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: HTX against Kraken Futures−0.028%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs+$35as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$520.517% of the position

Long on Kraken Futures Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.869%+$87 on $10k

Price spread, last 4 days (all we have)+0.091%+$9 · spread now −0.028%, 7d avg −0.051%

Together, before fees+0.960%+$96 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.023% dearer against Kraken Futures than usual: you sell high and buy low (spread −0.028% now, against its 7-day average of −0.051%): +$2 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 8.2 days. Mind the row above: over the last 7 days funding on this pair paid +0.869%, 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	97.687	0.0009	pay 0.0001% / 1h	10m 55s	$82K	$208K	20x
Short	HTX BRENTOIL-USDT	97.660	0	get 0.0000% / 4h	2h 10m	$280K	$254K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.028%Rate

Funding earned: −$1.95
Price spread: −0.028% → −0.051%: $2.28
Slippage, 4 orders: −$29.72
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee HTX: 6 bp × 2 orders: −$12
Net: −$51.39
Costs to cover: 0.517%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 37 min ago; HTX: live order book, 36 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, 37 min ago	5.43 bp	11.3 bp −$11	26.2 bp −$262	doesn't fit	doesn't fit
Sell HTX live order book, 36 min ago	2.57 bp	8.6 bp −$9	9.6 bp −$96	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	96.939	−0.766%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.530	−0.161%	$235K	$430K	15x	as long as short
BloFin BZ-USDT	−0.0041%	4h	97.680	−0.008%	$1.5M	$95K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.712	+0.025%	$340K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.703	+0.016%	$147.8M	$360.4M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.690	+0.003%	$10.3M	$12.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.700	+0.013%	$16.1M	$20.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.670	−0.018%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.670	−0.018%	$9.3M	$11.7M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.700	+0.013%	$27.8M	$17.3M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni BZ	0.0000%	4h	97.609	−0.080%	$9.4M	$6.9M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.656	−0.032%	$34K	$307K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.700	+0.013%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.690	+0.003%	$100K	$250K	15x	as long as short
HTX BRENTOIL-USDTshort	0.0000%	4h	97.660	−0.028%	$280K	$254K	75x
Phemex XBRUSDT	0.0000%	4h	97.640	−0.048%	$1.2M	$80K	100x	as long as short
edgeX BZUSDC	+0.0004%	4h	97.667	−0.021%	$225K	$227K	20x	as long as short
Kraken Futures PF_BRENTOILUSDlong	+0.0009%	1h	97.687	long leg	$82K	$208K	20x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.237	+0.563%	—	—	—	as long as short
Vest BZ-PERP	+0.0015%	1h	101.74	+4.149%	—	$735K	10x	as long as short
Hotstuff BRENTOIL-PERP	+0.0016%	1h	97.710	+0.023%	$34K	—	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.700	+0.013%	$3.3M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.712	+0.025%	$680K	$3.6M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.679	−0.008%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.718	+0.031%	$154.5M	$124.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.730	+0.044%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.610	−0.079%	$3.1M	$999K	15x	as long as short
Aftermath Perps BRENTUSD	+0.0071%	1h	97.687	−0.001%	$7K	$42K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.710	+0.023%	$3.8M	$832K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.710	+0.023%	$26K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0328% / S −0.2771%	1h	97.685	−0.002%	$116K	—	111x	as long as short