Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0235%/8h= +25.7% APRpaid last 24h −0.048%

Price spread now: Deribit against Binance+0.216%55s7-day average −0.023% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$460.458% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.415%−$42 on $10k

Price spread, last 4 days (all we have)−0.923%−$92 · spread now +0.216%, 7d avg −0.023%

Together, before fees−1.338%−$134 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Deribit is 0.239% dearer against Binance than usual: you sell high and buy low: +$24 more if the spread goes back to its 7-day average of −0.023%. Mind the row above: over the last 6 days funding on this pair cost −0.415%, so the current rate has only just turned in your favour. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance 1000BONKUSDT	0.000003414	0.0100	pay 0.0050% / 4h	3h 26m	$17.6M	$90.8M	75x
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003421	0.0335	get 0.0042% / 1h	26m 32s	$23K	$174K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Binance. 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 BinancebpFee DeribitbpOrdersPrice spread, now +0.216%Rate

Funding earned: $49.34
Price spread: +0.216% → −0.023%: $23.9
Slippage, 4 orders: −$28.79
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $27.45
Costs to cover: 0.458%
Break-even: 3.1 days

Slippage from Binance: live order book, 1 min ago; Deribit: live order book, 37 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 Binance live order book, 1 min ago	1.46 bp	11.0 bp −$11	21.4 bp −$214	118.6 bp −$11.9K	doesn't fit
Sell Deribit live order book, 37 min ago	8.52 bp	12.0 bp −$12	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	−0.0024%	1h	0.000003404	−0.282%	$46K	$81K	50x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003409	−0.130%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.090%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0048%	4h	0.000003422	+0.245%	$1.1M	$19.5M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003421	+0.214%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003419	+0.157%	$65K	$142K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003420	+0.187%	$47K	$323K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003419	+0.157%	$113K	$163K	10x	as long as short
Binance 1000BONKUSDTlong	+0.0100%	4h	0.000003414	long leg	$17.6M	$90.8M	75x
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003418	+0.122%	$12.2M	$27.5M	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	0.000003419	+0.157%	$3.0M	$14.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003417	+0.099%	$906K	$3.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003418	+0.128%	$11.1M	$10.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003418	+0.128%	$2.9M	$11.1M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003416	+0.069%	$4.4M	$5.4M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003415	+0.040%	—	$5.1M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003433	+0.565%	$322K	$94K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003432	+0.538%	$58K	$700K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003418	+0.128%	$29K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003424	+0.304%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003419	+0.157%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003429	+0.450%	$98K	$138K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003416	+0.055%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003417	+0.099%	$4K	—	3x	as long as short
dYdX BONK-USD	+0.0183%	1h	0.000003416	+0.079%	$13K	$11K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−12.117%	$522	—	100x	as long as short
Lighter 1000BONK	+0.0240%	1h	0.000003420	+0.187%	$243K	$765K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	+0.0335%	1h	0.000003421	+0.216%	$23K	$174K	10x
Hyperliquid kBONK	+0.0568%	1h	0.000003424	+0.304%	$11.7M	$8.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1673%	1h	0.000003424	+0.304%	$53K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.3032%	1h	0.000003424	+0.299%	$174K	$273K	50x	as long as short