Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0447%/8h= +48.9% APRpaid last 24h +0.142%

Price spread now: OKX against Deribit+0.060%7-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−$53as in the Price arb table

costs, in and out, $10k−$580.580% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)+0.524%+$52 on $10k

Price spread, last 3 days (all we have)+0.163%+$16 · spread now +0.060%, 7d avg +0.012%

Together, before fees+0.687%+$69 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$13 a day on $10k at the current rate, and OKX is 0.047% dearer against Deribit than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.012%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit 1000BONK_USDC-PERPETUAL	0.000003348	−0.0347	get 0.0043% / 1h	46m 44s	$2K	$110K	10x
Short	OKX BONK-USDT-SWAP	0.000003350	0.0100	get 0.0100% / 8h	1h 46m	$2.4M	$7.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.060%Rate

Funding earned: $93.87
Price spread: +0.060% → +0.012%: $4.73
Slippage, 4 orders: −$41.04
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $40.56
Costs to cover: 0.580%
Break-even: 4.0 days

Slippage from Deribit: live order book, 2 min ago; OKX: live order book, 1 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, 2 min ago	7.46 bp	13.9 bp −$14	doesn't fit	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	1.49 bp	19.5 bp −$19	76.9 bp −$769	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
Deribit 1000BONK_USDC-PERPETUALlong	−0.0347%	1h	0.000003348	long leg	$2K	$110K	10x
Coinbase International 1000BONK-PERP-INTX	−0.0248%	1h	0.000003327	−0.627%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003348	0.000%	$1.0M	$13.2M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0072%	4h	0.000003350	+0.060%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003349	+0.045%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003357	+0.260%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.210%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003351	+0.098%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003350	+0.060%	$194K	$294K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003353	+0.164%	$19K	$107K	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	0.000003350	+0.047%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003356	+0.239%	$115K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003349	+0.039%	$15.1M	$51.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003349	+0.030%	$10.2M	$16.6M	50x	as long as short
OKX BONK-USDT-SWAPshort	+0.0100%	8h	0.000003350	+0.060%	$2.4M	$7.6M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003348	0.000%	$744K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003350	+0.060%	$10.1M	$6.4M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003350	+0.051%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003347	−0.030%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003350	+0.060%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003351	+0.090%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003345	−0.098%	$301K	$104K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003345	−0.090%	$57K	$698K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003354	+0.179%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003350	+0.060%	$2K	$6K	10x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003349	+0.045%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003347	−0.030%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.394%	$560	—	100x	as long as short
HTX BONK-USDT	+0.0236%	4h	0.000003363	+0.448%	$87K	$144K	30x	as long as short
Hyperliquid kBONK	+0.0768%	1h	0.000003357	+0.269%	$9.9M	$7.3M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.0965%	1h	0.000003355	+0.219%	$204K	$149K	50x	as long as short