Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.4423%/8h= −484.3% APRpaid last 24h −0.295%

Price spread now: BloFin against Kraken Futures−0.112%7-day average −0.119% · you buy dearer than you sell

Net, funding: paid 7d − costs−$148as in the Funding arb table

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

costs, in and out, $10k−$1041.038% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.441%−$44 on $10k

Price spread, last 4 days (all we have)−0.034%−$3 · spread now −0.112%, 7d avg −0.119%

Together, before fees−0.475%−$48 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.119%, so right now this pair is about funding alone: −$133 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.441% in total (about -23.0% 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	0.000003542	0.4499	pay 0.0562% / 1h	8m 43s	$181K	$275K	50x
Short	BloFin 1000BONK-USDT	0.000003538	0.0077	get 0.0038% / 4h	8m 43s	$1.1M	$20.4M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now −0.112%Rate

Funding earned: −$928.73
Price spread: −0.112% → −0.119%: $0.7
Slippage, 4 orders: −$81.82
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$1,031.85
Costs to cover: 1.038%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 29 min ago; BloFin: live order book, 5 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, 29 min ago	29.55 bp	45.9 bp −$46	159.6 bp −$1,596	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	1.41 bp	13.0 bp −$13	33.9 bp −$339	77.8 bp −$7,783	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	−0.0040%	1h	0.000003534	−0.225%	$43K	$67K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003535	−0.210%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003535	−0.202%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.566%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDTshort	+0.0077%	4h	0.000003538	−0.112%	$1.1M	$20.4M	75x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003540	−0.069%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003539	−0.098%	$69K	$138K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003543	+0.033%	$59K	$323K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003539	−0.084%	$119K	$161K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003539	−0.086%	$18.6M	$88.2M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003537	−0.152%	$12.5M	$26.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003539	−0.084%	$3.0M	$15.1M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003536	−0.169%	$952K	$3.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003539	−0.084%	$11.5M	$9.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003538	−0.106%	$3.0M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003532	−0.281%	$4.5M	$5.4M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003538	−0.112%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003527	−0.435%	$331K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003530	−0.338%	$59K	$705K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003535	−0.197%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003540	−0.056%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003536	−0.169%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003541	−0.027%	$100K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003534	−0.220%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003536	−0.169%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−15.301%	$540	—	100x	as long as short
Lighter 1000BONK	+0.0464%	1h	0.000003542	+0.001%	$248K	$769K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0599%	1h	0.000003536	−0.169%	$35K	$164K	10x	as long as short
Hyperliquid kBONK	+0.0981%	1h	0.000003541	−0.027%	$12.1M	$8.4M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1764%	1h	0.000003543	+0.029%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.4499%	1h	0.000003542	long leg	$181K	$275K	50x