Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0329%/8h= −36.0% APRpaid last 24h +0.022%

Price spread now: Phemex against GMX−0.036%52s7-day average +0.209% · you buy dearer than you sell

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.425%+$43 on $10k

Price spread, last 4 days (all we have)+0.391%+$39 · spread now −0.036%, 7d avg +0.209%

Together, before fees+0.816%+$82 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 Phemex is 0.245% cheaper against GMX than usual: you would sell low and buy high (−$24 if the spread goes back to its 7-day average of +0.209%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.425%, so the current rate has only just turned against you. The two prices were read 52 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]	97.825	L +0.0329% / S −0.2771%	pay 0.0041% / 1h	50m 29s	$116K	—	111x
Short	Phemex XBRUSDT	97.790	0	get 0.0000% / 4h	1h 50m	$1.2M	$80K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$69.1
Price spread: −0.036% → +0.209%: −$24.46
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$117.56
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 2 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 Phemex live order book, 2 min ago	1.02 bp	doesn't fit	doesn't fit	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	96.817	−1.030%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.530	−0.302%	$235K	$416K	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.844	+0.019%	$340K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.840	+0.015%	$147.9M	$353.5M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.820	−0.005%	$10.3M	$12.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.810	−0.015%	$16.1M	$20.0M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.807	−0.019%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.780	−0.046%	$9.3M	$10.8M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.850	+0.026%	$27.9M	$17.4M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.789	−0.037%	$9.4M	$6.8M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT BZ_USDT_Perp	0.0000%	4h	97.771	−0.055%	$34K	$307K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.820	−0.005%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.800	−0.026%	$100K	$251K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.770	−0.056%	$281K	$253K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	97.790	−0.036%	$1.2M	$80K	100x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.378	+0.565%	—	—	—	as long as short
Vest BZ-PERP	+0.0012%	1h	101.92	+4.186%	—	$735K	10x	as long as short
edgeX BZUSDC	+0.0014%	4h	97.767	−0.059%	$225K	$228K	20x	as long as short
Hotstuff BRENTOIL-PERP	+0.0016%	1h	97.810	−0.015%	$34K	—	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.820	−0.005%	$3.3M	$4.0M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.839	+0.015%	$678K	$3.5M	10x	as long as short
BloFin BZ-USDT	+0.0037%	4h	97.760	−0.066%	$1.5M	$98K	50x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.833	+0.008%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.839	+0.014%	$154.9M	$118.8M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.870	+0.046%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.770	−0.056%	$3.1M	$997K	15x	as long as short
Aftermath Perps BRENTUSD	+0.0076%	1h	97.744	−0.083%	$7K	$41K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.850	+0.026%	$3.8M	$830K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.790	−0.036%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0158%	1h	97.791	−0.035%	$82K	$208K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0329% / S −0.2771%	1h	97.825	long leg	$116K	—	111x