Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0298%/8h= −32.7% APRpaid last 24h −0.021%

Price spread now: Bybit against Kraken Futures−0.048%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs+$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$54as in the Price arb table

costs, in and out, $10k−$500.497% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.840%+$84 on $10k

Price spread, last 3 days (all we have)+0.139%+$14 · spread now −0.048%, 7d avg −0.005%

Together, before fees+0.980%+$98 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Bybit is 0.042% cheaper against Kraken Futures than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.005%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.840%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BRENTOILUSD	96.966	0.0298	pay 0.0037% / 1h	57m 04s	$84K	$218K	20x
Short	Bybit BZUSDT	96.920	0	get 0.0000% / 8h	5h 57m	$10.3M	$13.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$62.65
Price spread: −0.048% → −0.005%: −$4.24
Slippage, 4 orders: −$28.66
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$116.56
Costs to cover: 0.497%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 5 min ago; Bybit: live order book, 1 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, 5 min ago	3.20 bp	16.7 bp −$17	24.3 bp −$243	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.52 bp	9.0 bp −$9	13.5 bp −$135	89.2 bp −$8,918	doesn't fit

BZ on 30 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	96.207	−0.783%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0104%	1h	96.810	−0.161%	$234K	$425K	15x	as long as short
Aster BZUSDT	0.0000%	4h	96.944	−0.023%	$337K	$998K	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.935	−0.032%	$146.5M	$376.7M	100x	as long as short
Bybit BZUSDTshort	0.0000%	8h	96.920	−0.048%	$10.3M	$13.6M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	96.930	−0.037%	$15.9M	$20.9M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.960	−0.006%	$2.3M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.900	−0.068%	$9.2M	$12.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.940	−0.027%	$27.4M	$16.3M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.848	−0.122%	$9.3M	$7.1M	—	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT BZ_USDT_Perp	0.0000%	4h	97.008	+0.043%	$37K	$343K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.960	−0.006%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.950	−0.017%	$103K	$237K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.940	−0.027%	$278K	$269K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.990	+0.025%	$1.2M	$84K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.478	+0.527%	—	—	—	as long as short
edgeX BZUSDC	+0.0020%	4h	96.842	−0.128%	$222K	$228K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.940	−0.027%	$3.3M	$4.5M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.944	−0.023%	$677K	$4.9M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	101.02	+4.181%	—	$735K	10x	as long as short
Hotstuff BRENTOIL-PERP	+0.0048%	1h	97.030	+0.066%	$33K	—	20x	as long as short
Paradex BZ-USD-PERP	+0.0049%	8h	96.968	+0.002%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.948	−0.019%	$151.9M	$127.0M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.016	+0.051%	$1.5M	$470K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.920	−0.048%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.010	+0.045%	$3.8M	$879K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.980	+0.014%	$25K	$273K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0211% / S +0.0068%	1h	96.935	−0.032%	$126K	—	111x	as long as short
Aftermath Perps BRENTUSD	+0.0215%	1h	96.948	−0.019%	$8K	$44K	5x	as long as short
Kraken Futures PF_BRENTOILUSDlong	+0.0298%	1h	96.966	long leg	$84K	$218K	20x