Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0055%/8h= +6.1% APRpaid last 24h +0.109%

Price spread now: BingX against Deribit+0.206%7-day average +0.003% · 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−$30as in the Price arb table

costs, in and out, $10k−$500.498% of the position

Long on Deribit Short on BingX

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.561%+$56 on $10k

Price spread, last 4 days (all we have)+0.496%+$50 · spread now +0.206%, 7d avg +0.003%

Together, before fees+1.057%+$106 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and BingX is 0.203% dearer against Deribit than usual: you sell high and buy low: +$20 more if the spread goes back to its 7-day average of +0.003%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000BONK_USDC-PERPETUAL	0.000003396	0.0045	pay 0.0006% / 1h	19m 25s	$2K	$110K	10x
Short	BingX 1000BONK-USDT	0.000003403	0.0100	get 0.0050% / 4h	19m 25s	—	$4.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Deribit. 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 DeribitbpFee BingXbpOrdersPrice spread, now +0.206%Rate

Funding earned: $11.64
Price spread: +0.206% → +0.003%: $20.28
Slippage, 4 orders: −$32.82
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BingX: 5 bp × 2 orders: −$10
Net: −$17.89
Costs to cover: 0.498%
Break-even: 17.8 days

Slippage from Deribit: live order book, 4 min ago; BingX: live order book, 15 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 Deribit live order book, 4 min ago	7.33 bp	10.8 bp −$11	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 15 min ago	4.45 bp	13.5 bp −$14	29.8 bp −$298	74.6 bp −$7,464	517.3 bp −$258.7K

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	−0.0320%	1h	0.000003390	−0.177%	$42K	$35K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003398	+0.069%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003396	−0.012%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.592%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	+0.0045%	1h	0.000003396	long leg	$2K	$110K	10x
BloFin 1000BONK-USDT	+0.0067%	4h	0.000003401	+0.147%	$964K	$15.3M	75x	as long as short
Orderly PERP_1000BONK_USDC	+0.0075%	4h	0.000003395	−0.029%	$29K	$55K	20x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003403	+0.218%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003404	+0.236%	$223K	$672K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003404	+0.250%	$31K	$101K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000BONKUSDT	+0.0100%	4h	0.000003403	+0.198%	$79K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003402	+0.177%	$113K	$109K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003405	+0.269%	$16.5M	$59.7M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003401	+0.147%	$10.8M	$18.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003403	+0.206%	$2.5M	$9.0M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003399	+0.088%	$814K	$2.7M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003400	+0.118%	$9.0M	$7.2M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003400	+0.130%	$2.6M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003400	+0.118%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDTshort	+0.0100%	4h	0.000003403	+0.206%	—	$4.8M	—
Variational Omni 1000BONK	+0.0100%	4h	0.000003398	+0.055%	$309K	$133K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003400	+0.118%	$57K	$704K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003401	+0.147%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003397	+0.029%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003401	+0.147%	$96K	$120K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003404	+0.224%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003392	−0.118%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.661%	$568	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0311%	1h	0.000003400	+0.118%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0764%	1h	0.000003409	+0.383%	$10.0M	$4.8M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.2475%	1h	0.000003405	+0.269%	$220K	$177K	50x	as long as short