BONK

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0867%/8h= −95.0% APRnext payment −$1.08 per $10,000 · paid last 24h −0.018%

Price spread now: Lighter against Kraken Futures−0.236%7-day average −0.083% · you buy dearer than you sell

Net, funding: paid 7d − costs−$133as in the Funding arb table

Net, price: spread back to 7d avg − costs−$110as in the Price arb table

costs, in and out, $10k−$940.944% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.386%−$39 on $10k

Price spread, last 3 days (all we have)+0.189%+$19 · spread now −0.236%, 7d avg −0.083%

Together, before fees−0.197%+ Points / potential airdropLighter: Season 3 · farm board−$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$26 a day on $10k at the current rate, and Lighter is 0.154% cheaper against Kraken Futures than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of −0.083%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.386% in total (about -20.1% a year). A funding rate is set anew for every payment; at this rate the next one is about −$1.08 per $10,000. 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	0.000003363	0.0963	pay 0.0120% / 1h	23m 34s	$204K	$149K	50x
Short	Lighter 1000BONK	0.000003355	0.0096	get 0.0012% / 1h	23m 34s	$189K	$300K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.236%Rate

Funding earned: −$182.12
Price spread: −0.236% → −0.083%: −$15.36
Slippage, 4 orders: −$84.39
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: −$291.87
Costs to cover: 0.944%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 59 min ago; Lighter: live order book, 51 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, 59 min ago	20.70 bp	34.6 bp −$35	125.2 bp −$1,252	doesn't fit	doesn't fit
Sell Lighter live order book, 51 min ago	4.47 bp	10.1 bp −$10	38.3 bp −$383	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	−0.0248%	1h	0.000003342	−0.623%	$42K	$22K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003359	−0.117%	$1.0M	$13.3M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0082%	4h	0.000003356	−0.207%	$29K	$41K	20x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	−0.0048%	1h	0.000003357	−0.177%	$2K	$110K	10x	as long as short
gTrade (Gains Network) BONK/USD	L 0.0000% / S +0.0001%	1h	0.000003355	−0.239%	$1K	—	150x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003357	−0.190%	$12K	$3K	10x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−2.645%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003353	−0.294%	$4	—	15x	as long as short
Lighter 1000BONKshort	+0.0096%	1h	0.000003355	−0.236%	$189K	$300K	10x
Nado kBONK-PERP	+0.0100%	1h	0.000003352	−0.311%	$19K	$106K	10x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster 1000BONKUSDT	+0.0100%	4h	0.000003352	−0.314%	$64K	$251K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003355	−0.236%	$113K	$123K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003354	−0.253%	$15.1M	$51.6M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003352	−0.326%	$10.1M	$16.7M	50x	as long as short
OKX BONK-USDT-SWAP	+0.0100%	8h	0.000003356	−0.207%	$2.4M	$7.7M	20x	as long as short
Gate BONK_USDT	+0.0100%	4h	0.000003352	−0.326%	$741K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003352	−0.326%	$10.1M	$6.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003354	−0.266%	$2.6M	$9.9M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003351	−0.355%	$4.2M	$3.1M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003353	−0.296%	—	$6.5M	—	as long as short
Backpack kBONK_USDC_PERP	+0.0100%	1h	0.000003357	−0.177%	$30K	$7K	10x	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003350	−0.383%	$301K	$121K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003348	−0.445%	$57K	$699K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003363	+0.001%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003357	−0.177%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0101%	4h	0.000003370	+0.210%	$91K	$150K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003354	−0.271%	$22K	$2K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003354	−0.266%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0196% / S −0.4340%	1h	0.000003000	−10.793%	$561	—	100x	as long as short
Hyperliquid kBONK	+0.0921%	1h	0.000003362	−0.028%	$10.1M	$7.4M	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.0963%	1h	0.000003363	long leg	$204K	$149K	50x