Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0113%/8h= +12.4% APRpaid last 24h +0.008%

Price spread now: Kraken Futures against Bybit+0.017%7-day average +0.008% · you sell dearer than you buy

Net, funding: paid 7d − costs−$125as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$480.481% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.774%−$77 on $10k

Price spread, last 4 days (all we have)−0.109%−$11 · spread now +0.017%, 7d avg +0.008%

Together, before fees−0.882%−$88 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.008%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.774%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BZUSDT	97.040	0	get 0.0000% / 8h	17m 20s	$10.3M	$13.3M	100x
Short	Kraken Futures PF_BRENTOILUSD	97.056	0.0113	get 0.0014% / 1h	17m 20s	$82K	$200K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.017%Rate

Funding earned: $23.79
Price spread: +0.017% → +0.008%: $0.89
Slippage, 4 orders: −$27.12
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$23.44
Costs to cover: 0.481%
Break-even: 13.9 days

Slippage from Bybit: live order book, 1 min ago; Kraken Futures: live order book, 20 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 Bybit live order book, 1 min ago	0.51 bp	8.5 bp −$9	10.9 bp −$109	103.2 bp −$10.3K	doesn't fit
Sell Kraken Futures live order book, 20 min ago	5.44 bp	19.4 bp −$19	36.1 bp −$361	doesn't fit	doesn't fit

BZ on 31 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
Injective BRENT/USDC PERP	−0.0220%	1h	96.342	−0.719%	$8K	$7K	30x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0059%	1h	97.050	+0.010%	$100K	$256K	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.110	+0.072%	$236K	$416K	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.095	+0.056%	$338K	$860K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.050	+0.010%	$148.1M	$352.0M	100x	as long as short
Bybit BZUSDTlong	0.0000%	8h	97.040	long leg	$10.3M	$13.3M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	97.020	−0.021%	$16.0M	$19.5M	50x	as long as short
Ondo Perps BRENT-USD.P	0.0000%	1h	96.980	−0.062%	$3.1M	$1.0M	15x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.993	−0.049%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.990	−0.052%	$9.2M	$11.1M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	97.050	+0.010%	$27.8M	$18.4M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.058	+0.019%	$9.4M	$6.1M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.088	+0.049%	$18K	$331K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.050	+0.010%	$4K	$2.4M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.000	−0.041%	$278K	$254K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.540	+0.515%	$1.2M	$86K	100x	as long as short
Vest BZ-PERP	+0.0010%	1h	101.09	+4.174%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.616	+0.593%	—	—	—	as long as short
edgeX BZUSDC	+0.0016%	4h	97.047	+0.008%	$223K	$229K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.070	+0.031%	$3.3M	$4.0M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.087	+0.048%	$735K	$3.0M	10x	as long as short
BloFin BZ-USDT	+0.0042%	4h	96.990	−0.052%	$1.5M	$98K	50x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.002	−0.039%	$2K	$1K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.060	+0.021%	$155.0M	$115.0M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.072	+0.033%	$1.6M	$405K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0095%	1h	97.097	+0.058%	$7K	$40K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.060	+0.021%	$3.8M	$803K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.090	+0.052%	$25K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSDshort	+0.0113%	1h	97.056	+0.017%	$82K	$200K	20x
Hotstuff BRENTOIL-PERP	+0.0192%	1h	97.150	+0.113%	$33K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0328% / S −0.2771%	1h	97.075	+0.036%	$115K	—	111x	as long as short