Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0145%/8h= −15.9% APRpaid last 24h −0.122%

Price spread now: Deribit against Bybit+0.248%45s7-day average +0.012% · 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−$550.554% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.496%−$50 on $10k

Price spread, last 3 days (all we have)−0.316%−$32 · spread now +0.248%, 7d avg +0.012%

Together, before fees−0.812%−$81 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Deribit is 0.236% dearer against Bybit than usual: you sell high and buy low (spread +0.248% now, against its 7-day average of +0.012%): +$24 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 5.4 days. The two prices were read 45 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	Bybit 1000BONKUSDT	0.000003383	0.0100	pay 0.0050% / 4h	2h 41m	$10.7M	$17.6M	50x
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003391	−0.0045	pay 0.0006% / 1h	41m 25s	$2K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now +0.248%Rate

Funding earned: −$30.41
Price spread: +0.248% → +0.012%: $23.59
Slippage, 4 orders: −$37.44
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$62.27
Costs to cover: 0.554%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Deribit: live order book, 57 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 Bybit live order book, 2 min ago	2.93 bp	13.7 bp −$14	37.7 bp −$377	doesn't fit	doesn't fit
Sell Deribit live order book, 57 min ago	10.31 bp	13.8 bp −$14	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	−0.0336%	1h	0.000003390	+0.219%	$44K	$26K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003414	+0.928%	$939K	$14.9M	75x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	−0.0045%	1h	0.000003391	+0.248%	$2K	$110K	10x
Orderly PERP_1000BONK_USDC	−0.0020%	4h	0.000003391	+0.248%	$29K	$49K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003381	−0.034%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003393	+0.299%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.211%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003383	+0.011%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003384	+0.056%	$27K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003394	+0.331%	$65K	$253K	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	0.000003386	+0.101%	$112K	$125K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003387	+0.133%	$15.9M	$55.5M	75x	as long as short
Bybit 1000BONKUSDTlong	+0.0100%	4h	0.000003383	long leg	$10.7M	$17.6M	50x
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003385	+0.071%	$2.5M	$8.1M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003385	+0.071%	$736K	$2.5M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003383	+0.012%	$9.5M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003383	+0.009%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003382	−0.018%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003385	+0.071%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003402	+0.587%	$310K	$127K	—	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003397	+0.426%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003392	+0.278%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003401	+0.544%	$96K	$161K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003387	+0.120%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003390	+0.219%	$4K	—	3x	as long as short
ApeX Omni 1000BONKUSDT	+0.0145%	1h	0.000003411	+0.840%	$57K	$714K	25x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.311%	$567	—	100x	as long as short
Lighter 1000BONK	+0.0328%	1h	0.000003389	+0.189%	$350K	$545K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0363%	1h	0.000003395	+0.367%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0867%	1h	0.000003392	+0.278%	$10.1M	$7.5M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2073%	1h	0.000003399	+0.489%	$212K	$165K	50x	as long as short