Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0730%/8h= +79.9% APRpaid last 24h +0.018%

Price spread now: Kraken Futures against HTX−0.228%7-day average −0.040% · you buy dearer than you sell

Net, funding: paid 7d − costs−$145as in the Funding arb table

Net, price: spread back to 7d avg − costs−$202as in the Price arb table

costs, in and out, $10k−$1831.833% of the position

Long on HTX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days+0.379%+$38 on $10k

Price spread, last 3 days (all we have)+0.323%+$32 · spread now −0.228%, 7d avg −0.040%

Together, before fees+0.702%+$70 on $10k · with fees, hour by hour

Funding pays, the price is against you. Kraken Futures is 0.188% cheaper against HTX than usual: you would sell low and buy high (spread −0.228% now, against its 7-day average of −0.040%). If the spread goes back, that is −$19 on $10k: about 21 hours of funding at the current rate (+$22 a day). At the pace of the last 7 days (+0.379% in total) that is about 3.5 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.379% in total (about 19.7% 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	HTX BONK-USDT	0.000003363	0.0236	pay 0.0118% / 4h	1h 46m	$87K	$144K	30x
Short	Kraken Futures PF_BONKUSD	0.000003355	0.0965	get 0.0121% / 1h	46m 37s	$204K	$149K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against HTX. 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 HTXbpFee Kraken FuturesbpOrdersPrice spread, now −0.228%Rate

Funding earned: $153.23
Price spread: −0.228% → −0.040%: −$18.8
Slippage, 4 orders: −$161.28
Fee HTX: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$48.85
Costs to cover: 1.833%
Break-even: 9.2 days

Slippage from HTX: live order book, 34 min ago; Kraken Futures: live order book, 36 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 HTX live order book, 34 min ago	29.53 bp	70.8 bp −$71	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 36 min ago	20.70 bp	39.0 bp −$39	74.9 bp −$749	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-PERPETUAL	−0.0347%	1h	0.000003348	−0.446%	$2K	$110K	10x	as long as short
Coinbase International 1000BONK-PERP-INTX	−0.0248%	1h	0.000003327	−1.070%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003348	−0.446%	$1.0M	$13.2M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0072%	4h	0.000003350	−0.387%	$29K	$41K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003349	−0.401%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003350	−0.387%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.646%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003351	−0.349%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003350	−0.387%	$194K	$294K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003353	−0.282%	$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	0.000003349	−0.407%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003350	−0.387%	$114K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003349	−0.402%	$15.1M	$51.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003347	−0.470%	$10.1M	$16.6M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003350	−0.387%	$2.4M	$7.6M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003351	−0.357%	$745K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003349	−0.416%	$10.0M	$6.4M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003349	−0.401%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003347	−0.476%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003349	−0.416%	—	$8.0M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003351	−0.357%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003345	−0.544%	$301K	$104K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003345	−0.535%	$57K	$698K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003354	−0.268%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003350	−0.387%	$2K	$6K	10x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003347	−0.477%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003347	−0.476%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.794%	$560	—	100x	as long as short
HTX BONK-USDTlong	+0.0236%	4h	0.000003363	long leg	$87K	$144K	30x
Hyperliquid kBONK	+0.0768%	1h	0.000003357	−0.178%	$9.9M	$7.3M	10x	as long as short
Kraken Futures PF_BONKUSDshort	+0.0965%	1h	0.000003355	−0.228%	$204K	$149K	50x