Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0279%/8h= −30.6% APRpaid last 24h −0.001%

Price spread now: BloFin against Deribit+0.088%57s7-day average +0.020% · 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−$530.531% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.704%+$70 on $10k

Price spread, last 4 days (all we have)−0.112%−$11 · spread now +0.088%, 7d avg +0.020%

Together, before fees+0.592%+$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.069% dearer against Deribit than usual: you sell high and buy low (spread +0.088% now, against its 7-day average of +0.020%): +$7 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 20 hours. Mind the row above: over the last 6 days funding on this pair paid +0.704%, so the current rate has only just turned against you. The two prices were read 57 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	Deribit 1000BONK_USDC-PERPETUAL	0.000003400	0.0339	pay 0.0042% / 1h	25m 33s	$23K	$152K	10x
Short	BloFin 1000BONK-USDT	0.000003403	0.0059	get 0.0030% / 4h	25m 33s	$1.0M	$20.0M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpOrdersPrice spread, now +0.088%Rate

Funding earned: −$58.65
Price spread: +0.088% → +0.020%: $6.87
Slippage, 4 orders: −$34.06
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$104.85
Costs to cover: 0.531%
Break-even: never at this rate

Slippage from Deribit: live order book, 16 min ago; BloFin: live order book, 11 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, 16 min ago	8.78 bp	12.3 bp −$12	doesn't fit	doesn't fit	doesn't fit
Sell BloFin live order book, 11 min ago	1.46 bp	15.8 bp −$16	22.3 bp −$223	55.6 bp −$5,562	doesn't fit

BONK on 31 exchanges

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
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003393	−0.209%	$23	—	150x	as long as short
Coinbase International 1000BONK-PERP-INTX	+0.0032%	1h	0.000003397	−0.088%	$44K	$89K	50x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.706%	$3K	$57	5.5x	as long as short
dYdX BONK-USD	+0.0053%	1h	0.000003399	−0.029%	$13K	$12K	10x	as long as short
BloFin 1000BONK-USDTshort	+0.0059%	4h	0.000003403	+0.088%	$1.0M	$20.0M	75x
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003394	−0.189%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003401	+0.029%	$225K	$756K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003398	−0.044%	$63K	$134K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003401	+0.039%	$47K	$209K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003400	0.000%	$113K	$148K	10x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003398	−0.059%	$17.3M	$90.5M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003395	−0.141%	$11.7M	$26.8M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003395	−0.147%	$2.9M	$14.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003398	−0.059%	$916K	$3.4M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003398	−0.059%	$10.5M	$11.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003398	−0.068%	$2.8M	$10.3M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003398	−0.059%	$4.4M	$5.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003400	0.000%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003396	−0.130%	$321K	$137K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003395	−0.147%	$57K	$692K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003398	−0.059%	$29K	$45K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003406	+0.176%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003398	−0.059%	$2K	$9K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003400	0.000%	$90K	$152K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003394	−0.167%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003396	−0.118%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.1287%	1h	0.000003000	−11.765%	$403	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUALlong	+0.0339%	1h	0.000003400	long leg	$23K	$152K	10x
Hyperliquid kBONK	+0.0448%	1h	0.000003400	0.000%	$11.6M	$8.1M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1402%	1h	0.000003403	+0.088%	$175K	$257K	50x	as long as short
Backpack kBONK_USDC_PERP	+0.1454%	1h	0.000003403	+0.088%	$53K	$25K	10x	as long as short