−0.083%	$10.5M	$17.1M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003372	−0.059%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003370	−0.119%	$723K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003363	−0.326%	$9.8M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003365	−0.261%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003369	−0.148%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003370	−0.119%	—	$8.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003371	−0.090%	$304K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003372	−0.059%	$57K	$705K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003373	−0.030%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003374	0.000%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003380	+0.178%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003372	−0.065%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003369	−0.148%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.085%	$563	—	100x	as long as short
Lighter 1000BONK	+0.0224%	1h	0.000003376	+0.059%	$265K	$373K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0250%	1h	0.000003369	−0.148%	$30K	$7K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	+0.0343%	1h	0.000003374	long leg	$2K	$110K	10x
Hyperliquid kBONK	+0.0555%	1h	0.000003373	−0.030%	$9.9M	$7.5M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1474%	1h	0.000003379	+0.159%	$207K	$156K	50x	as long as short