Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0518%/8h= +56.7% APRpaid last 24h +0.205%

Price spread now: OKX against Kraken Futures−0.346%55s7-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 0.346% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.346% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$35 on $10k: about 2.2 days of funding at the current rate (+$16 a day). The two prices were read 55 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	Kraken Futures PF_LAYERUSD	0.07697	−0.0418	get 0.0052% / 1h	55m 29s	$8K	$54	10x
Short	OKX LAYER-USDT-SWAP	0.07670	0.0100	get 0.0050% / 4h	1h 55m	$719K	$731K	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 −0.346%Rate

Funding earned: $108.74
Price spread: −0.346% → 0.000%: −$34.56
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: $54.18
Costs to cover: 0.200%
Break-even: 3.5 days

Slippage unknown: Kraken Futures: no order-book sample; OKX: live order book, 6 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, 6 min ago	2.61 bp	34.4 bp −$34	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 12 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	−0.0418%	1h	0.07697	long leg	$8K	$54	10x
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.491%	—	$18K	5.5x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07678	−0.244%	$597K	$167K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07676	−0.269%	$9K	$4K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07677	−0.255%	$2.1M	$2.6M	50x	as long as short
OKX LAYER-USDT-SWAPshort	+0.0100%	4h	0.07670	−0.346%	$719K	$731K	20x
Gate LAYER_USDT	+0.0100%	4h	0.07673	−0.307%	$136K	$47K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07672	−0.320%	$340K	$116K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07679	−0.229%	$1.1M	$166K	50x	as long as short
BingX LAYER-USDT	+0.0100%	4h	0.07679	−0.229%	—	$1.6M	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07660	−0.476%	$25K	$186K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07671	−0.332%	$3K	$170K	5x	as long as short