Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0192%/8h= −21.0% APRpaid last 24h +0.001%

Price spread now: Extended against BingX−0.071%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$130as in the Funding arb table

Net, price: spread back to 7d avg − costs−$129as in the Price arb table

costs, in and out, $10k−$1281.283% of the position

Long on BingX Short on Extended

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)+0.020%+$2 · spread now −0.071%, 7d avg −0.063%

Together, before fees+0.001%+ Points / potential airdropExtended: Active · farm board$0 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.063%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.018% in total (about -1.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX LAYER-USDT	0.07627	0.0296	pay 0.0148% / 4h	1h 37m	—	$1.6M	—
Short	Extended LAYER-USD	0.07622	0.0104	get 0.0013% / 1h	37m 31s	$2K	$174K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$40.32
Price spread: −0.071% → −0.063%: −$0.85
Slippage, 4 orders: −$113.28
Fee BingX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$169.45
Costs to cover: 1.283%
Break-even: never at this rate

Slippage from BingX: live order book, 10 min ago; Extended: live order book, 44 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 BingX live order book, 10 min ago	4.58 bp	24.6 bp −$25	109.6 bp −$1,096	589.3 bp −$58.9K	823.1 bp −$411.5K
Sell Extended live order book, 44 min ago	5.17 bp	49.7 bp −$50	292.7 bp −$2,927	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	−0.0448%	1h	0.07630	+0.045%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−4.628%	—	$18K	5.5x	as long as short
BloFin LAYER-USDT	+0.0045%	4h	0.07626	−0.013%	$113K	$12K	50x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07627	+0.004%	$588K	$165K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07626	−0.017%	$9K	$2K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07623	−0.052%	$2.1M	$2.4M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07621	−0.079%	$701K	$659K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07632	+0.066%	$136K	$55K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07623	−0.052%	$352K	$113K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07623	−0.052%	$1.1M	$167K	50x	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	0.07630	+0.039%	$26K	$185K	50x	as long as short
Extended LAYER-USDshort	+0.0104%	1h	0.07622	−0.071%	$2K	$174K	5x
BingX LAYER-USDTlong	+0.0296%	4h	0.07627	long leg	—	$1.6M	—