Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0030%/8h= −3.3% APRpaid last 24h −0.007%

Price spread now: BloFin against Extended−0.071%94s7-day average +0.017% · you buy dearer than you sell

Net, funding: paid 7d − costs−$122as 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−$1191.186% of the position

Long on Extended Short on BloFin

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)+0.075%+$7 · spread now −0.071%, 7d avg +0.017%

Together, before fees+0.044%+ Points / potential airdropExtended: Active · farm board+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and BloFin is 0.088% cheaper against Extended than usual: you would sell low and buy high (−$9 if the spread goes back to its 7-day average of +0.017%). Swap the legs. The two prices were read 94 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	Extended LAYER-USD	0.07663	0.0104	pay 0.0013% / 1h	51m 22s	$2K	$174K	5x
Short	BloFin LAYER-USDT	0.07658	0.0074	get 0.0037% / 4h	51m 22s	$113K	$12K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Extended. 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 ExtendedbpFee BloFinbpOrdersPrice spread, now −0.071%Rate

Funding earned: −$6.36
Price spread: −0.071% → +0.017%: −$8.82
Slippage, 4 orders: −$101.64
Fee Extended: 2.5 bp × 2 orders: −$5
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$133.82
Costs to cover: 1.186%
Break-even: never at this rate

Slippage from Extended: live order book, 25 min ago; BloFin: live order book, 9 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 Extended live order book, 25 min ago	4.85 bp	36.7 bp −$37	284.4 bp −$2,844	doesn't fit	doesn't fit
Sell BloFin live order book, 9 min ago	3.92 bp	24.6 bp −$25	73.0 bp −$730	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	−0.0546%	1h	0.07668	+0.057%	$8K	$964	10x	as long as short
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.082%	—	$18K	5.5x	as long as short
BloFin LAYER-USDTshort	+0.0074%	4h	0.07658	−0.071%	$113K	$12K	50x
Hyperliquid LAYER	+0.0100%	1h	0.07676	+0.164%	$591K	$166K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07664	+0.007%	$9K	$2K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07666	+0.027%	$2.1M	$2.4M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07660	−0.045%	$706K	$665K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07665	+0.020%	$137K	$55K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07666	+0.033%	$340K	$114K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07671	+0.098%	$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-USDT	+0.0100%	4h	0.07671	+0.098%	—	$1.6M	—	as long as short
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07670	+0.085%	$26K	$184K	50x	as long as short
Extended LAYER-USDlong	+0.0104%	1h	0.07663	long leg	$2K	$174K	5x