BZ

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0361%/8h= −39.5% APRnext payment −$0.45 per $10,000 · paid last 24h −0.025%

Price spread now: Deribit against Kraken Futures+0.003%7-day average −0.002% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$48as in the Price arb table

costs, in and out, $10k−$490.486% of the position

Long on Kraken Futures Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.079%+$8 on $10k

Price spread, last 4 days (all we have)+0.100%+$10 · spread now +0.003%, 7d avg −0.002%

Together, before fees+0.179%+$18 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.002%, so right now this pair is about funding alone: −$11 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair paid +0.079%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.079% in total (about 7.0% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.45 per $10,000. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BRENTOILUSD	94.287	−0.0343	get 0.0043% / 1h	0m 04s	$94K	$260K	20x
Short	Deribit BRENTOIL_USDC-PERPETUAL	94.290	−0.0704	pay 0.0088% / 1h	0m 04s	$46K	$375K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.003%Rate

Funding earned: −$75.77
Price spread: +0.003% → −0.002%: $0.48
Slippage, 4 orders: −$31.59
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$123.88
Costs to cover: 0.486%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 50 min ago; Deribit: live order book, 51 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, 50 min ago	4.07 bp	22.1 bp −$22	37.7 bp −$377	doesn't fit	doesn't fit
Sell Deribit live order book, 51 min ago	1.04 bp	4.5 bp −$5	5.8 bp −$58	doesn't fit	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	94.740	+0.480%	$33K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUALshort	−0.0704%	1h	94.290	+0.003%	$46K	$375K	15x
Kraken Futures PF_BRENTOILUSDlong	−0.0343%	1h	94.287	long leg	$94K	$260K	20x
RISEx BZ/USDC	−0.0289%	1h	94.737	+0.478%	$2.3M	$1.9M	20x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	94.450	+0.173%	$277K	$860K	15x	as long as short
Bybit BZUSDT	−0.0077%	8h	94.290	+0.003%	$10.5M	$16.2M	100x	as long as short
GRVT BZ_USDT_Perp	−0.0056%	4h	95.287	+1.060%	$13K	$308K	25x	as long as short
BloFin BZ-USDT	−0.0022%	4h	94.760	+0.502%	$1.6M	$110K	50x	as long as short
Binance BZUSDT	−0.0009%	4h	94.300	+0.014%	$146.1M	$457.3M	100x	as long as short
Ondo Perps BRENT-USD.P	−0.0003%	1h	94.360	+0.077%	$3.0M	$1.1M	15x	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	94.300	+0.014%	$368K	$787K	50x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	94.300	+0.014%	$15.8M	$27.5M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	94.270	−0.018%	$9.0M	$13.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	94.340	+0.056%	$28.0M	$29.0M	100x	as long as short
Variational Omni BZ	0.0000%	4h	94.763	+0.504%	$9.1M	$6.5M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	94.340	+0.056%	$4K	$1.8M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	94.500	+0.226%	$270K	$254K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	94.560	+0.289%	$1.2M	$81K	100x	as long as short
edgeX BZUSDC	+0.0002%	4h	94.729	+0.469%	$218K	$231K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	95.278	+1.051%	—	—	—	as long as short
Vest BZ-PERP	+0.0017%	1h	98.230	+4.182%	—	$736K	10x	as long as short
Aftermath Perps BRENTUSD	+0.0027%	1h	94.958	+0.712%	$7K	$38K	5x	as long as short
Paradex BZ-USD-PERP	+0.0029%	8h	94.383	+0.102%	$1K	$2K	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	94.280	−0.008%	$3.5M	$5.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	94.380	+0.099%	$659K	$3.6M	10x	as long as short
Injective BRENT/USDC PERP	+0.0033%	1h	94.836	+0.582%	$8K	$7K	30x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	94.310	+0.024%	$129.8M	$175.1M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	94.414	+0.135%	$1.6M	$395K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	94.370	+0.088%	$3.5M	$1.2M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.070	+0.830%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0184% / S −0.0707%	1h	94.325	+0.040%	$32K	—	111x	as long as short