Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.022%

Price spread now: OKX against Kraken Futures−0.065%7-day average −0.012% · you buy dearer than you sell

Net, funding: paid 7d − costs+$46as in the Funding arb table

Net, price: spread back to 7d avg − costs−$52as in the Price arb table

costs, in and out, $10k−$460.463% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.918%+$92 on $10k

Price spread, last 3 days (all we have)+0.214%+$21 · spread now −0.065%, 7d avg −0.012%

Together, before fees+1.132%+$113 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and OKX is 0.053% cheaper against Kraken Futures than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.012%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.918%, 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	96.242	0.0020	pay 0.0002% / 1h	52m 36s	$83K	$233K	20x
Short	OKX BZ-USDT-SWAP	96.180	0	get 0.0000% / 4h	3h 52m	$15.8M	$25.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.065%Rate

Funding earned: −$4.16
Price spread: −0.065% → −0.012%: −$5.33
Slippage, 4 orders: −$26.3
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$55.79
Costs to cover: 0.463%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 20 min ago; OKX: 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, 20 min ago	4.83 bp	21.2 bp −$21	25.1 bp −$251	doesn't fit	doesn't fit
Sell OKX live order book, 1 min ago	0.52 bp	6.5 bp −$6	10.0 bp −$100	26.9 bp −$2,690	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
GMX BRENTOIL/USD [ETH-USDC]	L −0.0848% / S +0.0467%	1h	96.215	−0.029%	$120K	—	111x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	95.510	−0.761%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.070	−0.179%	$232K	$483K	15x	as long as short
GRVT BZ_USDT_Perp	−0.0066%	4h	96.139	−0.108%	$34K	$365K	25x	as long as short
Aster BZUSDT	0.0000%	4h	96.210	−0.034%	$334K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.190	−0.054%	$145.7M	$439.0M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.190	−0.054%	$10.4M	$16.1M	100x	as long as short
OKX BZ-USDT-SWAPshort	0.0000%	4h	96.180	−0.065%	$15.8M	$25.5M	50x
RISEx BZ/USDC	0.0000%	1h	96.189	−0.056%	$2.2M	$1.3M	20x	as long as short
Hotstuff BRENTOIL-PERP	0.0000%	1h	96.270	+0.029%	$33K	—	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BZ_USDT	0.0000%	8h	96.150	−0.096%	$9.2M	$14.2M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.200	−0.044%	$27.6M	$20.1M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.142	−0.104%	$9.3M	$7.7M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.220	−0.023%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.250	+0.008%	$103K	$272K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.140	−0.106%	$306K	$229K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.360	+0.122%	$1.2M	$94K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	96.769	+0.547%	—	—	—	as long as short
edgeX BZUSDC	+0.0013%	4h	96.166	−0.080%	$220K	$232K	20x	as long as short
Kraken Futures PF_BRENTOILUSDlong	+0.0020%	1h	96.242	long leg	$83K	$233K	20x
Paradex BZ-USD-PERP	+0.0037%	8h	96.193	−0.051%	$3K	$521	5x	as long as short
Ondo Perps BRENT-USD.P	+0.0038%	1h	96.160	−0.086%	$3.1M	$1.1M	15x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.30	+4.216%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0048%	1h	96.220	−0.023%	$3.4M	$4.2M	20x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.210	−0.034%	$151.0M	$143.5M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.265	+0.023%	$1.5M	$502K	20x	as long as short
BloFin BZ-USDT	+0.0057%	4h	96.230	−0.013%	$1.5M	$95K	50x	as long as short
Extended XBR-USD	+0.0072%	1h	96.224	−0.019%	$760K	$5.3M	10x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.220	−0.023%	$3.8M	$989K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.100	−0.148%	$25K	$272K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0605%	1h	96.149	−0.097%	$6K	$44K	5x	as long as short