Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against Binance−0.006%7-day average −0.032% · you buy dearer than you sell

Net, funding: paid 7d − costs−$118as in the Funding arb table

Net, price: spread back to 7d avg − costs−$115as in the Price arb table

costs, in and out, $10k−$1181.180% of the position

Long on Binance Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.003%$0 on $10k

Price spread, last 4 days (all we have)−0.047%−$5 · spread now −0.006%, 7d avg −0.032%

Together, before fees−0.044%+ Points / potential airdropExtended: Active · farm board−$4 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.026% dearer against Binance than usual: you sell high and buy low, +$3 on $10k if it goes back to its 7-day average of −0.032%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance LAYERUSDT	0.07694	0.0100	pay 0.0050% / 4h	3h 49m	$2.1M	$2.4M	50x
Short	Extended LAYER-USD	0.07693	0.0104	get 0.0013% / 1h	49m 29s	$2K	$176K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Binance. 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 BinancebpFee ExtendedbpOrdersPrice spread, now −0.006%Rate

Funding earned: $0.84
Price spread: −0.006% → −0.032%: $2.64
Slippage, 4 orders: −$103
Fee Binance: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$114.51
Costs to cover: 1.180%
Break-even: 961.3 days

Slippage from Binance: live order book, 15 min ago; Extended: live order book, 22 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 Binance live order book, 15 min ago	0.65 bp	26.7 bp −$27	160.5 bp −$1,605	doesn't fit	doesn't fit
Sell Extended live order book, 22 min ago	3.91 bp	36.5 bp −$37	258.5 bp −$2,585	doesn't fit	doesn't fit

LAYER on 13 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
Kraken Futures PF_LAYERUSD	−0.0784%	1h	0.07701	+0.094%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.454%	—	$18K	5.5x	as long as short
BloFin LAYER-USDT	+0.0092%	4h	0.07685	−0.112%	$113K	$14K	50x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07705	+0.144%	$595K	$168K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07693	−0.010%	$9K	$3K	5x	as long as short
Binance LAYERUSDTlong	+0.0100%	4h	0.07694	long leg	$2.1M	$2.4M	50x
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07696	+0.031%	$708K	$695K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07696	+0.031%	$137K	$52K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07693	−0.008%	$341K	$115K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07693	−0.008%	$1.1M	$166K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX LAYER-USDT	+0.0100%	4h	0.07701	+0.096%	—	$1.6M	—	as long as short
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07690	−0.047%	$26K	$183K	50x	as long as short
Extended LAYER-USDshort	+0.0104%	1h	0.07693	−0.006%	$2K	$176K	5x