Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.1071%/8h= −117.3% APRpaid last 24h −0.007%

Price spread now: Bybit against Kraken Futures−0.282%7-day average −0.129% · you buy dearer than you sell

Net, funding: paid 7d − costs−$140as in the Funding arb table

Net, price: spread back to 7d avg − costs−$111as in the Price arb table

costs, in and out, $10k−$950.953% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.452%−$45 on $10k

Price spread, last 3 days (all we have)+0.855%+$86 · spread now −0.282%, 7d avg −0.129%

Together, before fees+0.404%+$40 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$32 a day on $10k at the current rate, and Bybit is 0.153% cheaper against Kraken Futures than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.129%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.452% in total (about -23.5% 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	0.000003418	0.1171	pay 0.0146% / 1h	32m 01s	$207K	$181K	50x
Short	Bybit 1000BONKUSDT	0.000003408	0.0100	get 0.0050% / 4h	3h 32m	$10.3M	$16.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.282%Rate

Funding earned: −$224.99
Price spread: −0.282% → −0.129%: −$15.28
Slippage, 4 orders: −$74.26
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$335.52
Costs to cover: 0.953%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 16 min ago; Bybit: 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, 16 min ago	20.86 bp	36.5 bp −$36	112.8 bp −$1,128	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	1.47 bp	12.5 bp −$12	33.2 bp −$332	263.8 bp −$26.4K	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	−0.0328%	1h	0.000003404	−0.405%	$44K	$21K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003416	−0.054%	$1.0M	$13.2M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0030%	4h	0.000003412	−0.171%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003410	−0.241%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003414	−0.115%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.208%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0043%	1h	0.000003415	−0.083%	$11K	$100K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003410	−0.232%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003415	−0.083%	$200K	$279K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003411	−0.200%	$20K	$106K	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	0.000003412	−0.172%	$65K	$250K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003417	−0.024%	$116K	$114K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003411	−0.196%	$15.4M	$49.3M	75x	as long as short
Bybit 1000BONKUSDTshort	+0.0100%	4h	0.000003408	−0.282%	$10.3M	$16.0M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003407	−0.317%	$2.5M	$7.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003410	−0.229%	$746K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003410	−0.229%	$9.6M	$6.4M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003412	−0.174%	$2.7M	$9.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003411	−0.200%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003410	−0.229%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003412	−0.171%	$31K	$6K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003414	−0.125%	$307K	$105K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003412	−0.171%	$58K	$692K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003418	+0.005%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003413	−0.141%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003426	+0.239%	$81K	$117K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003411	−0.199%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003413	−0.141%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−12.225%	$570	—	100x	as long as short
Hyperliquid kBONK	+0.0591%	1h	0.000003416	−0.054%	$10.1M	$6.9M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.1171%	1h	0.000003418	long leg	$207K	$181K	50x