Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0100%/8h= +10.9% APRpaid last 24h +0.130%

Price spread now: Gate against Deribit−0.059%7-day average −0.017% · 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−$76as in the Price arb table

costs, in and out, $10k−$720.718% of the position

Long on Deribit Short on Gate

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.513%+$51 on $10k

Price spread, last 3 days (all we have)+0.219%+$22 · spread now −0.059%, 7d avg −0.017%

Together, before fees+0.731%+$73 on $10k · with fees, hour by hour

Funding pays, the price is against you. Gate is 0.042% cheaper against Deribit than usual: you would sell low and buy high (spread −0.059% now, against its 7-day average of −0.017%). If the spread goes back, that is −$4 on $10k: about 34 hours of funding at the current rate (+$3 a day). At the pace of the last 6 days (+0.513% in total) that is about 11 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000BONK_USDC-PERPETUAL	0.000003371	0	get 0.0000% / 1h	22m 06s	$2K	$110K	10x
Short	Gate BONK_USDT	0.000003369	0.0100	get 0.0050% / 4h	22m 06s	$720K	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.059%Rate

Funding earned: $21
Price spread: −0.059% → −0.017%: −$4.25
Slippage, 4 orders: −$49.82
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$55.07
Costs to cover: 0.718%
Break-even: 25.4 days

Slippage from Deribit: live order book, 22 min ago; Gate: live order book, 1 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, 22 min ago	8.83 bp	15.3 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	2.97 bp	24.2 bp −$24	90.6 bp −$906	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	−0.0456%	1h	0.000003342	−0.860%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003359	−0.356%	$1.0M	$13.7M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0069%	4h	0.000003375	+0.119%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003371	+0.015%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003361	−0.309%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	0.0000%	1h	0.000003371	long leg	$2K	$110K	10x
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.877%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003370	−0.027%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003370	−0.030%	$189K	$300K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003371	0.000%	$19K	$106K	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	0.000003369	−0.074%	$65K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003365	−0.178%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003369	−0.050%	$15.2M	$52.5M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003369	−0.050%	$10.3M	$16.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003371	0.000%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDTshort	+0.0100%	4h	0.000003369	−0.059%	$720K	$2.6M	50x
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003369	−0.059%	$9.8M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003369	−0.059%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003366	−0.148%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003370	−0.030%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003371	0.000%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003363	−0.234%	$303K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003359	−0.356%	$57K	$702K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003376	+0.148%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003367	−0.119%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003371	0.000%	$92K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003368	−0.093%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003374	+0.089%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.006%	$564	—	100x	as long as short
Hyperliquid kBONK	+0.1242%	1h	0.000003376	+0.148%	$10.1M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1453%	1h	0.000003372	+0.015%	$206K	$150K	50x	as long as short