Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0884%/8h= −96.8% APRpaid last 24h −0.195%

Price spread now: Kraken Futures against BingX−0.071%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 −$27 a day on $10k at the current rate, and Kraken Futures is 0.071% cheaper against BingX than usual: you would sell low and buy high (−$7 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	0.07708	0.0100	pay 0.0050% / 4h	3h 57m	—	$1.6M	—
Short	Kraken Futures PF_LAYERUSD	0.07703	−0.0784	pay 0.0098% / 1h	57m 29s	$8K	$964	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 −0.071%Rate

Funding earned: −$185.55
Price spread: −0.071% → 0.000%: −$7.11
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$212.66
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: BingX: live order book, 9 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, 9 min ago	5.19 bp	28.7 bp −$29	134.0 bp −$1,340	579.3 bp −$57.9K	773.6 bp −$386.8K
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	−0.0784%	1h	0.07703	−0.071%	$8K	$964	10x
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.631%	—	$18K	5.5x	as long as short
BloFin LAYER-USDT	+0.0045%	4h	0.07702	−0.078%	$113K	$12K	50x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07706	−0.023%	$593K	$169K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07704	−0.050%	$10K	$3K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07701	−0.091%	$2.1M	$2.4M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07700	−0.104%	$709K	$696K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07711	+0.039%	$137K	$52K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07699	−0.117%	$341K	$113K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07707	−0.013%	$1.1M	$166K	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	0.07708	long leg	—	$1.6M	—
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07700	−0.104%	$26K	$183K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07698	−0.124%	$2K	$172K	5x	as long as short