Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.2875%/8h= −314.8% APRpaid last 24h −0.332%

Price spread now: Bitget against Kraken Futures−0.064%7-day average −0.152% · you buy dearer than you sell

Net, funding: paid 7d − costs−$185as in the Funding arb table

Net, price: spread back to 7d avg − costs−$103as in the Price arb table

costs, in and out, $10k−$1121.118% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.736%−$74 on $10k

Price spread, last 4 days (all we have)+0.724%+$72 · spread now −0.064%, 7d avg −0.152%

Together, before fees−0.012%−$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Bitget is 0.088% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.064% now, against its 7-day average of −0.152%): +$9 on $10k if it goes back. Holding the pair costs −$86 a day in funding at the current rate, which eats that in about 2 hours. At the pace of the last 7 days (−0.736% in total) that is about 20 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.736% in total (about -38.4% 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	0.000003489	0.2975	pay 0.0372% / 1h	40m 42s	$178K	$275K	50x
Short	Bitget 1000BONKUSDT	0.000003487	0.0100	get 0.0050% / 4h	3h 40m	$4.5M	$5.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.064%Rate

Funding earned: −$603.81
Price spread: −0.064% → −0.152%: $8.76
Slippage, 4 orders: −$89.84
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$706.89
Costs to cover: 1.118%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 57 min ago; Bitget: live order book, 2 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, 57 min ago	29.55 bp	45.9 bp −$46	159.6 bp −$1,596	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	1.43 bp	15.3 bp −$15	32.4 bp −$324	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	−0.0024%	1h	0.000003472	−0.494%	$42K	$68K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003488	−0.023%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003484	−0.144%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.169%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003480	−0.252%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003484	−0.165%	$69K	$139K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003491	+0.048%	$47K	$333K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003490	+0.022%	$116K	$162K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003492	+0.070%	$18.0M	$89.8M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003488	−0.030%	$12.4M	$27.4M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003489	−0.007%	$3.0M	$15.1M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003485	−0.122%	$921K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003491	+0.050%	$11.4M	$10.0M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003488	−0.047%	$2.9M	$11.0M	75x	as long as short
Bitget 1000BONKUSDTshort	+0.0100%	4h	0.000003487	−0.064%	$4.5M	$5.4M	75x
BingX 1000BONK-USDC	+0.0100%	4h	0.000003490	+0.022%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003476	−0.382%	$327K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003504	+0.423%	$59K	$701K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003478	−0.322%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003485	−0.122%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003484	−0.150%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003488	−0.036%	$99K	$134K	30x	as long as short
BloFin 1000BONK-USDT	+0.0100%	4h	0.000003488	−0.036%	$1.1M	$20.1M	75x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003489	−0.018%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003480	−0.265%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−14.021%	$533	—	100x	as long as short
Lighter 1000BONK	+0.0232%	1h	0.000003492	+0.079%	$245K	$759K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0325%	1h	0.000003483	−0.179%	$34K	$164K	10x	as long as short
Hyperliquid kBONK	+0.0600%	1h	0.000003493	+0.108%	$11.9M	$8.4M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1849%	1h	0.000003494	+0.136%	$54K	$23K	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2975%	1h	0.000003489	long leg	$178K	$275K	50x