Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1919%/8h= −210.1% APRpaid last 24h −0.099%

Price spread now: Bitget against Kraken Futures−0.178%7-day average −0.153% · you buy dearer than you sell

Net, funding: paid 7d − costs−$192as in the Funding arb table

Net, price: spread back to 7d avg − costs−$144as in the Price arb table

costs, in and out, $10k−$1411.413% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days−0.504%−$50 on $10k

Price spread, last 3 days (all we have)+0.171%+$17 · spread now −0.178%, 7d avg −0.153%

Together, before fees−0.333%−$33 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$58 a day on $10k at the current rate, and Bitget is 0.026% cheaper against Kraken Futures than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.153%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.504% in total (about -26.3% 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	Kraken Futures PF_BONKUSD	0.000003441	0.2019	pay 0.0252% / 1h	52m 51s	$222K	$174K	50x
Short	Bitget 1000BONKUSDT	0.000003435	0.0100	get 0.0050% / 4h	1h 52m	$4.3M	$3.1M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.178%Rate

Funding earned: −$403.03
Price spread: −0.178% → −0.153%: −$2.57
Slippage, 4 orders: −$119.35
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$546.94
Costs to cover: 1.413%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 10 min ago; Bitget: live order book, 5 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, 10 min ago	37.63 bp	58.9 bp −$59	177.1 bp −$1,771	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	4.36 bp	15.5 bp −$15	46.9 bp −$469	doesn't fit	doesn't fit

BONK on 30 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	−0.0336%	1h	0.000003414	−0.789%	$46K	$32K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003418	−0.663%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003428	−0.376%	$24	—	150x	as long as short
Orderly PERP_1000BONK_USDC	+0.0031%	4h	0.000003429	−0.353%	$29K	$58K	20x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.857%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0042%	1h	0.000003430	−0.324%	$2K	$110K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003421	−0.588%	$4	—	15x	as long as short
Lighter 1000BONK	+0.0096%	1h	0.000003439	−0.062%	$225K	$668K	10x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003416	−0.716%	$27K	$104K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003438	−0.104%	$80K	$263K	10x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica kBONK	+0.0100%	1h	0.000003419	−0.643%	$113K	$118K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003436	−0.148%	$16.1M	$57.2M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003435	−0.187%	$11.0M	$17.9M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003437	−0.120%	$2.5M	$8.4M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003433	−0.237%	$894K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003437	−0.120%	$9.7M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003436	−0.149%	$2.6M	$9.9M	75x	as long as short
Bitget 1000BONKUSDTshort	+0.0100%	4h	0.000003435	−0.178%	$4.3M	$3.1M	75x
BingX 1000BONK-USDT	+0.0100%	4h	0.000003436	−0.149%	—	$4.7M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003435	−0.178%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003468	+0.778%	$313K	$133K	—	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003436	−0.149%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003428	−0.382%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003433	−0.237%	$97K	$119K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003434	−0.218%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003427	−0.411%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.820%	$572	—	100x	as long as short
ApeX Omni 1000BONKUSDT	+0.0220%	1h	0.000003438	−0.091%	$58K	$708K	25x	as long as short
Hyperliquid kBONK	+0.0631%	1h	0.000003443	+0.054%	$10.2M	$5.3M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2019%	1h	0.000003441	long leg	$222K	$174K	50x