BZ

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0340%/8h= −37.3% APRnext payment −$0.43 per $10,000 · paid last 24h −0.017%

Price spread now: Coinbase International against GMX−0.160%7-day average −0.106% · you buy dearer than you sell

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

Long on GMX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.109%−$11 on $10k

Price spread, last 3 days (all we have)+0.155%+$15 · spread now −0.160%, 7d avg −0.106%

Together, before fees+0.046%+$5 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Coinbase International is 0.054% cheaper against GMX than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of −0.106%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.109% in total (about -12.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.43 per $10,000. 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]	96.805	L +0.0204% / S +0.0107%	pay 0.0026% / 1h	42m 48s	$126K	—	111x
Short	Coinbase International BRENTOIL-PERP-INTX	96.650	−0.0136	pay 0.0017% / 1h	42m 48s	$234K	$421K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.160%Rate

Funding earned: −$71.49
Price spread: −0.160% → −0.106%: −$5.36
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$98.85
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Coinbase International: live order book, 25 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 Coinbase International live order book, 25 min ago	1.55 bp	6.6 bp −$7	8.8 bp −$88	doesn't fit	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 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	95.962	−0.871%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTXshort	−0.0136%	1h	96.650	−0.160%	$234K	$421K	15x
BloFin BZ-USDT	−0.0052%	4h	96.760	−0.046%	$1.5M	$90K	50x	as long as short
Hotstuff BRENTOIL-PERP	−0.0040%	1h	96.830	+0.026%	$33K	—	20x	as long as short
Aster BZUSDT	0.0000%	4h	96.793	−0.013%	$336K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.774	−0.032%	$146.1M	$390.7M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.760	−0.046%	$10.3M	$14.3M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.750	−0.057%	$15.9M	$23.2M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.810	+0.005%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.760	−0.046%	$9.2M	$12.7M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	96.790	−0.015%	$27.8M	$16.6M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.780	−0.026%	$9.3M	$7.2M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.800	−0.005%	$24K	$355K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.830	+0.026%	$4K	$2.6M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.820	+0.015%	$103K	$271K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.900	+0.098%	$308K	$284K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.790	−0.015%	$1.2M	$86K	100x	as long as short
edgeX BZUSDC	+0.0006%	4h	96.793	−0.013%	$222K	$234K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.326	+0.538%	—	—	—	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.760	−0.046%	$3.3M	$4.4M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.794	−0.011%	$672K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.83	+4.158%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0047%	8h	96.769	−0.037%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.788	−0.018%	$151.6M	$132.6M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.876	+0.073%	$1.5M	$486K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.800	−0.005%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.830	+0.026%	$3.8M	$894K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.770	−0.036%	$25K	$272K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0204% / S +0.0107%	1h	96.805	long leg	$126K	—	111x
Kraken Futures PF_BRENTOILUSD	+0.0253%	1h	96.811	+0.006%	$83K	$218K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0279%	1h	96.842	+0.039%	$7K	$44K	5x	as long as short