Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h −0.018%

Price spread now: Bitget against Kraken Futures−0.019%58s7-day average −0.001% · you buy dearer than you sell

Net, funding: paid 7d − costs+$37as 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−$500.495% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.870%+$87 on $10k

Price spread, last 4 days (all we have)+0.201%+$20 · spread now −0.019%, 7d avg −0.001%

Together, before fees+1.071%+$107 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: $0 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.870%, so the current rate has only just turned against you. The two prices were read 58 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	Kraken Futures PF_BRENTOILUSD	97.548	0.0009	pay 0.0001% / 1h	34m 18s	$82K	$208K	20x
Short	Bitget BZUSDT	97.530	0	get 0.0000% / 4h	2h 34m	$28.0M	$16.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Kraken Futures. 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 Kraken FuturesbpFee BitgetbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$1.96
Price spread: −0.019% → −0.001%: −$1.79
Slippage, 4 orders: −$27.54
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$53.29
Costs to cover: 0.495%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 13 min ago; Bitget: live order book, 5 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 Kraken Futures live order book, 13 min ago	5.43 bp	11.3 bp −$11	26.2 bp −$262	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	0.51 bp	8.1 bp −$8	9.6 bp −$96	25.9 bp −$2,588	77.2 bp −$38.6K

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	96.783	−0.785%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.530	−0.019%	$235K	$434K	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.535	−0.014%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.530	−0.019%	$147.7M	$362.7M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.530	−0.019%	$10.4M	$12.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.530	−0.019%	$16.1M	$20.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.504	−0.046%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.500	−0.050%	$9.2M	$11.6M	100x	as long as short
Bitget BZUSDTshort	0.0000%	4h	97.530	−0.019%	$28.0M	$16.5M	100x
Variational Omni BZ	0.0000%	4h	97.500	−0.050%	$9.4M	$7.0M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT BZ_USDT_Perp	0.0000%	4h	97.507	−0.042%	$26K	$315K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.540	−0.009%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.530	−0.019%	$101K	$249K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.470	−0.080%	$280K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.520	−0.029%	$1.2M	$83K	100x	as long as short
edgeX BZUSDC	+0.0001%	4h	97.498	−0.052%	$224K	$228K	20x	as long as short
Kraken Futures PF_BRENTOILUSDlong	+0.0009%	1h	97.548	long leg	$82K	$208K	20x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.070	+0.535%	—	—	—	as long as short
Hotstuff BRENTOIL-PERP	+0.0016%	1h	97.540	−0.009%	$34K	—	20x	as long as short
Vest BZ-PERP	+0.0018%	1h	101.58	+4.133%	—	$735K	10x	as long as short
BloFin BZ-USDT	+0.0027%	4h	97.520	−0.029%	$1.5M	$97K	50x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.520	−0.029%	$3.2M	$4.6M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.532	−0.017%	$680K	$3.7M	10x	as long as short
Aftermath Perps BRENTUSD	+0.0049%	1h	97.540	−0.009%	$7K	$42K	5x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.516	−0.034%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.550	+0.002%	$153.9M	$124.3M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.566	+0.018%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.470	−0.080%	$3.1M	$1.0M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.540	−0.009%	$3.8M	$840K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.510	−0.039%	$26K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0309% / S −0.2483%	1h	97.525	−0.024%	$115K	—	111x	as long as short