Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0053%/8h= −5.8% APRpaid last 24h −0.109%

Price spread now: Deribit against KuCoin−0.089%7-day average −0.050% · 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−$104as in the Price arb table

costs, in and out, $10k−$1001.004% of the position

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.531%−$53 on $10k

Price spread, last 4 days (all we have)−0.315%−$32 · spread now −0.089%, 7d avg −0.050%

Together, before fees−0.846%−$85 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Deribit is 0.039% cheaper against KuCoin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.050%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin 1000BONKUSDTM	0.000003371	0.0100	pay 0.0050% / 4h	35m 56s	$2.6M	$9.7M	75x
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003368	0.0047	get 0.0006% / 1h	35m 56s	$2K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against KuCoin. 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 KuCoinbpFee DeribitbpOrdersPrice spread, now −0.089%Rate

Funding earned: −$11.13
Price spread: −0.089% → −0.050%: −$3.92
Slippage, 4 orders: −$81.35
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$115.41
Costs to cover: 1.004%
Break-even: never at this rate

Slippage from KuCoin: live order book, 2 min ago; Deribit: live order book, 53 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 KuCoin live order book, 2 min ago	2.96 bp	38.6 bp −$39	429.8 bp −$4,298	doesn't fit	doesn't fit
Sell Deribit live order book, 53 min ago	7.36 bp	10.9 bp −$11	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	−0.0320%	1h	0.000003368	−0.089%	$43K	$33K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003379	+0.249%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003366	−0.157%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.877%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	+0.0047%	1h	0.000003368	−0.089%	$2K	$110K	10x
Orderly PERP_1000BONK_USDC	+0.0071%	4h	0.000003368	−0.089%	$29K	$56K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003365	−0.165%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003374	+0.089%	$224K	$668K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003368	−0.074%	$29K	$99K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003372	+0.039%	$78K	$250K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003376	+0.148%	$112K	$108K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003373	+0.065%	$16.2M	$58.8M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003371	−0.006%	$10.7M	$18.5M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003374	+0.089%	$2.5M	$8.8M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003370	−0.030%	$793K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003365	−0.178%	$9.1M	$7.1M	125x	as long as short
KuCoin 1000BONKUSDTMlong	+0.0100%	4h	0.000003371	long leg	$2.6M	$9.7M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003371	0.000%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003367	−0.119%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003365	−0.181%	$307K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003370	−0.030%	$57K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003375	+0.119%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003369	−0.059%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003371	0.000%	$95K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003370	−0.040%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003367	−0.119%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0119%	4h	0.000003379	+0.237%	$953K	$15.1M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.006%	$562	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0259%	1h	0.000003371	0.000%	$29K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0677%	1h	0.000003377	+0.178%	$9.9M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2498%	1h	0.000003374	+0.081%	$218K	$177K	50x	as long as short