Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0883%/8h= +96.7% APRpaid last 24h +0.197%

Price spread now: OKX against Kraken Futures−0.023%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 OKX

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. OKX is 0.023% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.023% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$2 on $10k: about 2 hours of funding at the current rate (+$26 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_LAYERUSD	0.07710	−0.0783	get 0.0098% / 1h	15m 41s	$8K	$964	10x
Short	OKX LAYER-USDT-SWAP	0.07708	0.0100	get 0.0050% / 4h	3h 15m	$715K	$697K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.023%Rate

Funding earned: $185.39
Price spread: −0.023% → 0.000%: −$2.26
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $163.14
Costs to cover: 0.200%
Break-even: 0.8 days

Slippage unknown: Kraken Futures: no order-book sample; OKX: live order book, 55 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 OKX live order book, 55 min ago	3.25 bp	25.8 bp −$26	doesn't fit	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	−0.0783%	1h	0.07710	long leg	$8K	$964	10x
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.652%	—	$18K	5.5x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07724	+0.186%	$601K	$168K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07692	−0.224%	$9K	$3K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07711	+0.021%	$2.1M	$2.5M	50x	as long as short
OKX LAYER-USDT-SWAPshort	+0.0100%	4h	0.07708	−0.023%	$715K	$697K	20x
Gate LAYER_USDT	+0.0100%	4h	0.07691	−0.243%	$137K	$53K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07706	−0.049%	$345K	$118K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07708	−0.023%	$1.1M	$167K	50x	as long as short
BingX LAYER-USDT	+0.0100%	4h	0.07716	+0.081%	—	$1.6M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07710	+0.003%	$26K	$182K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07710	−0.001%	$2K	$176K	5x	as long as short
BloFin LAYER-USDT	+0.0131%	4h	0.07712	+0.029%	$114K	$14K	50x	as long as short