Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1939%/8h= −212.4% APRpaid last 24h −0.096%

Price spread now: BingX against Kraken Futures−0.295%7-day average — · you buy dearer than you sell

Net, funding: paid 7d − costs−$194as in the Funding arb table

Net, price: spread back to 7d avg − costs−$175as in the Price arb table

costs, in and out, $10k−$1461.456% of the position

Long on Kraken Futures Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.484%−$48 on $10k

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$58 a day on $10k at the current rate, and BingX is 0.295% cheaper against Kraken Futures than usual: you would sell low and buy high (−$29 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.484% in total (about -25.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BONKUSD	0.000003407	0.2039	pay 0.0255% / 1h	26m 05s	$220K	$174K	50x
Short	BingX 1000BONK-USDC	0.000003397	0.0100	get 0.0050% / 4h	1h 26m	—	$6.5M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Kraken Futures. 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 Kraken FuturesbpFee BingXbpOrdersPrice spread, now −0.295%Rate

Funding earned: −$407.27
Price spread: −0.295% → 0.000%: −$29.47
Slippage, 4 orders: −$125.59
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: −$582.33
Costs to cover: 1.456%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 36 min ago; BingX: live order book, 9 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 Kraken Futures live order book, 36 min ago	37.63 bp	58.9 bp −$59	177.1 bp −$1,771	doesn't fit	doesn't fit
Sell BingX live order book, 9 min ago	2.93 bp	22.8 bp −$23	71.2 bp −$712	439.4 bp −$43.9K	676.9 bp −$338.4K

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	0.000003385	−0.647%	$43K	$34K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003394	−0.383%	$944K	$15.0M	75x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003391	−0.462%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003398	−0.274%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.905%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0044%	1h	0.000003398	−0.265%	$2K	$110K	10x	as long as short
Orderly PERP_1000BONK_USDC	+0.0052%	4h	0.000003398	−0.265%	$29K	$58K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003400	−0.211%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003401	−0.177%	$224K	$670K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003399	−0.236%	$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	−0.185%	$79K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003396	−0.324%	$114K	$104K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003400	−0.207%	$16.0M	$56.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003397	−0.301%	$10.8M	$17.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003398	−0.265%	$2.5M	$8.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003397	−0.295%	$844K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003399	−0.236%	$9.6M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003399	−0.242%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003397	−0.295%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDCshort	+0.0100%	4h	0.000003397	−0.295%	—	$6.5M	—
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003401	−0.177%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003395	−0.359%	$309K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003407	−0.001%	$57K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003406	−0.031%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003399	−0.236%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003404	−0.089%	$96K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003398	−0.277%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003396	−0.324%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.947%	$568	—	100x	as long as short
Hyperliquid kBONK	+0.0785%	1h	0.000003406	−0.031%	$10.1M	$4.7M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2039%	1h	0.000003407	long leg	$220K	$174K	50x