Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0112%/8h= −12.3% APRpaid last 24h −0.021%

Price spread now: Coinbase International against Bybit+0.136%7-day average −0.113% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$11as in the Price arb table

costs, in and out, $10k−$360.355% of the position

Long on Bybit Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.001%$0 on $10k

Price spread, last 3 days (all we have)−0.338%−$34 · spread now +0.136%, 7d avg −0.113%

Together, before fees−0.339%−$34 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.249% dearer against Bybit than usual: you sell high and buy low (spread +0.136% now, against its 7-day average of −0.113%): +$25 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 7.4 days. At the pace of the last 7 days (−0.001% in total) that is about years.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BZUSDT	95.920	0	get 0.0000% / 8h	2h 09m	$10.2M	$17.2M	100x
Short	Coinbase International BRENTOIL-PERP-INTX	96.050	−0.0112	pay 0.0014% / 1h	9m 16s	$232K	$859K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Bybit. 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 BybitbpFee Coinbase InternationalbpOrdersPrice spread, now +0.136%Rate

Funding earned: −$23.52
Price spread: +0.136% → −0.113%: $24.89
Slippage, 4 orders: −$14.51
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$34.14
Costs to cover: 0.355%
Break-even: never at this rate

Slippage from Bybit: live order book, 9 min ago; Coinbase International: live order book, 14 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 Bybit live order book, 9 min ago	0.52 bp	10.7 bp −$11	11.6 bp −$116	131.0 bp −$13.1K	doesn't fit
Sell Coinbase International live order book, 14 min ago	1.56 bp	6.6 bp −$7	9.6 bp −$96	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
GMX BRENTOIL/USD [ETH-USDC]	L −0.0746% / S +0.0472%	1h	95.895	−0.026%	$114K	—	29x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	95.923	+0.003%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTXshort	−0.0112%	1h	96.050	+0.136%	$232K	$859K	15x
BloFin BZ-USDT	−0.0023%	4h	95.880	−0.042%	$1.5M	$97K	50x	as long as short
Paradex BZ-USD-PERP	−0.0001%	8h	95.927	+0.007%	$3K	$521	5x	as long as short
Aster BZUSDT	0.0000%	4h	95.950	+0.032%	$333K	$1.6M	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.900	−0.021%	$145.6M	$491.5M	100x	as long as short
Bybit BZUSDTlong	0.0000%	8h	95.920	long leg	$10.2M	$17.2M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	95.860	−0.063%	$15.8M	$29.9M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	95.893	−0.028%	$2.2M	$1.3M	20x	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	95.870	−0.052%	$9.1M	$19.1M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	95.880	−0.042%	$27.5M	$24.0M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.913	−0.008%	$9.5M	$10.6M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	95.908	−0.012%	$34K	$396K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.920	0.000%	$4K	$2.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.870	−0.052%	$318K	$233K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	95.910	−0.010%	$1.2M	$101K	100x	as long as short
edgeX BZUSDC	+0.0012%	4h	95.913	−0.007%	$219K	$233K	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.849	−0.074%	$669K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.05	+4.306%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0048%	1h	95.900	−0.021%	$3.3M	$4.4M	20x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.935	+0.016%	$147.8M	$148.1M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	95.974	+0.056%	$1.5M	$540K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	95.890	−0.031%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.840	−0.083%	$3.8M	$1.0M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.920	0.000%	$25K	$270K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0158%	1h	95.920	0.000%	$81K	$258K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0210%	1h	95.964	+0.046%	$6K	$45K	5x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	+0.0271%	1h	95.940	+0.021%	$102K	$280K	15x	as long as short
Hotstuff BRENTOIL-PERP	+0.0328%	1h	95.940	+0.021%	$33K	—	20x	as long as short