Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0247%/8h= −27.0% APRpaid last 24h −0.190%

Price spread now: Kraken Futures against BingX−0.101%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 −$7 a day on $10k at the current rate, and Kraken Futures is 0.101% cheaper against BingX than usual: you would sell low and buy high (−$10 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	0.07681	0.0100	pay 0.0050% / 4h	39m 52s	—	$1.6M	—
Short	Kraken Futures PF_LAYERUSD	0.07673	−0.0147	pay 0.0018% / 1h	39m 52s	$8K	$54	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 −0.101%Rate

Funding earned: −$51.84
Price spread: −0.101% → 0.000%: −$10.09
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$81.93
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 7 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, 7 min ago	4.55 bp	23.7 bp −$24	122.3 bp −$1,223	547.6 bp −$54.8K	705.6 bp −$352.8K
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	−0.0147%	1h	0.07673	−0.101%	$8K	$54	10x
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.299%	—	$18K	5.5x	as long as short
BloFin LAYER-USDT	+0.0068%	4h	0.07693	+0.156%	$113K	$15K	50x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07685	+0.052%	$591K	$162K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07682	+0.012%	$9K	$4K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07675	−0.078%	$2.1M	$2.3M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07671	−0.130%	$715K	$610K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07693	+0.156%	$142K	$38K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07676	−0.065%	$370K	$128K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07680	−0.013%	$1.1M	$106K	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	0.07681	long leg	—	$1.6M	—
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07690	+0.117%	$16K	$193K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07673	−0.105%	$254	$216K	5x	as long as short