Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0612%/8h= +67.0% APRpaid last 24h +0.212%

Price spread now: BingX against Kraken Futures−0.070%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 BingX

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. BingX is 0.070% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.070% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$7 on $10k: about 9 hours of funding at the current rate (+$18 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_LAYERUSD	0.07635	−0.0512	get 0.0064% / 1h	42m 36s	$8K	$54	10x
Short	BingX LAYER-USDT	0.07630	0.0100	get 0.0050% / 4h	42m 36s	—	$1.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX 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 BingXbpOrdersPrice spread, now −0.070%Rate

Funding earned: $128.5
Price spread: −0.070% → 0.000%: −$7
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BingX: 5 bp × 2 orders: −$10
Net: $101.5
Costs to cover: 0.200%
Break-even: 1.5 days

Slippage unknown: Kraken Futures: no order-book sample; BingX: live order book, 4 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 BingX live order book, 4 min ago	5.90 bp	32.7 bp −$33	93.5 bp −$935	484.5 bp −$48.4K	682.0 bp −$341.0K

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	−0.0512%	1h	0.07635	long leg	$8K	$54	10x
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−4.733%	—	$18K	5.5x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07645	+0.129%	$593K	$168K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07641	+0.069%	$9K	$4K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07626	−0.122%	$2.1M	$2.6M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07623	−0.162%	$715K	$738K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07642	+0.087%	$138K	$46K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07626	−0.122%	$353K	$118K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07640	+0.061%	$1.1M	$168K	50x	as long as short
BingX LAYER-USDTshort	+0.0100%	4h	0.07630	−0.070%	—	$1.6M	—

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	−0.070%	$16K	$191K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07624	−0.148%	$5K	$170K	5x	as long as short
BloFin LAYER-USDT	+0.0129%	4h	0.07652	+0.218%	$116K	$16K	50x	as long as short