Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0143%/8h= −15.6% APRpaid last 24h −0.027%

Price spread now: OKX against Kraken Futures−0.035%7-day average −0.014% · you buy dearer than you sell

Net, funding: paid 7d − costs+$49as in the Funding arb table

Net, price: spread back to 7d avg − costs−$44as in the Price arb table

costs, in and out, $10k−$420.420% of the position

Long on Kraken Futures Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.909%+$91 on $10k

Price spread, last 4 days (all we have)+0.234%+$23 · spread now −0.035%, 7d avg −0.014%

Together, before fees+1.144%+$114 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and OKX is 0.021% 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 −0.014%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.909%, 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	97.024	0.0143	pay 0.0018% / 1h	8m 08s	$84K	$206K	20x
Short	OKX BZ-USDT-SWAP	96.990	0	get 0.0000% / 4h	8m 08s	$16.0M	$20.3M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.035%Rate

Funding earned: −$29.93
Price spread: −0.035% → −0.014%: −$2.13
Slippage, 4 orders: −$21.98
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$74.05
Costs to cover: 0.420%
Break-even: never at this rate

Slippage from Kraken Futures: live order book, 49 min ago; OKX: 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, 49 min ago	2.31 bp	12.3 bp −$12	26.6 bp −$266	doesn't fit	doesn't fit
Sell OKX live order book, 5 min ago	0.51 bp	6.0 bp −$6	9.5 bp −$95	23.8 bp −$2,378	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	−0.609%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.240	+0.223%	$234K	$436K	15x	as long as short
BloFin BZ-USDT	−0.0015%	4h	97.010	−0.014%	$1.5M	$92K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.029	+0.006%	$337K	$954K	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.990	−0.035%	$146.9M	$369.7M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.990	−0.035%	$10.4M	$12.9M	100x	as long as short
OKX BZ-USDT-SWAPshort	0.0000%	4h	96.990	−0.035%	$16.0M	$20.3M	50x
RISEx BZ/USDC	0.0000%	1h	97.000	−0.025%	$2.2M	$1.5M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.950	−0.076%	$9.2M	$12.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.980	−0.045%	$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	−0.007%	$9.4M	$6.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.034	+0.011%	$29K	$346K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.030	+0.006%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.990	−0.035%	$103K	$236K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.990	−0.035%	$278K	$268K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.290	+0.274%	$1.2M	$84K	100x	as long as short
edgeX BZUSDC	+0.0011%	4h	97.016	−0.008%	$222K	$227K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.544	+0.536%	—	—	—	as long as short
Vest BZ-PERP	+0.0031%	1h	101.06	+4.160%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.990	−0.035%	$3.2M	$4.8M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.001	−0.024%	$680K	$4.3M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.003	−0.022%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.014	−0.010%	$153.0M	$126.8M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.060	+0.037%	$1.6M	$491K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.960	−0.066%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.040	+0.016%	$3.8M	$870K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.050	+0.027%	$25K	$274K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0104%	1h	97.060	+0.037%	$33K	—	20x	as long as short
Aftermath Perps BRENTUSD	+0.0124%	1h	97.080	+0.057%	$7K	$43K	5x	as long as short
Kraken Futures PF_BRENTOILUSDlong	+0.0143%	1h	97.024	long leg	$84K	$206K	20x
GMX BRENTOIL/USD [ETH-USDC]	L +0.0215% / S −0.0165%	1h	96.995	−0.030%	$126K	—	111x	as long as short