Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0555%/8h= −60.8% APRpaid last 24h −0.040%

Price spread now: Bitget against Kraken Futures−0.019%7-day average +0.004% · you buy dearer than you sell

Net, funding: paid 7d − costs+$27as in the Funding arb table

Net, price: spread back to 7d avg − costs−$55as in the Price arb table

costs, in and out, $10k−$530.525% of the position

Long on Kraken Futures Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.797%+$80 on $10k

Price spread, last 3 days (all we have)+0.222%+$22 · spread now −0.019%, 7d avg +0.004%

Together, before fees+1.019%+$102 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and Bitget is 0.024% cheaper against Kraken Futures than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.004%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.797%, 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	95.958	0.0555	pay 0.0069% / 1h	24m 06s	$81K	$235K	20x
Short	Bitget BZUSDT	95.940	0	get 0.0000% / 4h	1h 24m	$27.4M	$21.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.019%Rate

Funding earned: −$116.64
Price spread: −0.019% → +0.004%: −$2.36
Slippage, 4 orders: −$30.51
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$171.51
Costs to cover: 0.525%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 58 min ago; Bitget: 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, 58 min ago	6.41 bp	16.9 bp −$17	27.1 bp −$271	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	0.52 bp	7.9 bp −$8	11.7 bp −$117	30.6 bp −$3,060	73.4 bp −$36.7K

BZ on 30 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
GMX BRENTOIL/USD [ETH-USDC]	L −0.0848% / S +0.0467%	1h	95.925	−0.035%	$120K	—	111x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	95.086	−0.909%	$8K	$7K	30x	as long as short
Ondo Perps BRENT-USD.P	−0.0164%	1h	95.890	−0.071%	$3.0M	$1.1M	15x	as long as short
RISEx BZ/USDC	−0.0075%	1h	95.913	−0.047%	$2.2M	$1.3M	20x	as long as short
BloFin BZ-USDT	−0.0051%	4h	95.940	−0.019%	$1.5M	$95K	50x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0016%	1h	96.050	+0.095%	$232K	$638K	15x	as long as short
Aster BZUSDT	0.0000%	4h	95.923	−0.037%	$333K	$1.5M	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.950	−0.009%	$145.6M	$478.5M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	95.930	−0.030%	$10.2M	$16.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	95.950	−0.009%	$15.8M	$27.4M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BZ_USDT	0.0000%	8h	95.900	−0.061%	$9.2M	$18.0M	100x	as long as short
Bitget BZUSDTshort	0.0000%	4h	95.940	−0.019%	$27.4M	$21.9M	100x
Variational Omni BZ	0.0000%	4h	95.923	−0.037%	$9.2M	$8.3M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	95.936	−0.024%	$34K	$388K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.940	−0.019%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	95.970	+0.012%	$102K	$279K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.870	−0.092%	$305K	$259K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	95.940	−0.019%	$1.2M	$101K	100x	as long as short
edgeX BZUSDC	+0.0001%	4h	95.941	−0.019%	$220K	$232K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0002%	1h	95.923	−0.037%	$5K	$45K	5x	as long as short
Paradex BZ-USD-PERP	+0.0011%	8h	95.918	−0.042%	$3K	$521	5x	as long as short
Hotstuff BRENTOIL-PERP	+0.0024%	1h	95.960	+0.002%	$33K	—	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	95.940	−0.019%	$3.3M	$4.2M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.910	−0.051%	$670K	$5.3M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	99.710	+3.910%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.965	+0.007%	$147.5M	$146.0M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	95.978	+0.020%	$1.5M	$529K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.950	−0.009%	$3.7M	$1.0M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.980	+0.022%	$25K	$271K	50x	as long as short
Kraken Futures PF_BRENTOILUSDlong	+0.0555%	1h	95.958	long leg	$81K	$235K	20x