Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.022%

Price spread now: BloFin against Kraken Futures+0.032%57s7-day average −0.019% · you sell dearer than you buy

Net, funding: paid 7d − costs+$43as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$480.478% of the position

Long on Kraken Futures Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.905%+$91 on $10k

Price spread, last 4 days (all we have)+0.024%+$2 · spread now +0.032%, 7d avg −0.019%

Together, before fees+0.929%+$93 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.051% dearer against Kraken Futures than usual: you sell high and buy low (spread +0.032% now, against its 7-day average of −0.019%): +$5 on $10k if it goes back. Holding the pair costs −$2 a day in funding at the current rate, which eats that in about 3.4 days. Mind the row above: over the last 7 days funding on this pair paid +0.905%, so the current rate has only just turned against you. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BRENTOILUSD	97.649	0.0009	pay 0.0001% / 1h	9m 59s	$82K	$208K	20x
Short	BloFin BZ-USDT	97.680	−0.0041	pay 0.0020% / 4h	2h 09m	$1.5M	$95K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Kraken Futures. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpOrdersPrice spread, now +0.032%Rate

Funding earned: −$10.54
Price spread: +0.032% → −0.019%: $5.06
Slippage, 4 orders: −$25.83
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$53.3
Costs to cover: 0.478%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 37 min ago; BloFin: live order book, 3 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 BloFin live order book, 3 min ago	1.02 bp	7.0 bp −$7	10.4 bp −$104	20.9 bp −$2,085	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	−0.727%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.530	−0.122%	$235K	$430K	15x	as long as short
BloFin BZ-USDTshort	−0.0041%	4h	97.680	+0.032%	$1.5M	$95K	50x
Hotstuff BRENTOIL-PERP	−0.0024%	1h	97.720	+0.073%	$34K	—	20x	as long as short
Aster BZUSDT	0.0000%	4h	97.553	−0.098%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.560	−0.091%	$147.6M	$359.4M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.550	−0.101%	$10.3M	$12.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.570	−0.081%	$16.1M	$20.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.661	+0.012%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.530	−0.122%	$9.3M	$11.7M	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	97.560	−0.091%	$27.7M	$17.3M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.668	+0.019%	$9.4M	$7.0M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.656	+0.007%	$34K	$307K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.720	+0.073%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.600	−0.050%	$100K	$250K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.660	+0.011%	$280K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.590	−0.060%	$1.2M	$80K	100x	as long as short
edgeX BZUSDC	+0.0004%	4h	97.667	+0.018%	$225K	$227K	20x	as long as short
Kraken Futures PF_BRENTOILUSDlong	+0.0009%	1h	97.649	long leg	$82K	$208K	20x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.171	+0.534%	—	—	—	as long as short
Vest BZ-PERP	+0.0015%	1h	101.73	+4.179%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.600	−0.050%	$3.2M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.574	−0.077%	$680K	$3.6M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.702	+0.055%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.588	−0.062%	$154.3M	$124.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.710	+0.062%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.640	−0.009%	$3.1M	$999K	15x	as long as short
Aftermath Perps BRENTUSD	+0.0073%	1h	97.679	+0.031%	$7K	$42K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.600	−0.050%	$3.8M	$832K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.710	+0.062%	$26K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0328% / S −0.2771%	1h	97.635	−0.014%	$116K	—	111x	as long as short