Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0848%/8h= +92.8% APRpaid last 24h +0.009%

Price spread now: OKX against GMX−0.016%7-day average 0.000% · you buy dearer than you sell

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.052%+$5 on $10k

Price spread, last 3 days (all we have)+0.081%+$8 · spread now −0.016%, 7d avg 0.000%

Together, before fees+0.133%+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of 0.000%, so right now this pair is about funding alone: +$25 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.052% in total (about 6.0% 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]	96.215	L −0.0848% / S +0.0467%	get 0.0106% / 1h	18m 53s	$120K	—	111x
Short	OKX BZ-USDT-SWAP	96.200	0	get 0.0000% / 4h	18m 53s	$15.8M	$26.5M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.016%Rate

Funding earned: $178
Price spread: −0.016% → 0.000%: −$1.58
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: $154.42
Costs to cover: 0.220%
Break-even: 0.9 days

Slippage unknown: GMX: no order-book sample; OKX: live order book, 5 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 OKX live order book, 5 min ago	0.52 bp	7.1 bp −$7	10.7 bp −$107	26.5 bp −$2,653	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 −0.0848% / S +0.0467%	1h	96.215	long leg	$120K	—	111x
Injective BRENT/USDC PERP	−0.0220%	1h	95.348	−0.901%	$8K	$7K	30x	as long as short
Hotstuff BRENTOIL-PERP	−0.0112%	1h	96.250	+0.036%	$33K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0062%	1h	96.240	+0.026%	$103K	$275K	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0040%	1h	96.070	−0.151%	$232K	$551K	15x	as long as short
RISEx BZ/USDC	−0.0020%	1h	96.195	−0.021%	$2.2M	$1.3M	20x	as long as short
Aster BZUSDT	0.0000%	4h	96.210	−0.005%	$334K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.210	−0.005%	$145.8M	$454.1M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.220	+0.005%	$10.5M	$16.1M	100x	as long as short
OKX BZ-USDT-SWAPshort	0.0000%	4h	96.200	−0.016%	$15.8M	$26.5M	50x

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BZ_USDT	0.0000%	8h	96.190	−0.026%	$9.2M	$16.4M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.230	+0.016%	$27.6M	$20.5M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.172	−0.045%	$9.3M	$7.7M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.220	+0.005%	$34K	$375K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.230	+0.016%	$4K	$2.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.150	−0.068%	$306K	$249K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.320	+0.109%	$1.2M	$94K	100x	as long as short
edgeX BZUSDC	+0.0013%	4h	96.203	−0.013%	$220K	$233K	20x	as long as short
Paradex BZ-USD-PERP	+0.0026%	8h	96.182	−0.034%	$3K	$521	5x	as long as short
BloFin BZ-USDT	+0.0036%	4h	96.190	−0.026%	$1.5M	$96K	50x	as long as short
Vest BZ-PERP	+0.0046%	1h	99.870	+3.799%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.247	+0.033%	$151.1M	$144.0M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.262	+0.049%	$1.5M	$527K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0075%	1h	96.270	+0.057%	$6K	$44K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.140	−0.078%	$3.8M	$988K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.170	−0.047%	$25K	$271K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0113%	1h	96.261	+0.048%	$83K	$234K	20x	as long as short
Lighter BRENTOIL	+0.0304%	1h	96.240	+0.026%	$3.3M	$4.3M	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0395%	1h	96.160	−0.057%	$3.1M	$1.1M	15x	as long as short
Extended XBR-USD	+0.0592%	1h	96.117	−0.102%	$675K	$5.2M	10x	as long as short