Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0062%/8h= +6.8% APRpaid last 24h +0.088%

Price spread now: Phemex against Deribit+0.156%7-day average +0.212% · you sell dearer than you buy

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

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.720%+$72 on $10k

Price spread, last 3 days (all we have)+0.199%+$20 · spread now +0.156%, 7d avg +0.212%

Together, before fees+0.919%+$92 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.056% cheaper against Deribit than usual: you would sell low and buy high (spread +0.156% now, against its 7-day average of +0.212%). If the spread goes back, that is −$6 on $10k: about 3.0 days of funding at the current rate (+$2 a day). At the pace of the last 4 days (+0.720% in total) that is about 7 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BRENTOIL_USDC-PERPETUAL	96.210	−0.0062	get 0.0008% / 1h	21m 24s	$103K	$275K	15x
Short	Phemex XBRUSDT	96.360	0	get 0.0000% / 4h	21m 24s	$1.2M	$94K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.156%Rate

Funding earned: $12.96
Price spread: +0.156% → +0.212%: −$5.63
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$11.67
Costs to cover: 0.190%
Break-even: 13.3 days

Slippage unknown: Deribit: live order book, 57 min ago; Phemex: live order book, 1 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 Deribit live order book, 57 min ago	0.52 bp	4.0 bp −$4	4.8 bp −$48	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	9.85 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	96.175	−0.036%	$120K	—	111x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	95.348	−0.896%	$8K	$7K	30x	as long as short
Deribit BRENTOIL_USDC-PERPETUALlong	−0.0062%	1h	96.210	long leg	$103K	$275K	15x
Coinbase International BRENTOIL-PERP-INTX	−0.0040%	1h	96.070	−0.146%	$232K	$570K	15x	as long as short
BloFin BZ-USDT	−0.0039%	4h	96.200	−0.010%	$1.5M	$96K	50x	as long as short
RISEx BZ/USDC	−0.0020%	1h	96.172	−0.040%	$2.2M	$1.3M	20x	as long as short
Aster BZUSDT	0.0000%	4h	96.208	−0.002%	$334K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.170	−0.041%	$145.8M	$455.2M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.190	−0.021%	$10.3M	$16.0M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.170	−0.042%	$15.8M	$26.7M	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	96.130	−0.083%	$9.2M	$16.4M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.180	−0.031%	$27.6M	$20.6M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.254	+0.046%	$9.3M	$7.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.220	+0.010%	$34K	$375K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.200	−0.010%	$4K	$2.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.150	−0.062%	$306K	$249K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	96.360	+0.156%	$1.2M	$94K	100x
edgeX BZUSDC	+0.0013%	4h	96.203	−0.008%	$220K	$233K	20x	as long as short
Paradex BZ-USD-PERP	+0.0025%	8h	96.174	−0.037%	$3K	$521	5x	as long as short
Vest BZ-PERP	+0.0046%	1h	99.780	+3.711%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.233	+0.024%	$151.1M	$144.0M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.255	+0.047%	$1.5M	$527K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0073%	1h	96.270	+0.062%	$6K	$44K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.110	−0.104%	$3.8M	$987K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.170	−0.042%	$25K	$271K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0112%	1h	96.260	+0.052%	$33K	—	20x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0113%	1h	96.226	+0.017%	$83K	$234K	20x	as long as short
Lighter BRENTOIL	+0.0312%	1h	96.230	+0.021%	$3.3M	$4.3M	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0391%	1h	96.130	−0.083%	$3.1M	$1.1M	15x	as long as short
Extended XBR-USD	+0.0616%	1h	96.110	−0.104%	$670K	$5.2M	10x	as long as short