BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1198%/8h= −131.2% APRnext payment −$1.50 per $10,000 · paid last 24h −0.047%

Price spread now: Backpack against Kraken Futures−0.221%51s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Backpack

What this pair did over the last

the charts below follow

Funding, last 5 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$36 a day on $10k at the current rate, and Backpack is 0.221% cheaper against Kraken Futures than usual: you would sell low and buy high (−$22 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 51 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BONKUSD	0.000003399	0.1466	pay 0.0183% / 1h	31m 17s	$208K	$159K	50x
Short	Backpack kBONK_USDC_PERP	0.000003391	0.0268	get 0.0034% / 1h	31m 17s	$30K	$7K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Backpack 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 BackpackbpOrdersPrice spread, now −0.221%Rate

Funding earned: −$251.52
Price spread: −0.221% → 0.000%: −$22.13
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Backpack: 5 bp × 2 orders: −$10
Net: −$293.65
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 41 min ago; Backpack: no order-book sample. Net counts fees only.

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, 41 min ago	17.88 bp	29.0 bp −$29	105.7 bp −$1,057	doesn't fit	doesn't fit
Sell Backpack no order-book sample	—	—	—	—	—

Backpack: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0376%	1h	0.000003374	−0.721%	$43K	$24K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003393	−0.162%	$1.0M	$14.4M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0054%	4h	0.000003388	−0.310%	$29K	$39K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003388	−0.298%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003394	−0.120%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003389	−0.280%	$2K	$110K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.664%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003388	−0.310%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003390	−0.236%	$16K	$105K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003387	−0.329%	$65K	$262K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003396	−0.074%	$114K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003391	−0.213%	$15.4M	$53.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003390	−0.251%	$10.6M	$17.0M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003390	−0.251%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003390	−0.251%	$728K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003390	−0.251%	$9.9M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003394	−0.133%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003391	−0.221%	$4.3M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003388	−0.310%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003387	−0.340%	$304K	$119K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003379	−0.574%	$57K	$706K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003393	−0.162%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003390	−0.251%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003400	+0.044%	$93K	$152K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003390	−0.257%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003389	−0.280%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.726%	$567	—	100x	as long as short
Backpack kBONK_USDC_PERPshort	+0.0268%	1h	0.000003391	−0.221%	$30K	$7K	10x
Lighter 1000BONK	+0.0288%	1h	0.000003395	−0.104%	$306K	$426K	10x	as long as short
Hyperliquid kBONK	+0.0643%	1h	0.000003396	−0.074%	$10.1M	$7.2M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.1466%	1h	0.000003399	long leg	$208K	$159K	50x