Funding arb · Price arb /

BONK

all BONK markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0235%/8h= +25.8% APRpaid last 24h −0.130%

Price spread now: Deribit against OKX+0.029%7-day average −0.011% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$63as in the Price arb table

costs, in and out, $10k−$670.666% of the position

Long on OKX Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 6 days (all we have)−0.535%−$54 on $10k

Price spread, last 3 days (all we have)−0.169%−$17 · spread now +0.029%, 7d avg −0.011%

Together, before fees−0.704%−$70 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Deribit is 0.041% dearer against OKX than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.011%. Mind the row above: over the last 6 days funding on this pair cost −0.535%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX BONK-USDT-SWAP	0.000003419	0.0100	pay 0.0100% / 8h	7h 04m	$2.5M	$8.0M	20x
Short	Deribit 1000BONK_USDC-PERPETUAL	0.000003420	0.0335	get 0.0042% / 1h	4m 56s	$2K	$110K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against OKX. 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 OKXbpFee DeribitbpOrdersPrice spread, now +0.029%Rate

Funding earned: $49.39
Price spread: +0.029% → −0.011%: $4.06
Slippage, 4 orders: −$49.65
Fee OKX: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$13.2
Costs to cover: 0.666%
Break-even: 8.9 days

Slippage from OKX: live order book, 3 min ago; Deribit: live order book, 34 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 OKX live order book, 3 min ago	2.93 bp	18.9 bp −$19	71.1 bp −$711	doesn't fit	doesn't fit
Sell Deribit live order book, 34 min ago	10.31 bp	13.8 bp −$14	doesn't fit	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	0.000003371	−1.404%	$43K	$25K	50x	as long as short
BloFin 1000BONK-USDT	−0.0140%	4h	0.000003422	+0.088%	$930K	$14.8M	75x	as long as short
Orderly PERP_1000BONK_USDC	−0.0033%	4h	0.000003414	−0.146%	$29K	$39K	20x	as long as short
dYdX BONK-USD	0.0000%	1h	0.000003416	−0.077%	$12K	$3K	10x	as long as short
gTrade (Gains Network) BONK/USD	L +0.0001% / S +0.0001%	1h	0.000003417	−0.067%	$24	—	150x	as long as short
Injective BONK/USDC PERP	+0.0033%	1h	0.000003274	−4.241%	$3K	$113	5.5x	as long as short
Reya kBONKRUSDPERP	+0.0083%	1h	0.000003418	−0.034%	$4	—	15x	as long as short
Nado kBONK-PERP	+0.0100%	1h	0.000003417	−0.044%	$19K	$99K	10x	as long as short
Aster 1000BONKUSDT	+0.0100%	4h	0.000003419	+0.004%	$66K	$253K	10x	as long as short
Pacifica kBONK	+0.0100%	1h	0.000003414	−0.146%	$113K	$122K	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	0.000003421	+0.058%	$15.9M	$53.8M	75x	as long as short
Bybit 1000BONKUSDT	+0.0100%	4h	0.000003420	+0.018%	$10.8M	$17.3M	50x	as long as short
OKX BONK-USDT-SWAPlong	+0.0100%	8h	0.000003419	long leg	$2.5M	$8.0M	20x
Gate BONK_USDT	+0.0100%	4h	0.000003417	−0.058%	$731K	$2.6M	50x	as long as short
MEXC 1000BONK_USDT	+0.0100%	4h	0.000003424	+0.146%	$10.1M	$6.8M	125x	as long as short
KuCoin 1000BONKUSDTM	+0.0100%	4h	0.000003422	+0.097%	$2.7M	$9.8M	75x	as long as short
Bitget 1000BONKUSDT	+0.0100%	4h	0.000003419	0.000%	$4.3M	$3.0M	75x	as long as short
BingX 1000BONK-USDC	+0.0100%	4h	0.000003419	0.000%	—	$6.5M	—	as long as short
Variational Omni 1000BONK	+0.0100%	4h	0.000003406	−0.384%	$312K	$125K	—	as long as short
ApeX Omni 1000BONKUSDT	+0.0100%	1h	0.000003424	+0.146%	$58K	$708K	25x	as long as short
SunX BONK-USDT	+0.0100%	4h	0.000003426	+0.205%	$2K	$12K	20x	as long as short
SoDEX 1000BONK-USD	+0.0100%	1h	0.000003418	−0.029%	$2K	$6K	10x	as long as short
HTX BONK-USDT	+0.0100%	4h	0.000003457	+1.111%	$95K	$158K	30x	as long as short
Extended 1000BONK-USD	+0.0104%	1h	0.000003426	+0.196%	$22K	$4K	25x	as long as short
Aevo 1000BONK-PERP	+0.0104%	1h	0.000003414	−0.146%	$4K	—	3x	as long as short
GMX BONK/USD [ETH-USDC]	L +0.0197% / S −0.4340%	1h	0.000003000	−12.255%	$571	—	100x	as long as short
Deribit 1000BONK_USDC-PERPETUALshort	+0.0335%	1h	0.000003420	+0.029%	$2K	$110K	10x
Lighter 1000BONK	+0.0384%	1h	0.000003425	+0.175%	$356K	$475K	10x	as long as short
Backpack kBONK_USDC_PERP	+0.0416%	1h	0.000003422	+0.088%	$30K	$7K	10x	as long as short
Hyperliquid kBONK	+0.0600%	1h	0.000003426	+0.205%	$9.8M	$7.3M	10x	as long as short
Kraken Futures PF_BONKUSD	+0.1454%	1h	0.000003426	+0.218%	$214K	$165K	50x	as long as short