Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0099%/8h= +10.8% APRpaid last 24h +0.005%

Price spread now: GRVT against GMX−0.091%69s7-day average +0.019% · you buy dearer than you sell

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

Long on GMX Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.126%+$13 on $10k

Price spread, last 3 days (all we have)+0.151%+$15 · spread now −0.091%, 7d avg +0.019%

Together, before fees+0.277%+ Points / potential airdropGRVT: Active · farm board+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. GRVT is 0.110% cheaper against GMX than usual: you would sell low and buy high (spread −0.091% now, against its 7-day average of +0.019%). If the spread goes back, that is −$11 on $10k: about 3.7 days of funding at the current rate (+$3 a day). The two prices were read 69 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]	96.455	L −0.0099% / S +0.0137%	get 0.0012% / 1h	34m 05s	$33K	—	111x
Short	GRVT BZ_USDT_Perp	96.367	0	get 0.0000% / 4h	3h 34m	$24K	$375K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.091%Rate

Funding earned: $20.7
Price spread: −0.091% → +0.019%: −$10.99
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$11.29
Costs to cover: 0.210%
Break-even: 10.8 days

Slippage unknown: GMX: no order-book sample; GRVT: live order book, 38 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 GRVT live order book, 38 min ago	0.52 bp	6.8 bp −$7	9.9 bp −$99	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	95.669	−0.815%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.070	−0.399%	$232K	$468K	15x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L −0.0099% / S +0.0137%	1h	96.455	long leg	$33K	—	111x
BloFin BZ-USDT	−0.0013%	4h	96.470	+0.016%	$1.5M	$95K	50x	as long as short
Aster BZUSDT	0.0000%	4h	96.459	+0.004%	$335K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.470	+0.016%	$145.6M	$426.2M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.460	+0.005%	$10.4M	$16.0M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.460	+0.005%	$15.9M	$25.3M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.447	−0.008%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.420	−0.036%	$9.2M	$14.3M	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	96.460	+0.005%	$27.6M	$19.8M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.460	+0.005%	$9.3M	$7.5M	—	as long as short
GRVT BZ_USDT_Perpshort	0.0000%	4h	96.367	−0.091%	$24K	$375K	25x
SunX BRENTOIL-USDT	0.0000%	4h	96.470	+0.016%	$4K	$2.6M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.500	+0.047%	$103K	$271K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.440	−0.016%	$307K	$229K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.470	+0.016%	$1.2M	$94K	100x	as long as short
edgeX BZUSDC	+0.0007%	4h	96.402	−0.055%	$221K	$233K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	96.986	+0.551%	—	—	—	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0020%	1h	96.478	+0.023%	$83K	$235K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0022%	1h	96.420	−0.036%	$3.1M	$1.1M	15x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.450	−0.005%	$3.4M	$4.3M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.470	+0.015%	$746K	$5.4M	10x	as long as short
Paradex BZ-USD-PERP	+0.0042%	8h	96.448	−0.008%	$3K	$521	5x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.54	+4.235%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.488	+0.034%	$151.5M	$142.3M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.516	+0.063%	$1.5M	$511K	20x	as long as short
Hotstuff BRENTOIL-PERP	+0.0080%	1h	96.480	+0.026%	$33K	—	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.490	+0.036%	$3.8M	$986K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.480	+0.026%	$25K	$272K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0457%	1h	96.472	+0.018%	$7K	$45K	5x	as long as short