Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0158%/8h= −17.2% APRpaid last 24h −0.012%

Price spread now: Bybit against Kraken Futures+0.010%7-day average −0.007% · you sell dearer than you buy

Net, funding: paid 7d − costs+$28as in the Funding arb table

Net, price: spread back to 7d avg − costs−$49as in the Price arb table

costs, in and out, $10k−$510.508% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.788%+$79 on $10k

Price spread, last 4 days (all we have)+0.124%+$12 · spread now +0.010%, 7d avg −0.007%

Together, before fees+0.912%+$91 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.007%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair paid +0.788%, 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	97.791	0.0158	pay 0.0020% / 1h	51m 15s	$82K	$208K	20x
Short	Bybit BZUSDT	97.800	0	get 0.0000% / 8h	1h 51m	$10.3M	$12.6M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$33.08
Price spread: +0.010% → −0.007%: $1.65
Slippage, 4 orders: −$29.84
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$82.27
Costs to cover: 0.508%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 56 min ago; Bybit: live order book, 2 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, 56 min ago	5.43 bp	11.3 bp −$11	26.2 bp −$262	doesn't fit	doesn't fit
Sell Bybit live order book, 2 min ago	0.51 bp	8.9 bp −$9	14.0 bp −$140	109.4 bp −$10.9K	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	96.817	−0.996%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.530	−0.266%	$235K	$416K	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.824	+0.034%	$340K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.814	+0.024%	$147.8M	$353.7M	100x	as long as short
Bybit BZUSDTshort	0.0000%	8h	97.800	+0.010%	$10.3M	$12.6M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	97.790	−0.001%	$16.2M	$20.0M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.770	−0.022%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.760	−0.031%	$9.3M	$10.8M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.810	+0.020%	$27.9M	$17.4M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.658	−0.136%	$9.4M	$6.8M	—	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	97.771	−0.020%	$34K	$307K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.820	+0.030%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.800	+0.010%	$100K	$251K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.770	−0.021%	$281K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.790	−0.001%	$1.2M	$80K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.346	+0.568%	—	—	—	as long as short
Vest BZ-PERP	+0.0013%	1h	101.89	+4.192%	—	$735K	10x	as long as short
edgeX BZUSDC	+0.0014%	4h	97.767	−0.024%	$225K	$228K	20x	as long as short
Hotstuff BRENTOIL-PERP	+0.0016%	1h	97.810	+0.020%	$34K	—	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.800	+0.010%	$3.3M	$4.0M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.799	+0.009%	$678K	$3.5M	10x	as long as short
BloFin BZ-USDT	+0.0037%	4h	97.760	−0.031%	$1.5M	$98K	50x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.800	+0.009%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.828	+0.038%	$154.9M	$118.7M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.823	+0.033%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.750	−0.042%	$3.1M	$996K	15x	as long as short
Aftermath Perps BRENTUSD	+0.0077%	1h	97.739	−0.053%	$7K	$41K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.810	+0.020%	$3.8M	$830K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.790	−0.001%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSDlong	+0.0158%	1h	97.791	long leg	$82K	$208K	20x
GMX BRENTOIL/USD [ETH-USDC]	L +0.0329% / S −0.2771%	1h	97.785	−0.006%	$116K	—	111x	as long as short