Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.1364%/8h= −149.3% APRpaid last 24h −0.049%

Price spread now: Gate against Kraken Futures−0.400%7-day average −0.143% · you buy dearer than you sell

Net, funding: paid 7d − costs−$191as in the Funding arb table

Net, price: spread back to 7d avg − costs−$169as in the Price arb table

costs, in and out, $10k−$1431.430% of the position

Long on Kraken Futures Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.477%−$48 on $10k

Price spread, last 3 days (all we have)+0.391%+$39 · spread now −0.400%, 7d avg −0.143%

Together, before fees−0.086%−$9 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 Gate is 0.257% cheaper against Kraken Futures than usual: you would sell low and buy high (−$26 if the spread goes back to its 7-day average of −0.143%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.477% in total (about -24.9% 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	0.000003404	0.1464	pay 0.0183% / 1h	3m 06s	$212K	$165K	50x
Short	Gate BONK_USDT	0.000003390	0.0100	get 0.0050% / 4h	3h 03m	$724K	$2.6M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.400%Rate

Funding earned: −$286.37
Price spread: −0.400% → −0.143%: −$25.75
Slippage, 4 orders: −$118.03
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$455.15
Costs to cover: 1.430%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 4 min ago; Gate: 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, 4 min ago	33.60 bp	44.8 bp −$45	150.6 bp −$1,506	doesn't fit	doesn't fit
Sell Gate live order book, 5 min ago	2.93 bp	27.5 bp −$28	95.9 bp −$959	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	−0.0376%	1h	0.000003405	+0.040%	$44K	$26K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003388	−0.459%	$921K	$14.7M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0031%	4h	0.000003396	−0.224%	$29K	$39K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003400	−0.093%	$12K	$3K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	0.0000%	1h	0.000003394	−0.283%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003394	−0.289%	$23	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−3.809%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003394	−0.285%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003397	−0.180%	$23K	$105K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003399	−0.123%	$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	0.000003401	−0.077%	$113K	$122K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003394	−0.294%	$15.8M	$54.3M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003392	−0.333%	$10.7M	$17.4M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003397	−0.195%	$2.5M	$8.0M	20x	as long as short
Gate BONK_USDTshort	+0.0100%	4h	0.000003390	−0.400%	$724K	$2.6M	50x
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003382	−0.635%	$9.9M	$6.9M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003396	−0.224%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003391	−0.371%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003390	−0.400%	—	$4.7M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003406	+0.066%	$312K	$125K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003415	+0.334%	$58K	$709K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003399	−0.136%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003395	−0.254%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003419	+0.452%	$96K	$159K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003396	−0.232%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003397	−0.195%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−11.859%	$567	—	100x	as long as short
Lighter 1000BONK	+0.0368%	1h	0.000003396	−0.224%	$353K	$475K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0426%	1h	0.000003392	−0.342%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0598%	1h	0.000003396	−0.224%	$9.7M	$7.3M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.1464%	1h	0.000003404	long leg	$212K	$165K	50x