Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0790%/8h= −86.5% APRpaid last 24h +0.101%

Price spread now: Bybit against Deribit−0.085%7-day average −0.012% · 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−$56as in the Price arb table

costs, in and out, $10k−$480.482% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.501%+$50 on $10k

Price spread, last 4 days (all we have)+0.301%+$30 · spread now −0.085%, 7d avg −0.012%

Together, before fees+0.803%+$80 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$24 a day on $10k at the current rate, and Bybit is 0.074% cheaper against Deribit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of −0.012%). Swap the legs. Mind the row above: over the last 6 days funding on this pair paid +0.501%, 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	0.000003512	0.0890	pay 0.0111% / 1h	24m 11s	$6K	$123K	10x
Short	Bybit 1000BONKUSDT	0.000003509	0.0100	get 0.0050% / 4h	3h 24m	$11.4M	$19.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.085%Rate

Funding earned: −$165.95
Price spread: −0.085% → −0.012%: −$7.39
Slippage, 4 orders: −$30.17
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$221.52
Costs to cover: 0.482%
Break-even: never at this rate

Slippage from Deribit: live order book, 60 min ago; Bybit: live order book, 4 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, 60 min ago	7.33 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	1.43 bp	12.7 bp −$13	30.6 bp −$306	204.7 bp −$20.5K	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	0.000003509	−0.085%	$44K	$39K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003511	−0.020%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003508	−0.125%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.777%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0083%	4h	0.000003508	−0.114%	$30K	$54K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003511	−0.033%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003514	+0.071%	$38K	$108K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003513	+0.032%	$81K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003515	+0.085%	$118K	$107K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003511	−0.031%	$17.4M	$63.1M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003509	−0.085%	$11.4M	$19.6M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003513	+0.028%	$2.6M	$9.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003508	−0.114%	$877K	$2.8M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003510	−0.057%	$9.8M	$7.4M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003509	−0.085%	$3.0M	$10.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003510	−0.057%	$4.4M	$3.2M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003512	0.000%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003522	+0.280%	$326K	$140K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003504	−0.228%	$59K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003516	+0.114%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003509	−0.085%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003517	+0.142%	$100K	$121K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003508	−0.113%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003509	−0.085%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0125%	4h	0.000003516	+0.114%	$991K	$16.6M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−14.579%	$587	—	100x	as long as short
Lighter 1000BONK	+0.0200%	1h	0.000003514	+0.057%	$246K	$692K	10x	as long as short
Hyperliquid kBONK	+0.0837%	1h	0.000003523	+0.313%	$10.4M	$5.0M	10x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	+0.0890%	1h	0.000003512	long leg	$6K	$123K	10x
Backpack kBONK_USDC_PERP	+0.1410%	1h	0.000003518	+0.171%	$48K	$16K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2388%	1h	0.000003516	+0.112%	$224K	$178K	50x	as long as short