Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0467%/8h= −51.1% APRpaid last 24h −0.055%

Price spread now: GMX against edgeX+0.053%70s7-day average +0.018% · you sell dearer than you buy

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

Long on edgeX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.025%−$2 on $10k

Price spread, last 3 days (all we have)−0.153%−$15 · spread now +0.053%, 7d avg +0.018%

Together, before fees−0.178%+ Points / potential airdropedgeX: Active · farm board−$18 on $10k · with fees, hour by hour

The price spread pays, funding is against you. GMX is 0.035% dearer against edgeX than usual: you sell high and buy low (spread +0.053% now, against its 7-day average of +0.018%): +$4 on $10k if it goes back. Holding the pair costs −$14 a day in funding at the current rate, which eats that in about 6 hours. At the pace of the last 3 days (−0.025% in total) that is about 4.4 days. The two prices were read 70 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.025% in total (about -2.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX BZUSDC	95.954	0.0000	pay 0.0000% / 4h	1h 16m	$220K	$233K	20x
Short	GMX BRENTOIL/USD [ETH-USDC]	96.005	L −0.0848% / S +0.0467%	pay 0.0058% / 1h	16m 09s	$120K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against edgeX. 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 edgeXbpFee GMXbpOrdersPrice spread, now +0.053%Rate

Funding earned: −$98.04
Price spread: +0.053% → +0.018%: $3.5
Slippage, 4 orders: no order book: not counted
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee GMX: 6 bp × 2 orders: −$12
Net: −$115.54
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: edgeX: live order book, 1 min ago; GMX: 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 edgeX live order book, 1 min ago	10.42 bp	14.9 bp −$15	15.6 bp −$156	59.9 bp −$5,994	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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]short	L −0.0848% / S +0.0467%	1h	96.005	+0.053%	$120K	—	111x
Injective BRENT/USDC PERP	−0.0220%	1h	95.249	−0.735%	$8K	$7K	30x	as long as short
RISEx BZ/USDC	−0.0075%	1h	96.017	+0.066%	$2.2M	$1.3M	20x	as long as short
Ondo Perps BRENT-USD.P	−0.0053%	1h	95.990	+0.037%	$3.0M	$1.1M	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0016%	1h	96.050	+0.100%	$232K	$638K	15x	as long as short
BloFin BZ-USDT	−0.0005%	4h	96.030	+0.079%	$1.5M	$95K	50x	as long as short
Aster BZUSDT	0.0000%	4h	96.029	+0.078%	$334K	$1.5M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.010	+0.058%	$145.6M	$476.3M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.020	+0.068%	$10.3M	$15.9M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.000	+0.048%	$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	95.970	+0.016%	$9.2M	$18.0M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.000	+0.048%	$27.4M	$21.3M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.963	+0.009%	$9.2M	$8.2M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.005	+0.053%	$34K	$388K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.030	+0.079%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.030	+0.079%	$102K	$279K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.940	−0.015%	$305K	$259K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.030	+0.079%	$1.2M	$100K	100x	as long as short
edgeX BZUSDClong	0.0000%	4h	95.954	long leg	$220K	$233K	20x
Aftermath Perps BRENTUSD	+0.0006%	1h	96.053	+0.103%	$6K	$45K	5x	as long as short
Paradex BZ-USD-PERP	+0.0017%	8h	96.004	+0.052%	$3K	$521	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.020	+0.068%	$3.3M	$4.2M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.933	−0.022%	$670K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.04	+4.258%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.054	+0.104%	$147.8M	$146.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.076	+0.127%	$1.5M	$529K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.040	+0.089%	$3.7M	$999K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.030	+0.079%	$25K	$271K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0208%	1h	96.070	+0.120%	$33K	—	20x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0555%	1h	96.048	+0.098%	$81K	$235K	20x	as long as short