Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.026%

Price spread now: Orderly against Deribit−0.147%55s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.147% cheaper against Deribit than usual: you would sell low and buy high (spread −0.147% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$15 on $10k: about 9.7 days of funding at the current rate (+$2 a day). The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000BONK_USDC-PERPETUAL	0.000003403	0	get 0.0000% / 1h	29m 29s	$2K	$110K	10x
Short	Orderly PERP_1000BONK_USDC	0.000003398	0.0050	get 0.0025% / 4h	1h 29m	$29K	$58K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly 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 OrderlybpOrdersPrice spread, now −0.147%Rate

Funding earned: $10.59
Price spread: −0.147% → 0.000%: −$14.69
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Orderly: 3 bp × 2 orders: −$6
Net: −$17.1
Costs to cover: 0.130%
Break-even: 18.3 days

Slippage unknown: Deribit: live order book, 64 min ago; Orderly: no order-book sample. Net counts fees only.

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, 64 min ago	8.77 bp	15.2 bp −$15	doesn't fit	doesn't fit	doesn't fit
Sell Orderly no order-book sample	—	—	—	—	—

Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	+0.029%	$46K	$32K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003411	+0.235%	$953K	$15.1M	75x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003405	+0.068%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	0.0000%	1h	0.000003403	long leg	$2K	$110K	10x
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003399	−0.132%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.791%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDCshort	+0.0050%	4h	0.000003398	−0.147%	$29K	$58K	20x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003398	−0.135%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003407	+0.118%	$225K	$670K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003397	−0.176%	$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	+0.029%	$114K	$104K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003398	−0.147%	$16.0M	$56.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003395	−0.235%	$10.8M	$17.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003396	−0.206%	$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	−0.118%	$9.6M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003400	−0.094%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003399	−0.118%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003399	−0.118%	—	$4.7M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003407	+0.118%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003409	+0.170%	$311K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003407	+0.118%	$57K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003411	+0.235%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003404	+0.029%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003411	+0.235%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003398	−0.161%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003406	+0.088%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.842%	$568	—	100x	as long as short
Hyperliquid kBONK	+0.0774%	1h	0.000003407	+0.118%	$10.1M	$4.7M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2034%	1h	0.000003417	+0.404%	$221K	$174K	50x	as long as short