Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0205%/8h= −22.5% APRpaid last 24h −0.003%

Price spread now: Phemex against Aftermath Perps−0.047%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Aftermath Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phemex is 0.047% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Aftermath Perps BRENTUSD	95.965	0.0205	pay 0.0026% / 1h	10m 50s	$6K	$45K	5x
Short	Phemex XBRUSDT	95.920	0	get 0.0000% / 4h	2h 10m	$1.2M	$101K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Aftermath Perps. 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 Aftermath PerpsbpFee PhemexbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$43.07
Price spread: −0.047% → 0.000%: −$4.69
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$68.76
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Aftermath Perps: no order-book sample; Phemex: live order book, 2 min ago. Net counts fees only.

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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	1.04 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Aftermath Perps: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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 −0.0736% / S +0.0470%	1h	95.915	−0.052%	$114K	—	29x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	95.923	−0.044%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0112%	1h	96.050	+0.089%	$232K	$859K	15x	as long as short
BloFin BZ-USDT	−0.0024%	4h	95.900	−0.068%	$1.5M	$97K	50x	as long as short
Aster BZUSDT	0.0000%	4h	95.951	−0.015%	$333K	$1.6M	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.920	−0.047%	$145.7M	$491.6M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	95.920	−0.047%	$10.2M	$17.2M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	95.910	−0.057%	$15.8M	$30.0M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	95.912	−0.056%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	95.880	−0.089%	$9.1M	$19.1M	100x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	95.900	−0.068%	$27.5M	$24.0M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.921	−0.046%	$9.5M	$10.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	95.920	−0.047%	$34K	$396K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.930	−0.036%	$4K	$2.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.960	−0.005%	$318K	$233K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	95.920	−0.047%	$1.2M	$101K	100x
Paradex BZ-USD-PERP	+0.0001%	8h	95.928	−0.038%	$3K	$521	5x	as long as short
edgeX BZUSDC	+0.0019%	4h	95.975	+0.010%	$220K	$235K	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.851	−0.118%	$669K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.05	+4.257%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0048%	1h	95.900	−0.068%	$3.3M	$4.4M	20x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.945	−0.021%	$147.9M	$148.6M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	95.993	+0.029%	$1.5M	$540K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	95.900	−0.068%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.850	−0.120%	$3.8M	$1.0M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.020	+0.057%	$25K	$270K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0158%	1h	95.945	−0.021%	$81K	$259K	20x	as long as short
Aftermath Perps BRENTUSDlong	+0.0205%	1h	95.965	long leg	$6K	$45K	5x
Hotstuff BRENTOIL-PERP	+0.0336%	1h	95.950	−0.016%	$33K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	+0.0480%	1h	95.950	−0.016%	$102K	$280K	15x	as long as short