Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0004%/8h= +0.4% APRpaid last 24h +0.001%

Price spread now: Extended against BingX−0.088%7-day average −0.063% · you buy dearer than you sell

Net, funding: paid 7d − costs−$137as in the Funding arb table

Net, price: spread back to 7d avg − costs−$138as in the Price arb table

costs, in and out, $10k−$1351.355% 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)+0.047%+$5 · spread now −0.088%, 7d avg −0.063%

Together, before fees+0.029%+ Points / potential airdropExtended: Active · farm board+$3 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.025% cheaper against BingX than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.063%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX LAYER-USDT	0.07697	0.0100	pay 0.0050% / 4h	3h 16m	—	$1.6M	—
Short	Extended LAYER-USD	0.07690	0.0104	get 0.0013% / 1h	16m 42s	$2K	$176K	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

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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 BingXbpFee ExtendedbpOrdersPrice spread, now −0.088%Rate

Funding earned: $0.84
Price spread: −0.088% → −0.063%: −$2.51
Slippage, 4 orders: −$120.45
Fee BingX: 5 bp × 2 orders: −$10
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$137.12
Costs to cover: 1.355%
Break-even: 1149.7 days

Slippage from BingX: live order book, 14 min ago; Extended: live order book, 54 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, 14 min ago	5.82 bp	32.7 bp −$33	156.3 bp −$1,563	554.5 bp −$55.4K	726.1 bp −$363.1K
Sell Extended live order book, 54 min ago	3.91 bp	36.5 bp −$37	258.5 bp −$2,585	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	−0.0783%	1h	0.07707	+0.133%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.496%	—	$18K	5.5x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07711	+0.175%	$600K	$168K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07691	−0.083%	$9K	$3K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07693	−0.047%	$2.1M	$2.5M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07693	−0.052%	$713K	$695K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07687	−0.130%	$137K	$53K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07694	−0.039%	$344K	$118K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07691	−0.078%	$1.1M	$167K	50x	as long as short
BingX LAYER-USDTlong	+0.0100%	4h	0.07697	long leg	—	$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	0.07710	+0.169%	$26K	$182K	50x	as long as short
Extended LAYER-USDshort	+0.0104%	1h	0.07690	−0.088%	$2K	$176K	5x
BloFin LAYER-USDT	+0.0131%	4h	0.07712	+0.195%	$114K	$14K	50x	as long as short