Funding arb · Price arb /

BONK

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.2866%/8h= −313.8% APRpaid last 24h −0.230%

Price spread now: OKX against Kraken Futures−0.327%7-day average −0.115% · you buy dearer than you sell

Net, funding: paid 7d − costs−$168as in the Funding arb table

Net, price: spread back to 7d avg − costs−$125as in the Price arb table

costs, in and out, $10k−$1041.041% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.639%−$64 on $10k

Price spread, last 4 days (all we have)+0.351%+$35 · spread now −0.327%, 7d avg −0.115%

Together, before fees−0.289%−$29 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$86 a day on $10k at the current rate, and OKX is 0.213% cheaper against Kraken Futures than usual: you would sell low and buy high (−$21 if the spread goes back to its 7-day average of −0.115%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.639% in total (about -33.3% 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	0.000003640	0.2966	pay 0.0371% / 1h	51m 18s	$224K	$219K	50x
Short	OKX BONK-USDT-SWAP	0.000003628	0.0100	get 0.0100% / 8h	1h 51m	$3.0M	$13.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.327%Rate

Funding earned: −$601.89
Price spread: −0.327% → −0.115%: −$21.25
Slippage, 4 orders: −$84.13
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$727.28
Costs to cover: 1.041%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 56 min ago; OKX: live order book, 2 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, 56 min ago	21.33 bp	38.8 bp −$39	175.9 bp −$1,759	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	1.38 bp	14.8 bp −$15	47.6 bp −$476	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	−0.0016%	1h	0.000003606	−0.932%	$44K	$52K	50x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003611	−0.784%	$13K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003622	−0.489%	$25	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−10.053%	$3K	$113	5.5x	as long as short
BloFin 1000BONK-USDT	+0.0041%	4h	0.000003620	−0.547%	$1.1M	$18.9M	75x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003623	−0.466%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003624	−0.437%	$51K	$119K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003620	−0.537%	$61K	$301K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003612	−0.767%	$121K	$133K	10x	as long as short
Binance 1000BONKUSDT	+0.0100%	4h	0.000003624	−0.447%	$18.6M	$76.6M	75x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003621	−0.520%	$12.3M	$23.7M	50x	as long as short
OKX BONK-USDT-SWAPshort	+0.0100%	8h	0.000003628	−0.327%	$3.0M	$13.0M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003618	−0.602%	$997K	$3.2M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003621	−0.520%	$11.1M	$8.6M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003622	−0.500%	$2.9M	$10.7M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003627	−0.355%	$4.6M	$4.3M	75x	as long as short
BingX 1000BONK-USDT	+0.0100%	4h	0.000003622	−0.492%	—	$5.0M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003608	−0.880%	$335K	$142K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003624	−0.437%	$61K	$705K	25x	as long as short
Orderly PERP_1000BONK_USDC	+0.0100%	4h	0.000003621	−0.520%	$31K	$52K	20x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003630	−0.272%	$2K	$14K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003628	−0.327%	$2K	$7K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003620	−0.547%	$103K	$131K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003627	−0.368%	$24K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003624	−0.437%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0194% / S −0.2801%	1h	0.000003000	−17.580%	$398	—	100x	as long as short
Lighter 1000BONK	+0.0272%	1h	0.000003614	−0.712%	$252K	$738K	10x	as long as short
Deribit 1000BONK_USDC-PERPETUAL	+0.0578%	1h	0.000003628	−0.327%	$20K	$155K	10x	as long as short
Hyperliquid kBONK	+0.1295%	1h	0.000003631	−0.245%	$12.0M	$7.3M	10x	as long as short
Backpack kBONK_USDC_PERP	+0.1696%	1h	0.000003624	−0.437%	$56K	$24K	10x	as long as short
Kraken Futures PF_BONKUSDlong	+0.2966%	1h	0.000003640	long leg	$224K	$219K	50x