Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.1936%/8h= +212.0% APRpaid last 24h +0.096%

Price spread now: Kraken Futures against KuCoin+0.476%7-day average +0.079% · you sell dearer than you buy

Net, funding: paid 7d − costs−$114as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1691.692% of the position

Long on KuCoin Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.551%+$55 on $10k

Price spread, last 3 days (all we have)−0.499%−$50 · spread now +0.476%, 7d avg +0.079%

Together, before fees+0.051%+$5 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$58 a day on $10k at the current rate, and Kraken Futures is 0.398% dearer against KuCoin than usual: you sell high and buy low: +$40 more if the spread goes back to its 7-day average of +0.079%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.551% in total (about 28.7% 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	KuCoin 1000BONKUSDTM	0.000003396	0.0100	pay 0.0050% / 4h	1h 49m	$2.6M	$9.9M	75x
Short	Kraken Futures PF_BONKUSD	0.000003413	0.2036	get 0.0255% / 1h	49m 33s	$220K	$174K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.476%Rate

Funding earned: $406.58
Price spread: +0.476% → +0.079%: $39.76
Slippage, 4 orders: −$147.15
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $277.19
Costs to cover: 1.692%
Break-even: 2.2 days

Slippage from KuCoin: live order book, 4 min ago; Kraken Futures: live order book, 13 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, 4 min ago	2.91 bp	43.0 bp −$43	520.1 bp −$5,201	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 13 min ago	37.63 bp	44.7 bp −$45	112.5 bp −$1,125	doesn't fit	doesn't fit

BONK on 30 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
Deribit 1000BONK_USDC-PERPETUAL	−0.0337%	1h	0.000003404	+0.224%	$2K	$110K	10x	as long as short
Coinbase International 1000BONK-PERP-INTX	−0.0336%	1h	0.000003410	+0.400%	$46K	$32K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003397	+0.028%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003403	+0.197%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.604%	$3K	$113	5.5x	as long as short
Orderly PERP_1000BONK_USDC	+0.0034%	4h	0.000003404	+0.224%	$29K	$58K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003404	+0.219%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003400	+0.106%	$223K	$669K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003406	+0.297%	$27K	$102K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003409	+0.380%	$79K	$256K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003401	+0.135%	$114K	$115K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003399	+0.077%	$15.9M	$56.9M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003397	+0.009%	$10.8M	$17.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003395	−0.041%	$2.5M	$8.3M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003398	+0.047%	$851K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003399	+0.077%	$9.7M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTMlong	+0.0100%	4h	0.000003396	long leg	$2.6M	$9.9M	75x
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003392	−0.130%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003396	−0.012%	—	$4.7M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003407	+0.312%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003426	+0.867%	$311K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003421	+0.724%	$58K	$708K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003408	+0.342%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003404	+0.224%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003428	+0.930%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003393	−0.097%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003405	+0.253%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.671%	$569	—	100x	as long as short
Hyperliquid kBONK	+0.0585%	1h	0.000003411	+0.430%	$10.1M	$5.3M	10x	as long as short
Kraken Futures PF_BONKUSDshort	+0.2036%	1h	0.000003413	+0.476%	$220K	$174K	50x