Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0759%/8h= +83.1% APRpaid last 24h −0.020%

Price spread now: BloFin against GMX−0.036%51s7-day average −0.006% · you buy dearer than you sell

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

Long on GMX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.036%+$4 on $10k

Price spread, last 3 days (all we have)−0.045%−$4 · spread now −0.036%, 7d avg −0.006%

Together, before fees−0.009%−$1 on $10k · with fees, hour by hour

Funding pays, the price is against you. BloFin is 0.031% cheaper against GMX than usual: you would sell low and buy high (spread −0.036% now, against its 7-day average of −0.006%). If the spread goes back, that is −$3 on $10k: about 3 hours of funding at the current rate (+$23 a day). At the pace of the last 3 days (+0.036% in total) that is about 2.6 days. The two prices were read 51 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 0.036% in total (about 4.3% 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	GMX BRENTOIL/USD [ETH-USDC]	96.015	L −0.0787% / S +0.0479%	get 0.0098% / 1h	59m 42s	$114K	—	29x
Short	BloFin BZ-USDT	95.980	−0.0028	pay 0.0014% / 4h	1h 59m	$1.5M	$96K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against GMX. 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 GMXbpFee BloFinbpOrdersPrice spread, now −0.036%Rate

Funding earned: $159.43
Price spread: −0.036% → −0.006%: −$3.07
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: $132.36
Costs to cover: 0.240%
Break-even: 1.2 days

Slippage unknown: GMX: no order-book sample; BloFin: 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 GMX no order-book sample	—	—	—	—	—
Sell BloFin live order book, 3 min ago	1.04 bp	9.2 bp −$9	13.7 bp −$137	30.8 bp −$3,083	doesn't fit

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]long	L −0.0787% / S +0.0479%	1h	96.015	long leg	$114K	—	29x
Injective BRENT/USDC PERP	−0.0220%	1h	95.923	−0.096%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0112%	1h	96.050	+0.036%	$232K	$859K	15x	as long as short
Hotstuff BRENTOIL-PERP	−0.0032%	1h	96.010	−0.005%	$33K	—	20x	as long as short
BloFin BZ-USDTshort	−0.0028%	4h	95.980	−0.036%	$1.5M	$96K	50x
Aster BZUSDT	0.0000%	4h	95.998	−0.018%	$335K	$1.5M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.020	+0.005%	$145.8M	$490.6M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.000	−0.016%	$10.2M	$17.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.010	−0.005%	$15.8M	$29.8M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	95.990	−0.026%	$2.2M	$1.3M	20x	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	−0.036%	$9.2M	$19.2M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.010	−0.005%	$27.5M	$23.8M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.992	−0.024%	$9.2M	$10.5M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	95.929	−0.090%	$34K	$396K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.030	+0.016%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.040	+0.026%	$102K	$279K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.960	−0.057%	$318K	$233K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.000	−0.016%	$1.2M	$100K	100x	as long as short
Paradex BZ-USD-PERP	+0.0001%	8h	95.992	−0.024%	$3K	$521	5x	as long as short
edgeX BZUSDC	+0.0017%	4h	95.990	−0.026%	$220K	$234K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	95.940	−0.078%	$3.3M	$4.2M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.999	−0.017%	$669K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.05	+4.202%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.005	−0.010%	$147.9M	$148.3M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.065	+0.052%	$1.5M	$538K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	95.950	−0.068%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.920	−0.099%	$3.8M	$1.0M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.010	−0.005%	$25K	$270K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0158%	1h	96.033	+0.019%	$81K	$258K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0190%	1h	95.980	−0.036%	$6K	$45K	5x	as long as short