Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0009%/8h= −1.0% APRpaid last 24h −0.002%

Price spread now: Phemex against Kraken Futures−0.007%7-day average +0.198% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Kraken Futures Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+1.340%+$134 on $10k

Price spread, last 4 days (all we have)+0.443%+$44 · spread now −0.007%, 7d avg +0.198%

Together, before fees+1.783%+$178 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Phemex is 0.205% cheaper against Kraken Futures than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.198%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +1.340%, 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	97.607	0.0009	pay 0.0001% / 1h	8m 30s	$82K	$208K	20x
Short	Phemex XBRUSDT	97.600	0	get 0.0000% / 4h	2h 08m	$1.2M	$80K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.007%Rate

Funding earned: −$1.95
Price spread: −0.007% → +0.198%: −$20.46
Slippage, 4 orders: no order book: not counted
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$44.41
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Kraken Futures: live order book, 39 min ago; Phemex: live order book, 4 min ago. Net counts fees only.

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, 39 min ago	5.43 bp	11.3 bp −$11	26.2 bp −$262	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.51 bp	doesn't fit	doesn't fit	doesn't fit	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	−0.684%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.530	−0.078%	$235K	$426K	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.607	+0.001%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.610	+0.004%	$147.6M	$358.6M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.590	−0.017%	$10.3M	$12.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.590	−0.017%	$16.1M	$20.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.568	−0.039%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.550	−0.058%	$9.3M	$11.7M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.590	−0.017%	$27.7M	$17.3M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.668	+0.063%	$9.4M	$7.0M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT BZ_USDT_Perp	0.0000%	4h	97.687	+0.083%	$34K	$307K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.630	+0.024%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.620	+0.014%	$100K	$250K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.660	+0.055%	$280K	$253K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	97.600	−0.007%	$1.2M	$80K	100x
Kraken Futures PF_BRENTOILUSDlong	+0.0009%	1h	97.607	long leg	$82K	$208K	20x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.169	+0.576%	—	—	—	as long as short
Vest BZ-PERP	+0.0015%	1h	101.65	+4.143%	—	$735K	10x	as long as short
edgeX BZUSDC	+0.0018%	4h	97.666	+0.061%	$225K	$227K	20x	as long as short
BloFin BZ-USDT	+0.0028%	4h	97.620	+0.014%	$1.5M	$95K	50x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.580	−0.027%	$3.2M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.599	−0.008%	$681K	$3.6M	10x	as long as short
Hotstuff BRENTOIL-PERP	+0.0040%	1h	97.630	+0.024%	$34K	—	20x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.592	−0.015%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.634	+0.028%	$154.4M	$122.8M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.641	+0.035%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.520	−0.089%	$3.1M	$998K	15x	as long as short
Aftermath Perps BRENTUSD	+0.0072%	1h	97.632	+0.026%	$7K	$42K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.610	+0.004%	$3.8M	$832K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.690	+0.086%	$26K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0328% / S −0.2771%	1h	97.605	−0.002%	$116K	—	111x	as long as short