Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0328%/8h= −36.0% APRpaid last 24h +0.002%

Price spread now: HTX against GMX+0.015%7-day average −0.041% · you sell dearer than you buy

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

Long on GMX Short on HTX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.022%+$2 on $10k

Price spread, last 4 days (all we have)−0.039%−$4 · spread now +0.015%, 7d avg −0.041%

Together, before fees−0.017%−$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.057% dearer against GMX than usual: you sell high and buy low (spread +0.015% now, against its 7-day average of −0.041%): +$6 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 14 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.022% in total (about 2.4% 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]	97.495	L +0.0328% / S −0.2771%	pay 0.0041% / 1h	49m 34s	$116K	—	111x
Short	HTX BRENTOIL-USDT	97.510	0	get 0.0000% / 4h	49m 34s	$280K	$253K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$68.98
Price spread: +0.015% → −0.041%: $5.67
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee HTX: 6 bp × 2 orders: −$12
Net: −$87.31
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; HTX: live order book, 52 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 HTX live order book, 52 min ago	2.56 bp	9.6 bp −$10	10.6 bp −$106	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	97.155	−0.349%	$8K	$7K	30x	as long as short
Hotstuff BRENTOIL-PERP	−0.0096%	1h	97.440	−0.056%	$34K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0058%	1h	97.470	−0.026%	$100K	$253K	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.700	+0.210%	$237K	$412K	15x	as long as short
BloFin BZ-USDT	−0.0039%	4h	97.540	+0.046%	$1.5M	$95K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.456	−0.040%	$339K	$860K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.432	−0.064%	$148.4M	$352.4M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.380	−0.118%	$10.2M	$13.3M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.370	−0.128%	$16.1M	$19.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.427	−0.070%	$2.4M	$1.7M	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BZ_USDT	0.0000%	8h	97.390	−0.108%	$9.2M	$10.8M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.450	−0.046%	$27.9M	$18.2M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.526	+0.032%	$9.4M	$6.7M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.530	+0.036%	$18K	$329K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.490	−0.005%	$4K	$2.4M	20x	as long as short
HTX BRENTOIL-USDTshort	0.0000%	4h	97.510	+0.015%	$280K	$253K	75x
Phemex XBRUSDT	0.0000%	4h	97.500	+0.005%	$1.2M	$87K	100x	as long as short
edgeX BZUSDC	+0.0007%	4h	97.533	+0.039%	$225K	$228K	20x	as long as short
Vest BZ-PERP	+0.0008%	1h	101.67	+4.282%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.048	+0.567%	—	—	—	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.420	−0.077%	$3.3M	$3.9M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.410	−0.087%	$736K	$3.2M	10x	as long as short
Ondo Perps BRENT-USD.P	+0.0039%	1h	97.360	−0.138%	$3.1M	$1.0M	15x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.416	−0.081%	$2K	$921	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.442	−0.054%	$155.3M	$114.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.593	+0.101%	$1.6M	$462K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.440	−0.056%	$3.8M	$805K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.560	+0.067%	$26K	$273K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0100%	1h	97.613	+0.121%	$7K	$40K	5x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0113%	1h	97.520	+0.026%	$82K	$201K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0328% / S −0.2771%	1h	97.495	long leg	$116K	—	111x