Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0158%/8h= +17.3% APRpaid last 24h −0.004%

Price spread now: Kraken Futures against Phemex+0.012%7-day average −0.195% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Phemex Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−1.327%−$133 on $10k

Price spread, last 4 days (all we have)−0.428%−$43 · spread now +0.012%, 7d avg −0.195%

Together, before fees−1.755%−$176 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Kraken Futures is 0.207% dearer against Phemex than usual: you sell high and buy low: +$21 more if the spread goes back to its 7-day average of −0.195%. Mind the row above: over the last 7 days funding on this pair cost −1.327%, 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	Phemex XBRUSDT	97.760	0	get 0.0000% / 4h	1h 27m	$1.2M	$86K	100x
Short	Kraken Futures PF_BRENTOILUSD	97.771	0.0158	get 0.0020% / 1h	27m 27s	$82K	$206K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Phemex. 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 PhemexbpFee Kraken FuturesbpOrdersPrice spread, now +0.012%Rate

Funding earned: $33.08
Price spread: +0.012% → −0.195%: $20.68
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: $31.76
Costs to cover: 0.220%
Break-even: 0.3 days

Slippage unknown: Phemex: live order book, just now; Kraken Futures: live order book, 15 min ago. Net counts fees only.

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 Phemex live order book, just now	17.38 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 15 min ago	4.66 bp	14.5 bp −$14	29.4 bp −$294	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	97.018	−0.759%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.810	+0.051%	$236K	$417K	15x	as long as short
BloFin BZ-USDT	−0.0048%	4h	97.720	−0.041%	$1.5M	$97K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.790	+0.031%	$340K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.790	+0.031%	$147.8M	$349.2M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.770	+0.010%	$10.5M	$13.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.780	+0.020%	$16.1M	$19.7M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.787	+0.027%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.730	−0.031%	$9.3M	$11.0M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.770	+0.010%	$27.9M	$17.4M	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	97.768	+0.008%	$9.4M	$6.9M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.782	+0.023%	$24K	$305K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.740	−0.020%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.740	−0.020%	$100K	$252K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.690	−0.072%	$280K	$253K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	97.760	long leg	$1.2M	$86K	100x
edgeX BZUSDC	+0.0008%	4h	97.739	−0.022%	$225K	$227K	20x	as long as short
Vest BZ-PERP	+0.0010%	1h	101.91	+4.245%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.300	+0.552%	—	—	—	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.760	0.000%	$3.3M	$4.1M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.784	+0.025%	$682K	$3.3M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.770	+0.010%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.787	+0.028%	$155.2M	$116.3M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.828	+0.070%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.710	−0.051%	$3.1M	$1.0M	15x	as long as short
Hotstuff BRENTOIL-PERP	+0.0064%	1h	97.780	+0.020%	$34K	—	20x	as long as short
Aftermath Perps BRENTUSD	+0.0083%	1h	97.776	+0.017%	$7K	$41K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.790	+0.031%	$3.8M	$808K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.730	−0.031%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSDshort	+0.0158%	1h	97.771	+0.012%	$82K	$206K	20x
GMX BRENTOIL/USD [ETH-USDC]	L +0.0329% / S −0.2771%	1h	97.775	+0.015%	$116K	—	111x	as long as short