Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0218%/8h= +23.9% APRpaid last 24h −0.059%

Price spread now: Deribit against SunX−0.113%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on SunX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Deribit is 0.113% cheaper against SunX than usual: you would sell low and buy high (spread −0.113% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$11 on $10k: about 42 hours of funding at the current rate (+$7 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BONK-USDT	0.000003528	0.0100	pay 0.0050% / 4h	17m 28s	$2K	$15K	20x
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003524	0.0318	get 0.0040% / 1h	17m 28s	$35K	$164K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against SunX. 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 SunXbpFee DeribitbpOrdersPrice spread, now −0.113%Rate

Funding earned: $45.75
Price spread: −0.113% → 0.000%: −$11.34
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $19.41
Costs to cover: 0.150%
Break-even: 4.0 days

Slippage unknown: SunX: no order-book sample; Deribit: live order book, 51 min ago. Net counts fees only.

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 SunX no order-book sample	—	—	—	—	—
Sell Deribit live order book, 51 min ago	9.76 bp	16.0 bp −$16	doesn't fit	doesn't fit	doesn't fit

SunX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0040%	1h	0.000003514	−0.397%	$43K	$65K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003535	+0.207%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003539	+0.303%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.200%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003539	+0.324%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003539	+0.326%	$69K	$138K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003543	+0.412%	$59K	$319K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003537	+0.255%	$119K	$158K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003542	+0.397%	$18.6M	$87.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003537	+0.244%	$12.4M	$26.6M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003540	+0.340%	$3.0M	$15.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003535	+0.198%	$946K	$3.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003541	+0.368%	$11.2M	$9.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003539	+0.312%	$3.0M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003537	+0.255%	$4.6M	$5.3M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003540	+0.340%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003531	+0.096%	$332K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003534	+0.170%	$60K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003521	−0.198%	$30K	$51K	20x	as long as short
SunX BONK-USDTlong	+0.0100%	4h	0.000003528	long leg	$2K	$15K	20x
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003526	−0.057%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003552	+0.680%	$101K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003539	+0.300%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003519	−0.255%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0152%	4h	0.000003535	+0.198%	$1.1M	$20.3M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−14.966%	$538	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	+0.0318%	1h	0.000003524	−0.113%	$35K	$164K	10x
Lighter 1000BONK	+0.0448%	1h	0.000003534	+0.170%	$248K	$768K	10x	as long as short
Hyperliquid kBONK	+0.1000%	1h	0.000003545	+0.482%	$12.1M	$8.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1680%	1h	0.000003532	+0.113%	$54K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.4513%	1h	0.000003531	+0.097%	$180K	$276K	50x	as long as short