Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h −0.024%

Price spread now: OKX against Kraken Futures−0.031%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs+$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$460.456% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.897%+$90 on $10k

Price spread, last 4 days (all we have)+0.200%+$20 · spread now −0.031%, 7d avg −0.014%

Together, before fees+1.097%+$110 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.014%, so right now this pair is about funding alone: −$2 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.897%, 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	97.410	0.0063	pay 0.0008% / 1h	38m 10s	$82K	$208K	20x
Short	OKX BZ-USDT-SWAP	97.380	0	get 0.0000% / 4h	3h 38m	$16.0M	$20.4M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.031%Rate

Funding earned: −$13.29
Price spread: −0.031% → −0.014%: −$1.67
Slippage, 4 orders: −$25.63
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$60.6
Costs to cover: 0.456%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 14 min ago; OKX: 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, 14 min ago	4.42 bp	15.4 bp −$15	26.2 bp −$262	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.51 bp	6.4 bp −$6	10.0 bp −$100	24.1 bp −$2,409	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	96.333	−1.105%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.270	−0.144%	$233K	$439K	15x	as long as short
BloFin BZ-USDT	−0.0053%	4h	97.460	+0.052%	$1.5M	$92K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.386	−0.025%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.384	−0.027%	$147.5M	$367.9M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.380	−0.031%	$10.4M	$12.7M	100x	as long as short
OKX BZ-USDT-SWAPshort	0.0000%	4h	97.380	−0.031%	$16.0M	$20.4M	50x
RISEx BZ/USDC	0.0000%	1h	97.400	−0.011%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.350	−0.061%	$9.2M	$12.1M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.390	−0.020%	$28.0M	$16.6M	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	97.458	+0.049%	$9.3M	$6.9M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.462	+0.054%	$29K	$307K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.410	0.000%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.390	−0.020%	$104K	$243K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.350	−0.061%	$279K	$267K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.410	0.000%	$1.2M	$84K	100x	as long as short
edgeX BZUSDC	+0.0007%	4h	97.427	+0.017%	$224K	$227K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.932	+0.536%	—	—	—	as long as short
Vest BZ-PERP	+0.0029%	1h	101.46	+4.158%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.400	−0.010%	$3.2M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.405	−0.005%	$675K	$4.1M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.396	−0.014%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.404	−0.006%	$153.8M	$126.0M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.437	+0.028%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.360	−0.051%	$3.1M	$1.0M	15x	as long as short
Kraken Futures PF_BRENTOILUSDlong	+0.0063%	1h	97.410	long leg	$82K	$208K	20x
KuCoin BZUSDTM	+0.0100%	4h	97.450	+0.041%	$3.8M	$860K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.370	−0.041%	$26K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0104%	1h	97.431	+0.022%	$7K	$43K	5x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0241% / S −0.1068%	1h	97.385	−0.025%	$115K	—	111x	as long as short
Hotstuff BRENTOIL-PERP	+0.0264%	1h	97.460	+0.052%	$34K	—	20x	as long as short