Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.2246%/8h= −245.9% APRpaid last 24h −0.159%

Price spread now: KuCoin against Kraken Futures−0.237%7-day average −0.085% · you buy dearer than you sell

Net, funding: paid 7d − costs−$211as in the Funding arb table

Net, price: spread back to 7d avg − costs−$166as in the Price arb table

costs, in and out, $10k−$1511.507% of the position

Long on Kraken Futures Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.598%−$60 on $10k

Price spread, last 4 days (all we have)+0.367%+$37 · spread now −0.237%, 7d avg −0.085%

Together, before fees−0.231%−$23 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$67 a day on $10k at the current rate, and KuCoin is 0.152% 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 −0.085%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.598% in total (about -31.2% 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	0.000003579	0.2346	pay 0.0293% / 1h	5m 02s	$228K	$203K	50x
Short	KuCoin 1000BONKUSDTM	0.000003571	0.0100	get 0.0050% / 4h	3h 05m	$3.0M	$10.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.237%Rate

Funding earned: −$471.67
Price spread: −0.237% → −0.085%: −$15.2
Slippage, 4 orders: −$128.74
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$637.61
Costs to cover: 1.507%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 47 min ago; KuCoin: live order book, 8 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, 47 min ago	24.27 bp	50.8 bp −$51	156.4 bp −$1,564	doesn't fit	doesn't fit
Sell KuCoin live order book, 8 min ago	2.79 bp	30.2 bp −$30	168.4 bp −$1,684	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	−0.0312%	1h	0.000003570	−0.262%	$45K	$46K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003584	+0.137%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003569	−0.298%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−8.531%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0081%	4h	0.000003568	−0.318%	$31K	$54K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003570	−0.265%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003573	−0.192%	$43K	$111K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003576	−0.087%	$75K	$279K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003583	+0.101%	$123K	$113K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003571	−0.234%	$18.0M	$66.9M	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	0.000003568	−0.309%	$11.8M	$20.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003571	−0.234%	$2.7M	$10.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003569	−0.290%	$927K	$2.9M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003572	−0.206%	$9.9M	$7.8M	125x	as long as short
KuCoin 1000BONKUSDTMshort	+0.0100%	4h	0.000003571	−0.237%	$3.0M	$10.1M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003569	−0.290%	$4.6M	$3.5M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003570	−0.262%	—	$4.8M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003590	+0.293%	$333K	$140K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003591	+0.325%	$60K	$708K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003575	−0.122%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003572	−0.206%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003570	−0.262%	$101K	$127K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003571	−0.245%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003568	−0.318%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0111%	4h	0.000003573	−0.178%	$1.0M	$17.4M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−16.186%	$393	—	100x	as long as short
Lighter 1000BONK	+0.0224%	1h	0.000003575	−0.122%	$249K	$699K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0592%	1h	0.000003568	−0.318%	$9K	$133K	10x	as long as short
Hyperliquid kBONK	+0.1056%	1h	0.000003580	+0.018%	$11.8M	$6.0M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1560%	1h	0.000003574	−0.150%	$49K	$16K	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2346%	1h	0.000003579	long leg	$228K	$203K	50x