Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0057%/8h= +6.3% APRpaid last 24h +0.109%

Price spread now: OKX against Deribit−0.088%7-day average +0.009% · 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−$69as in the Price arb table

costs, in and out, $10k−$590.588% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.540%+$54 on $10k

Price spread, last 4 days (all we have)+0.406%+$41 · spread now −0.088%, 7d avg +0.009%

Together, before fees+0.945%+$95 on $10k · with fees, hour by hour

Funding pays, the price is against you. OKX is 0.097% cheaper against Deribit than usual: you would sell low and buy high (spread −0.088% now, against its 7-day average of +0.009%). If the spread goes back, that is −$10 on $10k: about 5.6 days of funding at the current rate (+$2 a day). At the pace of the last 6 days (+0.540% in total) that is about 25 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000BONK_USDC-PERPETUAL	0.000003419	0.0043	pay 0.0005% / 1h	14m 13s	$2K	$110K	10x
Short	OKX BONK-USDT-SWAP	0.000003416	0.0100	get 0.0100% / 8h	4h 14m	$2.5M	$9.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.088%Rate

Funding earned: $12.06
Price spread: −0.088% → +0.009%: −$9.68
Slippage, 4 orders: −$41.84
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: −$56.46
Costs to cover: 0.588%
Break-even: 39.8 days

Slippage from Deribit: live order book, 10 min ago; OKX: 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, 10 min ago	7.33 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 4 min ago	1.46 bp	21.3 bp −$21	78.6 bp −$786	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	−0.0320%	1h	0.000003390	−0.848%	$42K	$35K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003420	+0.040%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003419	+0.003%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.241%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	+0.0043%	1h	0.000003419	long leg	$2K	$110K	10x
Orderly PERP_1000BONK_USDC	+0.0076%	4h	0.000003418	−0.029%	$29K	$55K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003419	−0.002%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0094%	4h	0.000003423	+0.117%	$974K	$15.5M	75x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003421	+0.058%	$224K	$672K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003420	+0.042%	$79K	$251K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003423	+0.117%	$114K	$109K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003420	+0.030%	$16.6M	$59.8M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003417	−0.044%	$10.9M	$18.8M	50x	as long as short
OKX BONK-USDT-SWAPshort	+0.0100%	8h	0.000003416	−0.088%	$2.5M	$9.1M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003420	+0.029%	$818K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003419	0.000%	$9.0M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003420	+0.020%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003419	0.000%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003420	+0.029%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003417	−0.061%	$311K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003417	−0.058%	$58K	$705K	25x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003419	+0.015%	$31K	$101K	10x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003429	+0.292%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003418	−0.029%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003421	+0.058%	$97K	$120K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003418	−0.028%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003417	−0.058%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.255%	$571	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0342%	1h	0.000003419	0.000%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0770%	1h	0.000003424	+0.146%	$10.1M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2459%	1h	0.000003427	+0.239%	$221K	$177K	50x	as long as short