Bonds matchmaking depends first on the summed power of the two people, second on rank, third on level.

Lets say you are 200k + 100k, then your summed power is 300k. So is very likely, if available, that you meet a pair close to 300k as summed power.

Arena matchmaking depends on the rank with a limitation of +/- 15 levels.

If available you will always meet somebody with your same rank. If none in your rank is available after 30 seconds of waiting time the limitation of the same rank disappears and you can meet people within +/- 1 rank from yours. Every 30 more seconds of waiting time widens the amont of ranks (so lets say you are kage. <30 seconds you can meet only kage. 31<x<60 seconds you can meet jonin - kage - superkage, 61<x<90 seconds you can meet from anbu to six paths, and so on)