Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0319%/8h= −35.0% APRpaid last 24h −0.001%

Price spread now: edgeX against GMX−0.229%50s7-day average −0.031% · you buy dearer than you sell

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

Long on GMX Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.116%+$12 on $10k

Price spread, last 4 days (all we have)+0.497%+$50 · spread now −0.229%, 7d avg −0.031%

Together, before fees+0.613%+ Points / potential airdropedgeX: Active · farm board+$61 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 edgeX is 0.198% cheaper against GMX than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.031%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.116%, so the current rate has only just turned against you. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BRENTOIL/USD [ETH-USDC]	97.465	L +0.0329% / S −0.2771%	pay 0.0041% / 1h	28m 51s	$116K	—	111x
Short	edgeX BZUSDC	97.242	0.0009	get 0.0005% / 4h	3h 28m	$223K	$230K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against GMX. 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 GMXbpFee edgeXbpOrdersPrice spread, now −0.229%Rate

Funding earned: −$67.08
Price spread: −0.229% → −0.031%: −$19.77
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: −$107.85
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; edgeX: 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 edgeX live order book, 3 min ago	10.28 bp	14.8 bp −$15	16.7 bp −$167	63.2 bp −$6,319	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
Deribit BRENTOIL_USDC-PERPETUAL	−0.0262%	1h	97.570	+0.108%	$100K	$264K	15x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	96.342	−1.152%	$8K	$7K	30x	as long as short
Hotstuff BRENTOIL-PERP	−0.0176%	1h	97.530	+0.067%	$34K	—	20x	as long as short
Ondo Perps BRENT-USD.P	−0.0073%	1h	97.470	+0.005%	$3.1M	$1.0M	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.230	−0.241%	$237K	$407K	15x	as long as short
GRVT BZ_USDT_Perp	−0.0052%	4h	97.256	−0.215%	$13K	$340K	25x	as long as short
RISEx BZ/USDC	−0.0039%	1h	97.508	+0.044%	$2.4M	$1.8M	20x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0002%	1h	97.568	+0.106%	$82K	$197K	20x	as long as short
Aster BZUSDT	0.0000%	4h	97.647	+0.186%	$339K	$735K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.648	+0.187%	$149.2M	$355.5M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit BZUSDT	0.0000%	8h	97.640	+0.180%	$10.3M	$13.3M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.640	+0.180%	$16.3M	$20.0M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	97.560	+0.097%	$9.3M	$10.5M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.640	+0.180%	$28.0M	$18.9M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.269	−0.201%	$9.4M	$6.1M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.590	+0.128%	$4K	$2.4M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.270	−0.200%	$279K	$251K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.550	+0.087%	$1.2M	$83K	100x	as long as short
Vest BZ-PERP	+0.0008%	1h	101.49	+4.130%	—	$735K	10x	as long as short
BloFin BZ-USDT	+0.0009%	4h	97.560	+0.097%	$1.6M	$101K	50x	as long as short
edgeX BZUSDCshort	+0.0009%	4h	97.242	−0.229%	$223K	$230K	20x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.109	+0.661%	—	—	—	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.640	+0.180%	$3.4M	$4.3M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.653	+0.193%	$753K	$2.7M	10x	as long as short
Paradex BZ-USD-PERP	+0.0046%	8h	97.526	+0.063%	$2K	$1K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.685	+0.226%	$155.4M	$116.8M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.550	+0.087%	$1.6M	$344K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0070%	1h	97.377	−0.090%	$7K	$39K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.630	+0.169%	$3.8M	$790K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.280	−0.190%	$25K	$273K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0329% / S −0.2771%	1h	97.465	long leg	$116K	—	111x