BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.2106%/8h= −230.7% APRnext payment −$2.63 per $10,000 · paid last 24h −0.240%

Price spread now: ApeX Omni against Kraken Futures+0.191%75s7-day average −0.129% · you sell dearer than you buy

Net, funding: paid 7d − costs−$180as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1101.096% of the position

Long on Kraken Futures Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 7 days−0.708%−$71 on $10k

Price spread, last 4 days (all we have)−0.414%−$41 · spread now +0.191%, 7d avg −0.129%

Together, before fees−1.122%−$112 on $10k · with fees, hour by hour

The price spread pays, funding is against you. ApeX Omni is 0.320% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.191% now, against its 7-day average of −0.129%): +$32 on $10k if it goes back. Holding the pair costs −$63 a day in funding at the current rate, which eats that in about 12 hours. At the pace of the last 7 days (−0.708% in total) that is about 3.2 days. The two prices were read 75 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.708% in total (about -36.9% a year). A funding rate is set anew for every payment; at this rate the next one is about −$2.63 per $10,000. 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	Kraken Futures PF_BONKUSD	0.000003632	0.2973	pay 0.0372% / 1h	51m 41s	$224K	$219K	50x
Short	ApeX Omni 1000BONKUSDT	0.000003639	0.0866	get 0.0108% / 1h	51m 41s	$61K	$706K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Kraken Futures. 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 Kraken FuturesbpFee ApeX OmnibpOrdersPrice spread, now +0.191%Rate

Funding earned: −$442.36
Price spread: +0.191% → −0.129%: $32.03
Slippage, 4 orders: −$89.6
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$519.93
Costs to cover: 1.096%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 56 min ago; ApeX Omni: live order book, 57 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 Kraken Futures live order book, 56 min ago	21.33 bp	38.8 bp −$39	175.9 bp −$1,759	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 57 min ago	11.33 bp	20.0 bp −$20	105.9 bp −$1,059	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	0.000003606	−0.718%	$44K	$52K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003611	−0.569%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003616	−0.440%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−9.859%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0041%	4h	0.000003620	−0.332%	$1.1M	$18.9M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003618	−0.389%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003616	−0.442%	$51K	$119K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003617	−0.429%	$61K	$301K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003612	−0.553%	$121K	$133K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003612	−0.547%	$18.6M	$76.6M	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	0.000003604	−0.778%	$12.2M	$23.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003612	−0.553%	$3.0M	$12.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003615	−0.470%	$996K	$3.2M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003611	−0.580%	$11.0M	$8.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003612	−0.555%	$2.9M	$10.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003612	−0.553%	$4.6M	$4.3M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003611	−0.580%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003608	−0.666%	$335K	$142K	—	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003617	−0.415%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003623	−0.250%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003618	−0.387%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003620	−0.332%	$103K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003616	−0.456%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003614	−0.498%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−17.402%	$399	—	100x	as long as short
Lighter 1000BONK	+0.0272%	1h	0.000003614	−0.498%	$252K	$738K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0303%	1h	0.000003619	−0.360%	$20K	$155K	10x	as long as short
ApeX Omni 1000BONKUSDTshort	+0.0866%	1h	0.000003639	+0.191%	$61K	$706K	25x
Hyperliquid kBONK	+0.1272%	1h	0.000003619	−0.360%	$12.0M	$7.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1696%	1h	0.000003624	−0.222%	$56K	$24K	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2973%	1h	0.000003632	long leg	$224K	$219K	50x