Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.2864%/8h= +313.6% APRpaid last 24h +0.230%

Price spread now: Kraken Futures against Gate+0.271%7-day average +0.153% · you sell dearer than you buy

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs−$114as in the Price arb table

costs, in and out, $10k−$1261.263% of the position

Long on Gate Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.658%+$66 on $10k

Price spread, last 4 days (all we have)−0.261%−$26 · spread now +0.271%, 7d avg +0.153%

Together, before fees+0.397%+$40 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$86 a day on $10k at the current rate, and Kraken Futures is 0.118% dearer against Gate than usual: you sell high and buy low: +$12 more if the spread goes back to its 7-day average of +0.153%.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.658% in total (about 34.3% 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	0.000003633	0.0100	pay 0.0050% / 4h	1h 46m	$1.0M	$3.2M	50x
Short	Kraken Futures PF_BONKUSD	0.000003643	0.2964	get 0.0370% / 1h	46m 43s	$224K	$219K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.271%Rate

Funding earned: $601.39
Price spread: +0.271% → +0.153%: $11.8
Slippage, 4 orders: −$101.3
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $486.9
Costs to cover: 1.263%
Break-even: 1.3 days

Slippage from Gate: live order book, 1 min ago; Kraken Futures: live order book, 61 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	4.12 bp	28.0 bp −$28	95.9 bp −$959	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 61 min ago	21.33 bp	31.6 bp −$32	87.7 bp −$877	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	−0.0016%	1h	0.000003624	−0.248%	$44K	$53K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003630	−0.083%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003630	−0.080%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−9.882%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003632	−0.029%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003646	+0.358%	$52K	$120K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003635	+0.057%	$61K	$301K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003634	+0.028%	$121K	$133K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003636	+0.079%	$18.7M	$77.1M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003632	−0.022%	$12.3M	$23.7M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003630	−0.083%	$3.0M	$13.1M	20x	as long as short
Gate BONK_USDTlong	+0.0100%	4h	0.000003633	long leg	$1.0M	$3.2M	50x
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003636	+0.083%	$11.6M	$8.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003633	−0.011%	$3.0M	$10.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003624	−0.248%	$4.6M	$4.3M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003633	0.000%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003625	−0.223%	$339K	$146K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003631	−0.055%	$61K	$705K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003626	−0.193%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003637	+0.110%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003634	+0.028%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003632	−0.028%	$103K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003631	−0.055%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003632	−0.028%	$4K	—	3x	as long as short
BloFin 1000BONK-USDT	+0.0145%	4h	0.000003630	−0.083%	$1.1M	$19.0M	75x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−17.424%	$400	—	100x	as long as short
Lighter 1000BONK	+0.0216%	1h	0.000003635	+0.055%	$254K	$738K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0301%	1h	0.000003634	+0.028%	$20K	$155K	10x	as long as short
Hyperliquid kBONK	+0.1203%	1h	0.000003640	+0.193%	$12.0M	$7.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1599%	1h	0.000003637	+0.110%	$56K	$24K	10x	as long as short
Kraken Futures PF_BONKUSDshort	+0.2964%	1h	0.000003643	+0.271%	$224K	$219K	50x