Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.061%

Price spread now: Phemex against Bybit+0.010%53s7-day average +0.219% · you sell dearer than you buy

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

Long on Bybit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.740%+$74 on $10k

Price spread, last 3 days (all we have)+0.267%+$27 · spread now +0.010%, 7d avg +0.219%

Together, before fees+1.007%+$101 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.208% cheaper against Bybit than usual: you would sell low and buy high, −$21 on $10k if it goes back to its 7-day average of +0.219%. The two prices were read 53 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	96.020	0	get 0.0000% / 8h	1h 14m	$10.3M	$15.9M	100x
Short	Phemex XBRUSDT	96.030	0	get 0.0000% / 4h	1h 14m	$1.2M	$100K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.010%Rate

Funding earned: $0
Price spread: +0.010% → +0.219%: −$20.82
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$43.82
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; Phemex: live order book, 3 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 Bybit live order book, 4 min ago	0.52 bp	9.9 bp −$10	16.3 bp −$163	110.3 bp −$11.0K	doesn't fit
Sell Phemex live order book, 3 min ago	8.84 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
GMX BRENTOIL/USD [ETH-USDC]	L −0.0848% / S +0.0467%	1h	96.025	+0.005%	$120K	—	111x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	95.249	−0.803%	$8K	$7K	30x	as long as short
RISEx BZ/USDC	−0.0075%	1h	96.020	0.000%	$2.2M	$1.3M	20x	as long as short
Ondo Perps BRENT-USD.P	−0.0030%	1h	95.970	−0.052%	$3.0M	$1.1M	15x	as long as short
BloFin BZ-USDT	−0.0028%	4h	95.990	−0.031%	$1.5M	$95K	50x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0016%	1h	96.050	+0.031%	$232K	$638K	15x	as long as short
Aster BZUSDT	0.0000%	4h	96.012	−0.008%	$334K	$1.5M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.030	+0.010%	$145.7M	$476.0M	100x	as long as short
Bybit BZUSDTlong	0.0000%	8h	96.020	long leg	$10.3M	$15.9M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	96.010	−0.010%	$15.8M	$27.2M	50x	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	95.980	−0.042%	$9.2M	$18.0M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.020	0.000%	$27.4M	$21.3M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.993	−0.028%	$9.3M	$8.2M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	95.971	−0.051%	$34K	$388K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.040	+0.021%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.050	+0.031%	$102K	$279K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.940	−0.083%	$305K	$259K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	96.030	+0.010%	$1.2M	$100K	100x
edgeX BZUSDC	+0.0006%	4h	96.023	+0.003%	$220K	$234K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0008%	1h	96.054	+0.035%	$6K	$45K	5x	as long as short
Paradex BZ-USD-PERP	+0.0017%	8h	96.005	−0.016%	$3K	$521	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.020	0.000%	$3.3M	$4.2M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.938	−0.086%	$670K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	99.800	+3.937%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.043	+0.024%	$147.8M	$146.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.086	+0.069%	$1.5M	$529K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.040	+0.021%	$3.7M	$999K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.090	+0.073%	$25K	$271K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0184%	1h	96.070	+0.052%	$33K	—	20x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0555%	1h	96.059	+0.041%	$81K	$235K	20x	as long as short