Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0845%/8h= −92.6% APRpaid last 24h −0.205%

Price spread now: Kraken Futures against OKX+0.125%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on OKX 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

The price spread pays, funding is against you. Kraken Futures is 0.125% dearer against OKX than usual: you sell high and buy low (spread +0.125% now, against zero (this spread has no 7-day history yet)): +$12 on $10k if it goes back. Holding the pair costs −$25 a day in funding at the current rate, which eats that in about 12 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX LAYER-USDT-SWAP	0.07663	0.0100	pay 0.0050% / 4h	2h 00m	$721K	$729K	20x
Short	Kraken Futures PF_LAYERUSD	0.07673	−0.0745	pay 0.0093% / 1h	0m 52s	$8K	$54	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against OKX. 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 OKXbpFee Kraken FuturesbpOrdersPrice spread, now +0.125%Rate

Funding earned: −$177.5
Price spread: +0.125% → 0.000%: $12.47
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$185.03
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: OKX: live order book, 65 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 OKX live order book, 65 min ago	1.95 bp	35.2 bp −$35	doesn't fit	doesn't fit	doesn't fit
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 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_LAYERUSDshort	−0.0745%	1h	0.07673	+0.125%	$8K	$54	10x
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−5.076%	—	$18K	5.5x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07687	+0.313%	$597K	$166K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07672	+0.122%	$9K	$4K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07672	+0.112%	$2.1M	$2.6M	50x	as long as short
OKX LAYER-USDT-SWAPlong	+0.0100%	4h	0.07663	long leg	$721K	$729K	20x
Gate LAYER_USDT	+0.0100%	4h	0.07675	+0.157%	$136K	$49K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07671	+0.104%	$340K	$122K	20x	as long as short
Bitget LAYERUSDT	+0.0100%	4h	0.07673	+0.130%	$1.1M	$167K	50x	as long as short
BingX LAYER-USDT	+0.0100%	4h	0.07675	+0.157%	—	$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	0.07670	+0.091%	$25K	$186K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07668	+0.070%	$3K	$170K	5x	as long as short