Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0004%/8h= −0.4% APRpaid last 24h −0.001%

Price spread now: BingX against Extended+0.002%7-day average +0.063% · you sell dearer than you buy

Net, funding: paid 7d − costs−$131as in the Funding arb table

Net, price: spread back to 7d avg − costs−$139as in the Price arb table

costs, in and out, $10k−$1331.332% of the position

Long on Extended Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.018%+$2 on $10k

Price spread, last 4 days (all we have)−0.111%−$11 · spread now +0.002%, 7d avg +0.063%

Together, before fees−0.092%+ Points / potential airdropExtended: Active · farm board−$9 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: BingX is 0.062% cheaper against Extended than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.063%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended LAYER-USD	0.07645	0.0104	pay 0.0013% / 1h	57m 12s	$742	$170K	5x
Short	BingX LAYER-USDT	0.07645	0.0100	get 0.0050% / 4h	57m 12s	—	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Extended. 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 ExtendedbpFee BingXbpOrdersPrice spread, now +0.002%Rate

Funding earned: −$0.84
Price spread: +0.002% → +0.063%: −$6.18
Slippage, 4 orders: −$118.18
Fee Extended: 2.5 bp × 2 orders: −$5
Fee BingX: 5 bp × 2 orders: −$10
Net: −$140.19
Costs to cover: 1.332%
Break-even: never at this rate

Slippage from Extended: live order book, 64 min ago; BingX: live order book, 4 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 Extended live order book, 64 min ago	3.98 bp	32.8 bp −$33	283.8 bp −$2,838	doesn't fit	doesn't fit
Sell BingX live order book, 4 min ago	5.88 bp	35.4 bp −$35	103.0 bp −$1,030	504.4 bp −$50.4K	701.3 bp −$350.6K

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	−0.0511%	1h	0.07649	+0.053%	$8K	$54	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−4.851%	—	$18K	5.5x	as long as short
BloFin LAYER-USDT	+0.0094%	4h	0.07654	+0.119%	$116K	$16K	50x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07656	+0.142%	$595K	$167K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07642	−0.033%	$9K	$4K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07653	+0.105%	$2.1M	$2.6M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07649	+0.054%	$715K	$736K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07644	−0.011%	$138K	$46K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07650	+0.067%	$339K	$116K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07650	+0.067%	$1.1M	$168K	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-USDTshort	+0.0100%	4h	0.07645	+0.002%	—	$1.6M	—
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07640	−0.064%	$16K	$191K	50x	as long as short
Extended LAYER-USDlong	+0.0104%	1h	0.07645	long leg	$742	$170K	5x