Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0274%/8h= +30.0% APRpaid last 24h −0.005%

Price spread now: Bybit against Kraken Futures−0.084%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs+$14as in the Funding arb table

Net, price: spread back to 7d avg − costs−$68as in the Price arb table

costs, in and out, $10k−$610.606% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.743%+$74 on $10k

Price spread, last 4 days (all we have)+0.247%+$25 · spread now −0.084%, 7d avg −0.009%

Together, before fees+0.990%+$99 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.075% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.084% now, against its 7-day average of −0.009%). If the spread goes back, that is −$8 on $10k: about 22 hours of funding at the current rate (+$8 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BRENTOILUSD	94.399	−0.0341	get 0.0043% / 1h	26m 42s	$104K	$274K	20x
Short	Bybit BZUSDT	94.320	−0.0067	pay 0.0067% / 8h	5h 26m	$10.7M	$17.0M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.084%Rate

Funding earned: $57.61
Price spread: −0.084% → −0.009%: −$7.5
Slippage, 4 orders: −$39.65
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$10.54
Costs to cover: 0.606%
Break-even: 8.3 days

Slippage from Kraken Futures: live order book, 19 min ago; Bybit: live order book, 5 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, 19 min ago	6.59 bp	20.1 bp −$20	33.2 bp −$332	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.53 bp	7.9 bp −$8	12.2 bp −$122	89.6 bp −$8,961	doesn't fit

BZ on 31 exchanges

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
Hotstuff BRENTOIL-PERP	−0.1600%	1h	94.360	−0.042%	$33K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0703%	1h	94.360	−0.042%	$29K	$388K	15x	as long as short
Kraken Futures PF_BRENTOILUSDlong	−0.0341%	1h	94.399	long leg	$104K	$274K	20x
RISEx BZ/USDC	−0.0302%	1h	94.351	−0.051%	$1.9M	$2.3M	20x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	94.836	+0.463%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	94.390	−0.010%	$246K	$1.0M	15x	as long as short
Bybit BZUSDTshort	−0.0067%	8h	94.320	−0.084%	$10.7M	$17.0M	100x
GRVT BZ_USDT_Perp	−0.0040%	4h	94.448	+0.052%	$13K	$299K	25x	as long as short
Binance BZUSDT	−0.0028%	4h	94.330	−0.073%	$145.0M	$468.3M	100x	as long as short
edgeX BZUSDC	−0.0014%	4h	94.325	−0.079%	$217K	$232K	20x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BZUSDT	0.0000%	4h	94.330	−0.073%	$323K	$718K	50x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	94.300	−0.105%	$15.8M	$28.3M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	94.280	−0.126%	$8.8M	$13.1M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	94.330	−0.073%	$27.5M	$30.2M	100x	as long as short
Variational Omni BZ	0.0000%	4h	94.373	−0.028%	$9.0M	$6.6M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	94.360	−0.042%	$4K	$1.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	94.330	−0.073%	$242K	$315K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	94.480	+0.086%	$1.2M	$81K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	94.925	+0.557%	—	—	—	as long as short
Vest BZ-PERP	+0.0018%	1h	98.050	+3.867%	—	$736K	10x	as long as short
Aftermath Perps BRENTUSD	+0.0019%	1h	94.403	+0.004%	$7K	$37K	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	94.370	−0.031%	$3.4M	$5.6M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	94.327	−0.077%	$754K	$3.8M	10x	as long as short
Paradex BZ-USD-PERP	+0.0033%	8h	94.362	−0.039%	$2K	$2K	5x	as long as short
BloFin BZ-USDT	+0.0037%	4h	94.380	−0.020%	$1.5M	$114K	50x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	94.348	−0.054%	$138.7M	$189.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	94.416	+0.018%	$1.5M	$487K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	94.310	−0.095%	$3.0M	$1.2M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	94.330	−0.073%	$3.5M	$1.2M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	94.410	+0.011%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0184% / S −0.0707%	1h	94.405	+0.006%	$33K	—	111x	as long as short