BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.2662%/8h= −291.5% APRnext payment −$3.33 per $10,000 · paid last 24h −0.303%

Price spread now: Deribit against Kraken Futures−0.353%7-day average −0.135% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$126as in the Price arb table

costs, in and out, $10k−$1051.045% of the position

Long on Kraken Futures Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−1.199%−$120 on $10k

Price spread, last 4 days (all we have)+0.223%+$22 · spread now −0.353%, 7d avg −0.135%

Together, before fees−0.976%−$98 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$80 a day on $10k at the current rate, and Deribit is 0.218% cheaper against Kraken Futures than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of −0.135%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 6 days it paid -1.199% in total (about -73.8% a year). A funding rate is set anew for every payment; at this rate the next one is about −$3.33 per $10,000. 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	0.000003643	0.2964	pay 0.0370% / 1h	41m 46s	$224K	$219K	50x
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003630	0.0301	get 0.0038% / 1h	41m 46s	$25K	$165K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.353%Rate

Funding earned: −$559.12
Price spread: −0.353% → −0.135%: −$21.78
Slippage, 4 orders: −$87.52
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$685.43
Costs to cover: 1.045%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 1 min ago; Deribit: live order book, 32 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, 1 min ago	23.37 bp	46.4 bp −$46	165.4 bp −$1,654	doesn't fit	doesn't fit
Sell Deribit live order book, 32 min ago	8.39 bp	11.9 bp −$12	doesn't fit	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	−0.0016%	1h	0.000003623	−0.545%	$44K	$53K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003637	−0.152%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003627	−0.441%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−10.126%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0063%	4h	0.000003651	+0.223%	$1.1M	$19.2M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003635	−0.218%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003643	+0.018%	$53K	$120K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003666	+0.642%	$62K	$302K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003640	−0.079%	$121K	$133K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003672	+0.800%	$19.0M	$77.7M	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	0.000003667	+0.663%	$12.4M	$23.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003670	+0.745%	$3.0M	$13.3M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003663	+0.553%	$1.0M	$3.3M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003669	+0.718%	$11.6M	$8.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003664	+0.594%	$3.0M	$10.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003664	+0.580%	$4.7M	$4.4M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003669	+0.718%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003623	−0.535%	$339K	$146K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003639	−0.106%	$61K	$705K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003628	−0.408%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003635	−0.216%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003663	+0.553%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003633	−0.271%	$103K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003664	+0.572%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003626	−0.463%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−17.647%	$556	—	100x	as long as short
Lighter 1000BONK	+0.0216%	1h	0.000003637	−0.161%	$253K	$739K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	+0.0301%	1h	0.000003630	−0.353%	$25K	$165K	10x
Hyperliquid kBONK	+0.1190%	1h	0.000003676	+0.910%	$12.6M	$7.6M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1632%	1h	0.000003654	+0.306%	$56K	$24K	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2964%	1h	0.000003643	long leg	$224K	$219K	50x