Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.2904%/8h= +318.0% APRpaid last 24h +0.233%

Price spread now: Kraken Futures against Bitget+0.615%7-day average +0.157% · you sell dearer than you buy

Net, funding: paid 7d − costs−$55as in the Funding arb table

Net, price: spread back to 7d avg − costs−$72as in the Price arb table

costs, in and out, $10k−$1181.180% of the position

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.632%+$63 on $10k

Price spread, last 4 days (all we have)−0.638%−$64 · spread now +0.615%, 7d avg +0.157%

Together, before fees−0.006%−$1 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$87 a day on $10k at the current rate, and Kraken Futures is 0.458% dearer against Bitget than usual: you sell high and buy low: +$46 more if the spread goes back to its 7-day average of +0.157%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.632% in total (about 32.9% 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	Bitget 1000BONKUSDT	0.000003572	0.0100	pay 0.0050% / 4h	1h 01m	$4.6M	$4.9M	75x
Short	Kraken Futures PF_BONKUSD	0.000003594	0.3004	get 0.0376% / 1h	1m 29s	$221K	$223K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. 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 BitgetbpFee Kraken FuturesbpOrdersPrice spread, now +0.615%Rate

Funding earned: $609.86
Price spread: +0.615% → +0.157%: $45.77
Slippage, 4 orders: −$96.03
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $537.6
Costs to cover: 1.180%
Break-even: 0.8 days

Slippage from Bitget: live order book, 2 min ago; Kraken Futures: live order book, 41 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 Bitget live order book, 2 min ago	5.59 bp	19.9 bp −$20	52.2 bp −$522	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 41 min ago	23.37 bp	34.3 bp −$34	79.1 bp −$791	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	−0.0016%	1h	0.000003575	+0.084%	$45K	$63K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003573	+0.036%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003579	+0.199%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−8.343%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003580	+0.222%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0099%	4h	0.000003586	+0.392%	$1.1M	$19.6M	75x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003573	+0.042%	$62K	$128K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003578	+0.172%	$60K	$311K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003576	+0.112%	$119K	$139K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003575	+0.084%	$18.4M	$82.5M	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	0.000003571	−0.028%	$12.3M	$25.3M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003573	+0.028%	$2.9M	$14.2M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003573	+0.028%	$975K	$3.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003576	+0.112%	$12.3M	$9.4M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003574	+0.059%	$3.0M	$10.9M	75x	as long as short
Bitget 1000BONKUSDTlong	+0.0100%	4h	0.000003572	long leg	$4.6M	$4.9M	75x
BingX 1000BONK-USDT	+0.0100%	4h	0.000003574	+0.056%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003594	+0.612%	$338K	$156K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003586	+0.392%	$60K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003582	+0.280%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003588	+0.448%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003583	+0.308%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003584	+0.336%	$102K	$132K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003574	+0.056%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003578	+0.168%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−16.013%	$547	—	100x	as long as short
Lighter 1000BONK	+0.0216%	1h	0.000003578	+0.168%	$251K	$750K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0588%	1h	0.000003584	+0.336%	$35K	$176K	10x	as long as short
Hyperliquid kBONK	+0.1292%	1h	0.000003582	+0.280%	$12.3M	$8.0M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1620%	1h	0.000003587	+0.420%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSDshort	+0.3004%	1h	0.000003594	+0.615%	$221K	$223K	50x