Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0647%/8h= −70.8% APRpaid last 24h −0.195%

Price spread now: Kraken Futures against BingX−0.039%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$19 a day on $10k at the current rate, and Kraken Futures is 0.039% cheaper against BingX than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX LAYER-USDT	0.07659	0.0100	pay 0.0050% / 4h	34m 41s	—	$1.6M	—
Short	Kraken Futures PF_LAYERUSD	0.07656	−0.0547	pay 0.0068% / 1h	34m 41s	$8K	$964	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against BingX. 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 BingXbpFee Kraken FuturesbpOrdersPrice spread, now −0.039%Rate

Funding earned: −$135.77
Price spread: −0.039% → 0.000%: −$3.88
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$159.65
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 11 min ago; Kraken Futures: no order-book sample. Net counts fees only.

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 BingX live order book, 11 min ago	4.56 bp	19.3 bp −$19	100.5 bp −$1,005	595.2 bp −$59.5K	813.7 bp −$406.9K
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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_LAYERUSDshort	−0.0547%	1h	0.07656	−0.039%	$8K	$964	10x
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.027%	—	$18K	5.5x	as long as short
BloFin LAYER-USDT	+0.0083%	4h	0.07655	−0.052%	$113K	$12K	50x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07666	+0.097%	$591K	$166K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07643	−0.205%	$9K	$2K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07651	−0.104%	$2.1M	$2.4M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07647	−0.157%	$705K	$667K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07652	−0.091%	$136K	$55K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07651	−0.104%	$339K	$115K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07657	−0.026%	$1.1M	$165K	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-USDTlong	+0.0100%	4h	0.07659	long leg	—	$1.6M	—
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07650	−0.118%	$26K	$184K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07647	−0.152%	$2K	$174K	5x	as long as short