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 −0.027%

Price spread now: Binance against Kraken Futures−0.028%7-day average +0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs+$51as in the Funding arb table

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

costs, in and out, $10k−$440.439% of the position

Long on Kraken Futures Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.954%+$95 on $10k

Price spread, last 4 days (all we have)+0.283%+$28 · spread now −0.028%, 7d avg +0.023%

Together, before fees+1.236%+$124 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 Binance is 0.051% 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 +0.023%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.954%, 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	96.945	0.0298	pay 0.0037% / 1h	46m 59s	$83K	$218K	20x
Short	Binance BZUSDT	96.917	0	get 0.0000% / 4h	1h 46m	$146.5M	$375.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.028%Rate

Funding earned: −$62.67
Price spread: −0.028% → +0.023%: −$5.1
Slippage, 4 orders: −$23.87
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$111.64
Costs to cover: 0.439%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 15 min ago; Binance: live order book, 12 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, 15 min ago	3.20 bp	16.7 bp −$17	24.3 bp −$243	doesn't fit	doesn't fit
Sell Binance live order book, 12 min ago	0.52 bp	5.5 bp −$6	6.0 bp −$60	13.5 bp −$1,351	47.8 bp −$23.9K

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	96.207	−0.761%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0104%	1h	96.810	−0.139%	$234K	$425K	15x	as long as short
Hotstuff BRENTOIL-PERP	−0.0048%	1h	96.960	+0.016%	$33K	—	20x	as long as short
BloFin BZ-USDT	−0.0030%	4h	96.940	−0.005%	—	$87K	50x	as long as short
Aster BZUSDT	0.0000%	4h	96.900	−0.047%	$336K	$998K	50x	as long as short
Binance BZUSDTshort	0.0000%	4h	96.917	−0.028%	$146.5M	$375.1M	100x
Bybit BZUSDT	0.0000%	8h	96.920	−0.026%	$10.3M	$13.4M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.920	−0.026%	$15.9M	$20.7M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.942	−0.004%	$2.3M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.880	−0.067%	$9.2M	$12.3M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	96.940	−0.005%	$27.4M	$16.4M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.006	+0.063%	$9.4M	$7.1M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.011	+0.068%	$37K	$343K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.960	+0.016%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.930	−0.015%	$103K	$239K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.920	−0.026%	$278K	$269K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.900	−0.046%	$1.2M	$84K	100x	as long as short
edgeX BZUSDC	+0.0007%	4h	96.943	−0.002%	$222K	$228K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.463	+0.534%	—	—	—	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.920	−0.026%	$3.3M	$4.5M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.928	−0.018%	$676K	$4.9M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	101.00	+4.183%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0049%	8h	96.946	+0.002%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.936	−0.009%	$151.9M	$125.7M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.001	+0.058%	$1.5M	$446K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.910	−0.036%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.990	+0.047%	$3.8M	$875K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.930	−0.015%	$25K	$273K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0181% / S +0.0059%	1h	96.925	−0.021%	$126K	—	111x	as long as short
Aftermath Perps BRENTUSD	+0.0194%	1h	96.969	+0.025%	$7K	$44K	5x	as long as short
Kraken Futures PF_BRENTOILUSDlong	+0.0298%	1h	96.945	long leg	$83K	$218K	20x