Funding arb · Price arb /

BZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0104%/8h= +11.4% APRpaid last 24h +0.040%

Price spread now: Phemex against Coinbase International+0.010%7-day average +0.325% · you sell dearer than you buy

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

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.673%+$67 on $10k

Price spread, last 4 days (all we have)+0.396%+$40 · spread now +0.010%, 7d avg +0.325%

Together, before fees+1.069%+$107 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.315% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.010% now, against its 7-day average of +0.325%). If the spread goes back, that is −$31 on $10k: about 10 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.673% in total) that is about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BRENTOIL-PERP-INTX	96.990	−0.0104	get 0.0013% / 1h	9m 57s	$234K	$433K	15x
Short	Phemex XBRUSDT	97.000	0	get 0.0000% / 4h	1h 09m	$1.2M	$86K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.010%Rate

Funding earned: $21.84
Price spread: +0.010% → +0.325%: −$31.46
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$31.62
Costs to cover: 0.220%
Break-even: 17.1 days

Slippage unknown: Coinbase International: live order book, 53 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 Coinbase International live order book, 53 min ago	0.52 bp	6.6 bp −$7	9.4 bp −$94	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	8.76 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

BZ on 31 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	96.141	−0.875%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTXlong	−0.0104%	1h	96.990	long leg	$234K	$433K	15x
Aster BZUSDT	0.0000%	4h	97.002	+0.012%	$337K	$984K	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.990	0.000%	$146.6M	$372.4M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.980	−0.010%	$10.3M	$13.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.010	+0.021%	$16.0M	$20.4M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.001	+0.012%	$2.3M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.960	−0.031%	$9.2M	$12.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.010	+0.021%	$27.4M	$16.3M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.976	−0.014%	$9.4M	$7.1M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT BZ_USDT_Perp	0.0000%	4h	97.018	+0.029%	$37K	$343K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.030	+0.041%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.010	+0.021%	$104K	$247K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.970	−0.021%	$278K	$268K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	97.000	+0.010%	$1.2M	$86K	100x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.559	+0.586%	—	—	—	as long as short
edgeX BZUSDC	+0.0012%	4h	96.993	+0.003%	$222K	$226K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.020	+0.031%	$3.3M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.010	+0.020%	$675K	$4.7M	10x	as long as short
Vest BZ-PERP	+0.0040%	1h	101.09	+4.227%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.012	+0.022%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.020	+0.031%	$152.0M	$125.3M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.074	+0.087%	$1.5M	$444K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.950	−0.041%	$3.1M	$1.1M	15x	as long as short
BloFin BZ-USDT	+0.0053%	4h	97.010	+0.021%	$1.5M	$91K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0064%	1h	97.020	+0.031%	$33K	—	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.040	+0.052%	$3.8M	$873K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.010	+0.021%	$25K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0133%	1h	96.998	+0.008%	$7K	$43K	5x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0185% / S +0.0028%	1h	97.005	+0.015%	$126K	—	111x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0298%	1h	97.027	+0.038%	$84K	$218K	20x	as long as short