Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: Injective against Bybit−0.869%108s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 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 −$7 a day on $10k at the current rate, and Injective is 0.869% cheaper against Bybit than usual: you would sell low and buy high (−$87 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 108 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	Bybit BZUSDT	95.920	0	get 0.0000% / 8h	1h 27m	$10.2M	$16.6M	100x
Short	Injective BRENT/USDC PERP	95.086	−0.0220	pay 0.0028% / 1h	27m 30s	$8K	$7K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.869%Rate

Funding earned: −$46.2
Price spread: −0.869% → 0.000%: −$86.95
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$144.17
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 1 min ago; Injective: no order-book sample. 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 Bybit live order book, 1 min ago	0.52 bp	9.4 bp −$9	16.5 bp −$165	111.0 bp −$11.1K	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 −0.0848% / S +0.0467%	1h	95.925	+0.005%	$120K	—	29x	as long as short
Injective BRENT/USDC PERPshort	−0.0220%	1h	95.086	−0.869%	$8K	$7K	30x
Ondo Perps BRENT-USD.P	−0.0202%	1h	95.890	−0.031%	$3.0M	$1.1M	15x	as long as short
Hotstuff BRENTOIL-PERP	−0.0080%	1h	95.950	+0.031%	$33K	—	20x	as long as short
RISEx BZ/USDC	−0.0075%	1h	95.913	−0.007%	$2.2M	$1.3M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0063%	1h	95.950	+0.031%	$102K	$279K	15x	as long as short
BloFin BZ-USDT	−0.0022%	4h	95.930	+0.010%	$1.5M	$95K	50x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0016%	1h	96.050	+0.136%	$232K	$647K	15x	as long as short
Aster BZUSDT	0.0000%	4h	95.910	−0.010%	$333K	$1.5M	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.926	+0.006%	$145.5M	$479.3M	100x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit BZUSDTlong	0.0000%	8h	95.920	long leg	$10.2M	$16.6M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	95.920	0.000%	$15.8M	$27.5M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	95.880	−0.042%	$9.2M	$18.0M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	95.930	+0.010%	$27.4M	$21.9M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.913	−0.007%	$9.2M	$8.3M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	95.936	+0.016%	$34K	$388K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.940	+0.021%	$4K	$2.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.890	−0.031%	$305K	$259K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	95.890	−0.031%	$1.2M	$100K	100x	as long as short
edgeX BZUSDC	+0.0001%	4h	95.941	+0.021%	$220K	$232K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0003%	1h	95.923	+0.003%	$5K	$45K	5x	as long as short
Paradex BZ-USD-PERP	+0.0008%	8h	95.923	+0.003%	$3K	$521	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	95.940	+0.021%	$3.3M	$4.2M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.906	−0.014%	$670K	$5.3M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	99.800	+4.045%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.957	+0.039%	$147.5M	$146.9M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	95.981	+0.064%	$1.5M	$529K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.930	+0.010%	$3.7M	$1.0M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.980	+0.063%	$25K	$271K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0555%	1h	95.955	+0.036%	$81K	$240K	20x	as long as short