Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0020%/8h= +2.2% APRpaid last 24h +0.022%

Price spread now: Kraken Futures against Bybit+0.006%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$134as in the Funding arb table

Net, price: spread back to 7d avg − costs−$50as in the Price arb table

costs, in and out, $10k−$510.507% of the position

Long on Bybit Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.835%−$83 on $10k

Price spread, last 3 days (all we have)−0.110%−$11 · spread now +0.006%, 7d avg +0.004%

Together, before fees−0.945%−$94 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.004%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.835%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BZUSDT	96.570	0	get 0.0000% / 8h	7h 23m	$10.4M	$15.9M	100x
Short	Kraken Futures PF_BRENTOILUSD	96.576	0.0020	get 0.0002% / 1h	23m 12s	$83K	$235K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bybit. 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 BybitbpFee Kraken FuturesbpOrdersPrice spread, now +0.006%Rate

Funding earned: $4.15
Price spread: +0.006% → +0.004%: $0.28
Slippage, 4 orders: −$29.66
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$46.23
Costs to cover: 0.507%
Break-even: 85.1 days

Slippage from Bybit: live order book, just now; Kraken Futures: live order book, 49 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 Bybit live order book, just now	0.52 bp	8.6 bp −$9	11.8 bp −$118	93.0 bp −$9,305	doesn't fit
Sell Kraken Futures live order book, 49 min ago	4.83 bp	13.0 bp −$13	30.2 bp −$302	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	95.669	−0.933%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.070	−0.518%	$232K	$468K	15x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L −0.0098% / S +0.0137%	1h	96.565	−0.005%	$33K	—	111x	as long as short
Aster BZUSDT	0.0000%	4h	96.569	−0.001%	$336K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.577	+0.007%	$145.7M	$422.3M	100x	as long as short
Bybit BZUSDTlong	0.0000%	8h	96.570	long leg	$10.4M	$15.9M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	96.580	+0.010%	$15.9M	$25.3M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.534	−0.037%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.520	−0.052%	$9.2M	$14.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.580	+0.010%	$27.6M	$19.3M	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	96.459	−0.115%	$9.3M	$7.5M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.503	−0.069%	$24K	$366K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.560	−0.010%	$4K	$2.6M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.590	+0.021%	$103K	$271K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.490	−0.083%	$307K	$226K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.570	0.000%	$1.2M	$93K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.107	+0.556%	—	—	—	as long as short
BloFin BZ-USDT	+0.0014%	4h	96.500	−0.072%	$1.5M	$95K	50x	as long as short
edgeX BZUSDC	+0.0017%	4h	96.499	−0.074%	$221K	$232K	20x	as long as short
Kraken Futures PF_BRENTOILUSDshort	+0.0020%	1h	96.576	+0.006%	$83K	$235K	20x
Hotstuff BRENTOIL-PERP	+0.0024%	1h	96.560	−0.010%	$33K	—	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.580	+0.010%	$3.4M	$4.3M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.572	+0.002%	$746K	$5.3M	10x	as long as short
Ondo Perps BRENT-USD.P	+0.0033%	1h	96.460	−0.114%	$3.1M	$1.1M	15x	as long as short
Paradex BZ-USD-PERP	+0.0043%	8h	96.533	−0.038%	$3K	$521	5x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.60	+4.173%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.600	+0.031%	$151.5M	$139.7M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.590	+0.021%	$1.5M	$506K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.600	+0.031%	$3.8M	$983K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.500	−0.072%	$25K	$272K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0406%	1h	96.525	−0.047%	$7K	$45K	5x	as long as short