Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.1063%/8h= +116.4% APRpaid last 24h −0.059%

Price spread now: Deribit against Gate+0.170%7-day average +0.015% · 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−$66as in the Price arb table

costs, in and out, $10k−$810.810% of the position

Long on Gate Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.501%−$50 on $10k

Price spread, last 4 days (all we have)−0.270%−$27 · spread now +0.170%, 7d avg +0.015%

Together, before fees−0.771%−$77 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$32 a day on $10k at the current rate, and Deribit is 0.154% dearer against Gate than usual: you sell high and buy low: +$15 more if the spread goes back to its 7-day average of +0.015%. Mind the row above: over the last 6 days funding on this pair cost −0.501%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 6 days it paid -0.501% in total (about -30.5% 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	Gate BONK_USDT	0.000003537	0.0100	pay 0.0050% / 4h	22m 15s	$941K	$3.6M	50x
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003543	0.1163	get 0.0145% / 1h	22m 15s	$35K	$164K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Gate. 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 GatebpFee DeribitbpOrdersPrice spread, now +0.170%Rate

Funding earned: $223.28
Price spread: +0.170% → +0.015%: $15.42
Slippage, 4 orders: −$58.98
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $157.72
Costs to cover: 0.810%
Break-even: 2.1 days

Slippage from Gate: live order book, 1 min ago; Deribit: live order book, 47 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 Gate live order book, 1 min ago	2.82 bp	25.2 bp −$25	86.8 bp −$868	doesn't fit	doesn't fit
Sell Deribit live order book, 47 min ago	9.76 bp	16.0 bp −$16	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	−0.0040%	1h	0.000003527	−0.283%	$43K	$65K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003555	+0.518%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003538	+0.031%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−7.436%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003536	−0.016%	$4	—	15x	as long as short
BloFin 1000BONK-USDT	+0.0092%	4h	0.000003528	−0.254%	$1.1M	$20.2M	75x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003536	−0.014%	$67K	$137K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003541	+0.112%	$59K	$319K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003554	+0.481%	$118K	$149K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003541	+0.112%	$18.4M	$87.2M	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	0.000003537	−0.003%	$12.4M	$26.5M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003536	−0.028%	$3.0M	$14.9M	20x	as long as short
Gate BONK_USDTlong	+0.0100%	4h	0.000003537	long leg	$941K	$3.6M	50x
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003538	+0.028%	$11.2M	$9.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003541	+0.110%	$3.0M	$11.0M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003536	−0.028%	$4.6M	$5.3M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003538	+0.028%	—	$5.1M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003507	−0.852%	$330K	$99K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003508	−0.820%	$59K	$706K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003541	+0.113%	$30K	$51K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003548	+0.311%	$2K	$15K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003543	+0.170%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003540	+0.085%	$100K	$134K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003543	+0.157%	$22K	$5K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003536	−0.028%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.3950%	1h	0.000003000	−15.182%	$540	—	100x	as long as short
Lighter 1000BONK	+0.0456%	1h	0.000003543	+0.170%	$248K	$767K	10x	as long as short
Hyperliquid kBONK	+0.0989%	1h	0.000003540	+0.085%	$12.1M	$8.3M	10x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	+0.1163%	1h	0.000003543	+0.170%	$35K	$164K	10x
Backpack kBONK_USDC_PERP	+0.1673%	1h	0.000003544	+0.198%	$55K	$23K	10x	as long as short
Kraken Futures PF_BONKUSD	+0.4492%	1h	0.000003548	+0.308%	$181K	$276K	50x	as long as short