Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0568%/8h= +62.2% APRpaid last 24h +0.191%

Price spread now: Binance against Kraken Futures−0.030%7-day average — · you buy dearer than you sell

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

Long on Kraken Futures Short on Binance

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

Funding pays, the price is against you. Binance is 0.030% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.030% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$3 on $10k: about 4 hours of funding at the current rate (+$17 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_LAYERUSD	0.07580	−0.0468	get 0.0058% / 1h	40m 20s	$8K	$964	10x
Short	Binance LAYERUSDT	0.07577	0.0100	get 0.0050% / 4h	2h 40m	$2.0M	$2.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Kraken Futures. 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 Kraken FuturesbpFee BinancebpOrdersPrice spread, now −0.030%Rate

Funding earned: $119.27
Price spread: −0.030% → 0.000%: −$2.97
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: $96.3
Costs to cover: 0.200%
Break-even: 1.3 days

Slippage unknown: Kraken Futures: no order-book sample; Binance: live order book, 9 min ago. 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 Kraken Futures no order-book sample	—	—	—	—	—
Sell Binance live order book, 9 min ago	1.98 bp	21.8 bp −$22	80.3 bp −$803	doesn't fit	doesn't fit

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_LAYERUSDlong	−0.0468%	1h	0.07580	long leg	$8K	$964	10x
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−4.032%	—	$18K	5.5x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07588	+0.108%	$584K	$162K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07575	−0.061%	$9K	$2K	5x	as long as short
Binance LAYERUSDTshort	+0.0100%	4h	0.07577	−0.030%	$2.0M	$2.3M	50x
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07578	−0.021%	$698K	$641K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07573	−0.087%	$135K	$54K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07579	−0.008%	$349K	$114K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07578	−0.021%	$1.1M	$161K	50x	as long as short
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07570	−0.127%	$25K	$187K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin LAYER-USDT	+0.0102%	4h	0.07571	−0.114%	$113K	$12K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07577	−0.037%	$2K	$174K	5x	as long as short
BingX LAYER-USDT	+0.0142%	4h	0.07583	+0.045%	—	$1.6M	—	as long as short