Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.013%

Price spread now: Phemex against ApeX Omni−0.021%77s7-day average +0.212% · you buy dearer than you sell

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

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.253%+$25 on $10k

Price spread, last 3 days (all we have)+0.324%+$32 · spread now −0.021%, 7d avg +0.212%

Together, before fees+0.577%+$58 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.233% cheaper against ApeX Omni than usual: you would sell low and buy high (−$23 if the spread goes back to its 7-day average of +0.212%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.253%, so the current rate has only just turned against you. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	ApeX Omni BZUSDT	96.950	0.0100	pay 0.0013% / 1h	54m 02s	$25K	$273K	50x
Short	Phemex XBRUSDT	96.930	0	get 0.0000% / 4h	1h 54m	$1.2M	$84K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX Omni. 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$21
Price spread: −0.021% → +0.212%: −$23.26
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$66.26
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 8 min ago; Phemex: live order book, 4 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 ApeX Omni live order book, 8 min ago	8.78 bp	19.6 bp −$20	187.6 bp −$1,876	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	1.55 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

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
Injective BRENT/USDC PERP	−0.0220%	1h	96.207	−0.766%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0104%	1h	96.810	−0.144%	$234K	$425K	15x	as long as short
Aster BZUSDT	0.0000%	4h	96.898	−0.054%	$336K	$998K	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.900	−0.052%	$146.5M	$375.9M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.890	−0.062%	$10.3M	$13.5M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.910	−0.041%	$15.9M	$20.8M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.904	−0.047%	$2.3M	$1.3M	20x	as long as short
Hotstuff BRENTOIL-PERP	0.0000%	1h	96.920	−0.031%	$33K	—	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.850	−0.103%	$9.2M	$12.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.900	−0.052%	$27.2M	$16.4M	100x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni BZ	0.0000%	4h	96.939	−0.011%	$9.3M	$7.1M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.949	−0.001%	$37K	$343K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.930	−0.021%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.920	−0.031%	$103K	$237K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.930	−0.021%	$278K	$269K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	96.930	−0.021%	$1.2M	$84K	100x
edgeX BZUSDC	+0.0002%	4h	96.941	−0.009%	$222K	$227K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.441	+0.506%	—	—	—	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.910	−0.041%	$3.3M	$4.5M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.920	−0.031%	$677K	$4.9M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.96	+4.136%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0049%	8h	96.908	−0.043%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.890	−0.062%	$151.8M	$125.5M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.966	+0.017%	$1.5M	$470K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.870	−0.083%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.960	+0.010%	$3.8M	$877K	50x	as long as short
ApeX Omni BZUSDTlong	+0.0100%	1h	96.950	long leg	$25K	$273K	50x
GMX BRENTOIL/USD [ETH-USDC]	L +0.0180% / S +0.0065%	1h	96.905	−0.046%	$126K	—	111x	as long as short
Aftermath Perps BRENTUSD	+0.0209%	1h	96.955	+0.005%	$8K	$44K	5x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0298%	1h	96.948	−0.002%	$83K	$218K	20x	as long as short