Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0020%/8h= −2.1% APRpaid last 24h +0.007%

Price spread now: Extended against BloFin−0.020%74s7-day average −0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$113as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1161.161% of the position

Long on BloFin Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.030%+$3 on $10k

Price spread, last 3 days (all we have)+0.017%+$2 · spread now −0.020%, 7d avg −0.017%

Together, before fees+0.047%+ Points / potential airdropExtended: Active · farm board+$5 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.017%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. The two prices were read 74 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin LAYER-USDT	0.07623	0.0124	pay 0.0062% / 4h	1h 29m	$113K	$12K	50x
Short	Extended LAYER-USD	0.07621	0.0104	get 0.0013% / 1h	29m 52s	$2K	$174K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpFee ExtendedbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$4.1
Price spread: −0.020% → −0.017%: −$0.32
Slippage, 4 orders: −$99.11
Fee BloFin: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$120.53
Costs to cover: 1.161%
Break-even: never at this rate

Slippage from BloFin: live order book, 42 min ago; Extended: live order book, 51 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 BloFin live order book, 42 min ago	0.65 bp	18.2 bp −$18	67.4 bp −$674	doesn't fit	doesn't fit
Sell Extended live order book, 51 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	−0.0449%	1h	0.07626	+0.034%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−4.578%	—	$18K	5.5x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07628	+0.062%	$588K	$165K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07623	0.000%	$9K	$2K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07624	+0.019%	$2.1M	$2.4M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07622	−0.013%	$701K	$660K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07622	−0.013%	$136K	$55K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07622	−0.013%	$352K	$113K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07623	0.000%	$1.1M	$167K	50x	as long as short
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07620	−0.039%	$26K	$185K	50x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended LAYER-USDshort	+0.0104%	1h	0.07621	−0.020%	$2K	$174K	5x
BloFin LAYER-USDTlong	+0.0124%	4h	0.07623	long leg	$113K	$12K	50x
BingX LAYER-USDT	+0.0226%	4h	0.07630	+0.092%	—	$1.6M	—	as long as short