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: Kraken Futures against Bybit+0.020%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$134as in the Funding arb table

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

costs, in and out, $10k−$510.506% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.835%−$83 on $10k

Price spread, last 3 days (all we have)−0.123%−$12 · spread now +0.020%, 7d avg +0.004%

Together, before fees−0.958%−$96 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.835%, 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	Bybit BZUSDT	96.270	0	get 0.0000% / 8h	7h 45m	$10.4M	$16.1M	100x
Short	Kraken Futures PF_BRENTOILUSD	96.289	0.0020	get 0.0002% / 1h	45m 54s	$83K	$233K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.020%Rate

Funding earned: $4.16
Price spread: +0.020% → +0.004%: $1.6
Slippage, 4 orders: −$29.58
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$44.82
Costs to cover: 0.506%
Break-even: 82.5 days

Slippage from Bybit: live order book, 3 min ago; Kraken Futures: live order book, 27 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 Bybit live order book, 3 min ago	0.52 bp	7.8 bp −$8	10.7 bp −$107	91.6 bp −$9,158	doesn't fit
Sell Kraken Futures live order book, 27 min ago	4.83 bp	13.0 bp −$13	30.2 bp −$302	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
GMX BRENTOIL/USD [ETH-USDC]	L −0.0848% / S +0.0467%	1h	96.265	−0.005%	$120K	—	111x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	95.510	−0.789%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.070	−0.208%	$232K	$483K	15x	as long as short
Aster BZUSDT	0.0000%	4h	96.258	−0.012%	$334K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.252	−0.019%	$145.6M	$435.8M	100x	as long as short
Bybit BZUSDTlong	0.0000%	8h	96.270	long leg	$10.4M	$16.1M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	96.260	−0.010%	$15.8M	$25.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.260	−0.010%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.220	−0.052%	$9.2M	$14.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.270	0.000%	$27.6M	$20.1M	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	96.240	−0.031%	$9.3M	$7.5M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.251	−0.020%	$24K	$375K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.280	+0.010%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.290	+0.021%	$103K	$272K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.210	−0.062%	$306K	$229K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.360	+0.093%	$1.2M	$94K	100x	as long as short
edgeX BZUSDC	+0.0010%	4h	96.205	−0.068%	$220K	$233K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	96.812	+0.563%	—	—	—	as long as short
Kraken Futures PF_BRENTOILUSDshort	+0.0020%	1h	96.289	+0.020%	$83K	$233K	20x
Hotstuff BRENTOIL-PERP	+0.0024%	1h	96.300	+0.031%	$33K	—	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0029%	1h	96.210	−0.062%	$3.1M	$1.1M	15x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.280	+0.010%	$3.4M	$4.2M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.271	+0.002%	$748K	$5.4M	10x	as long as short
Paradex BZ-USD-PERP	+0.0039%	8h	96.270	0.000%	$3K	$521	5x	as long as short
BloFin BZ-USDT	+0.0044%	4h	96.280	+0.010%	$1.5M	$95K	50x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.36	+4.248%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.299	+0.030%	$151.1M	$143.6M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.326	+0.058%	$1.5M	$511K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.310	+0.042%	$3.8M	$989K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.270	0.000%	$25K	$272K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0546%	1h	96.226	−0.045%	$6K	$44K	5x	as long as short