Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.2868%/8h= −314.1% APRpaid last 24h −0.230%

Price spread now: Gate against Kraken Futures−0.281%7-day average −0.153% · you buy dearer than you sell

Net, funding: paid 7d − costs−$186as in the Funding arb table

Net, price: spread back to 7d avg − costs−$133as in the Price arb table

costs, in and out, $10k−$1211.205% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.658%−$66 on $10k

Price spread, last 4 days (all we have)+0.272%+$27 · spread now −0.281%, 7d avg −0.153%

Together, before fees−0.386%−$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$86 a day on $10k at the current rate, and Gate is 0.128% cheaper against Kraken Futures than usual: you would sell low and buy high (−$13 if the spread goes back to its 7-day average of −0.153%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.658% in total (about -34.3% 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	0.000003637	0.2968	pay 0.0371% / 1h	22m 24s	$224K	$222K	50x
Short	Gate BONK_USDT	0.000003627	0.0100	get 0.0050% / 4h	1h 22m	$963K	$3.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.281%Rate

Funding earned: −$602.35
Price spread: −0.281% → −0.153%: −$12.85
Slippage, 4 orders: −$95.54
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$735.74
Costs to cover: 1.205%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 20 min ago; Gate: live order book, 6 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, 20 min ago	23.37 bp	46.4 bp −$46	165.4 bp −$1,654	doesn't fit	doesn't fit
Sell Gate live order book, 6 min ago	2.76 bp	19.8 bp −$20	81.5 bp −$815	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	0.000003629	−0.226%	$46K	$62K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003628	−0.244%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003620	−0.468%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−9.986%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0047%	4h	0.000003627	−0.281%	$1.1M	$19.4M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003634	−0.091%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003632	−0.130%	$55K	$123K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003629	−0.231%	$60K	$303K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003628	−0.253%	$120K	$138K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003631	−0.166%	$18.7M	$79.8M	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	0.000003630	−0.199%	$12.5M	$24.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003633	−0.116%	$3.0M	$13.8M	20x	as long as short
Gate BONK_USDTshort	+0.0100%	4h	0.000003627	−0.281%	$963K	$3.4M	50x
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003632	−0.144%	$12.1M	$9.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003632	−0.155%	$3.1M	$10.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003630	−0.199%	$4.7M	$4.7M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003630	−0.199%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003630	−0.202%	$341K	$147K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003631	−0.171%	$61K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003620	−0.473%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003628	−0.253%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003622	−0.418%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003624	−0.363%	$103K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003629	−0.236%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003618	−0.528%	$4K	—	3x	as long as short
Lighter 1000BONK	+0.0152%	1h	0.000003634	−0.089%	$253K	$747K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−17.519%	$553	—	100x	as long as short
Hyperliquid kBONK	+0.1272%	1h	0.000003639	+0.049%	$12.5M	$7.8M	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.1408%	1h	0.000003625	−0.336%	$25K	$165K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1750%	1h	0.000003631	−0.171%	$56K	$23K	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2968%	1h	0.000003637	long leg	$224K	$222K	50x