Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.043%

Price spread now: Deribit against KuCoin−0.041%53s7-day average −0.009% · you buy dearer than you sell

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

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

costs, in and out, $10k−$320.321% of the position

Long on KuCoin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.480%−$48 on $10k

Price spread, last 4 days (all we have)−0.100%−$10 · spread now −0.041%, 7d avg −0.009%

Together, before fees−0.580%−$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Deribit is 0.033% cheaper against KuCoin than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.009%). Swap the legs. The two prices were read 53 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	KuCoin BZUSDTM	97.030	0.0100	pay 0.0050% / 4h	7m 18s	$3.8M	$869K	50x
Short	Deribit BRENTOIL_USDC-PERPETUAL	96.990	0	get 0.0000% / 1h	7m 18s	$103K	$236K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against KuCoin. 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 KuCoinbpFee DeribitbpOrdersPrice spread, now −0.041%Rate

Funding earned: −$21
Price spread: −0.041% → −0.009%: −$3.26
Slippage, 4 orders: −$13.1
Fee KuCoin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$56.35
Costs to cover: 0.321%
Break-even: never at this rate

Slippage from KuCoin: live order book, 10 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 KuCoin live order book, 10 min ago	0.51 bp	11.4 bp −$11	40.6 bp −$406	doesn't fit	doesn't fit
Sell Deribit live order book, 51 min ago	0.51 bp	4.0 bp −$4	5.6 bp −$56	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	96.433	−0.615%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.240	+0.216%	$234K	$436K	15x	as long as short
BloFin BZ-USDT	−0.0015%	4h	97.010	−0.021%	$1.5M	$92K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.032	+0.002%	$337K	$954K	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.980	−0.052%	$146.9M	$369.7M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.980	−0.052%	$10.4M	$12.9M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.980	−0.052%	$16.0M	$20.3M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.987	−0.044%	$2.2M	$1.5M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.960	−0.072%	$9.2M	$12.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.970	−0.062%	$27.7M	$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	97.017	−0.013%	$9.4M	$6.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.034	+0.005%	$29K	$346K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.030	0.000%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUALshort	0.0000%	1h	96.990	−0.041%	$103K	$236K	15x
HTX BRENTOIL-USDT	0.0000%	4h	96.990	−0.041%	$278K	$268K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.290	+0.268%	$1.2M	$84K	100x	as long as short
edgeX BZUSDC	+0.0011%	4h	97.016	−0.014%	$222K	$227K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.542	+0.527%	—	—	—	as long as short
Vest BZ-PERP	+0.0031%	1h	101.03	+4.122%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.000	−0.031%	$3.2M	$4.8M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.997	−0.034%	$680K	$4.3M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	96.989	−0.042%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.014	−0.016%	$153.0M	$126.8M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.043	+0.013%	$1.6M	$491K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.940	−0.093%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTMlong	+0.0100%	4h	97.030	long leg	$3.8M	$869K	50x
ApeX Omni BZUSDT	+0.0100%	1h	97.050	+0.021%	$25K	$274K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0104%	1h	97.060	+0.031%	$33K	—	20x	as long as short
Aftermath Perps BRENTUSD	+0.0125%	1h	97.066	+0.037%	$7K	$43K	5x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0143%	1h	97.024	−0.006%	$84K	$206K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0216% / S −0.0171%	1h	96.985	−0.046%	$126K	—	111x	as long as short