Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.2547%/8h= −278.9% APRpaid last 24h −0.214%

Price spread now: BloFin against Kraken Futures+0.067%7-day average −0.114% · you sell dearer than you buy

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

Net, price: spread back to 7d avg − costs−$85as in the Price arb table

costs, in and out, $10k−$1031.035% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days−0.364%−$36 on $10k

Price spread, last 4 days (all we have)−0.226%−$23 · spread now +0.067%, 7d avg −0.114%

Together, before fees−0.590%−$59 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.181% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.067% now, against its 7-day average of −0.114%): +$18 on $10k if it goes back. Holding the pair costs −$76 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 7 days (−0.364% 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 -0.364% in total (about -19.0% 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	0.000003496	0.2660	pay 0.0333% / 1h	26m 46s	$214K	$218K	50x
Short	BloFin 1000BONK-USDT	0.000003498	0.0113	get 0.0057% / 4h	2h 26m	$1.0M	$17.8M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpOrdersPrice spread, now +0.067%Rate

Funding earned: −$534.82
Price spread: +0.067% → −0.114%: $18.13
Slippage, 4 orders: −$81.49
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$620.18
Costs to cover: 1.035%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 21 min ago; BloFin: live order book, 7 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, 21 min ago	21.33 bp	38.8 bp −$39	175.9 bp −$1,759	doesn't fit	doesn't fit
Sell BloFin live order book, 7 min ago	8.58 bp	16.3 bp −$16	24.6 bp −$246	62.8 bp −$6,279	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	−0.0136%	1h	0.000003489	−0.191%	$43K	$47K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003490	−0.150%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003487	−0.245%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−6.341%	$3K	$113	5.5x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0037%	1h	0.000003490	−0.162%	$9K	$134K	10x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003491	−0.134%	$4	—	15x	as long as short
Orderly PERP_1000BONK_USDC	+0.0092%	4h	0.000003488	−0.219%	$30K	$53K	20x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003492	−0.090%	$42K	$114K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003493	−0.066%	$58K	$299K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003495	−0.019%	$116K	$123K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance 1000BONKUSDT	+0.0100%	4h	0.000003492	−0.096%	$17.8M	$71.4M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003487	−0.248%	$11.5M	$22.3M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003490	−0.162%	$2.8M	$11.5M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003488	−0.219%	$902K	$3.1M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003493	−0.076%	$10.3M	$8.1M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003490	−0.156%	$3.0M	$10.4M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003489	−0.191%	$4.5M	$3.9M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003492	−0.105%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003499	+0.109%	$325K	$141K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003521	+0.725%	$59K	$703K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003493	−0.076%	$2K	$13K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003491	−0.133%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003513	+0.496%	$100K	$130K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003490	−0.176%	$23K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003488	−0.219%	$4K	—	3x	as long as short
BloFin 1000BONK-USDTshort	+0.0113%	4h	0.000003498	+0.067%	$1.0M	$17.8M	75x
Lighter 1000BONK	+0.0128%	1h	0.000003495	−0.019%	$246K	$717K	10x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−14.179%	$385	—	100x	as long as short
Backpack kBONK_USDC_PERP	+0.1599%	1h	0.000003496	+0.010%	$46K	$17K	10x	as long as short
Hyperliquid kBONK	+0.1611%	1h	0.000003498	+0.067%	$11.8M	$6.6M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2660%	1h	0.000003496	long leg	$214K	$218K	50x