Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1374%/8h= −150.5% APRpaid last 24h −0.054%

Price spread now: Binance against Kraken Futures−0.215%7-day average −0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$140as in the Funding arb table

Net, price: spread back to 7d avg − costs−$91as in the Price arb table

costs, in and out, $10k−$800.800% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.597%−$60 on $10k

Price spread, last 3 days (all we have)+0.265%+$27 · spread now −0.215%, 7d avg −0.108%

Together, before fees−0.332%−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$41 a day on $10k at the current rate, and Binance is 0.107% cheaper against Kraken Futures than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of −0.108%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.597% in total (about -31.1% 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	Kraken Futures PF_BONKUSD	0.000003379	0.1474	pay 0.0184% / 1h	50m 55s	$207K	$156K	50x
Short	Binance 1000BONKUSDT	0.000003372	0.0100	get 0.0050% / 4h	3h 50m	$15.5M	$53.2M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.215%Rate

Funding earned: −$288.58
Price spread: −0.215% → −0.108%: −$10.71
Slippage, 4 orders: −$59.96
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$379.25
Costs to cover: 0.800%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 22 min ago; Binance: live order book, 6 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, 22 min ago	17.88 bp	29.0 bp −$29	105.7 bp −$1,057	doesn't fit	doesn't fit
Sell Binance live order book, 6 min ago	1.48 bp	13.5 bp −$14	32.6 bp −$326	123.0 bp −$12.3K	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	−0.0376%	1h	0.000003366	−0.394%	$43K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003371	−0.246%	$1.0M	$14.1M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0063%	4h	0.000003371	−0.246%	$29K	$40K	20x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003371	−0.234%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003371	−0.233%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.117%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0047%	1h	0.000003372	−0.217%	$2K	$110K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003370	−0.261%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003371	−0.231%	$19K	$106K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003372	−0.217%	$65K	$251K	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	0.000003374	−0.157%	$114K	$123K	10x	as long as short
Binance 1000BONKUSDTshort	+0.0100%	4h	0.000003372	−0.215%	$15.5M	$53.2M	75x
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003371	−0.246%	$10.5M	$17.1M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003372	−0.217%	$2.5M	$7.9M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003371	−0.246%	$724K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003372	−0.217%	$9.9M	$6.7M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003371	−0.243%	$2.7M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003370	−0.276%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003371	−0.246%	—	$8.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003371	−0.247%	$304K	$119K	—	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003378	−0.039%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003374	−0.157%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003381	+0.050%	$93K	$153K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003372	−0.223%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003369	−0.305%	$4K	—	3x	as long as short
ApeX Omni 1000BONKUSDT	+0.0126%	1h	0.000003384	+0.138%	$57K	$704K	25x	as long as short
Lighter 1000BONK	+0.0176%	1h	0.000003377	−0.069%	$260K	$366K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−11.225%	$563	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.0276%	1h	0.000003374	−0.157%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0592%	1h	0.000003379	−0.009%	$9.9M	$7.5M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.1474%	1h	0.000003379	long leg	$207K	$156K	50x