Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.014%

Price spread now: Extended against GRVT−0.092%92s7-day average +0.003% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.245% of the position

Long on GRVT Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days+0.016%+$2 on $10k

Price spread, last 4 days (all we have)+0.090%+$9 · spread now −0.092%, 7d avg +0.003%

Together, before fees+0.107%+ Points / potential airdropGRVT: Active · Extended: Active · farm board+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.094% cheaper against GRVT than usual: you would sell low and buy high (spread −0.092% now, against its 7-day average of +0.003%). If the spread goes back, that is −$9 on $10k: about 9.8 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.016% in total) that is about 41 days. The two prices were read 92 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	GRVT BZ_USDT_Perp	97.864	0	get 0.0000% / 4h	1h 31m	$24K	$305K	25x
Short	Extended XBR-USD	97.775	0.0032	get 0.0004% / 1h	31m 54s	$682K	$3.3M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against GRVT. 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 GRVTbpFee ExtendedbpOrdersPrice spread, now −0.092%Rate

Funding earned: $6.72
Price spread: −0.092% → +0.003%: −$9.42
Slippage, 4 orders: −$10.51
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$27.22
Costs to cover: 0.245%
Break-even: 35.4 days

Slippage from GRVT: live order book, 11 min ago; Extended: live order book, 2 min ago.

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 GRVT live order book, 11 min ago	0.51 bp	7.8 bp −$8	10.2 bp −$102	doesn't fit	doesn't fit
Sell Extended live order book, 2 min ago	1.89 bp	5.1 bp −$5	16.5 bp −$165	doesn't fit	doesn't fit

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	97.018	−0.865%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.810	−0.056%	$236K	$417K	15x	as long as short
BloFin BZ-USDT	−0.0018%	4h	97.810	−0.056%	$1.5M	$97K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.787	−0.079%	$340K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.788	−0.078%	$147.8M	$349.6M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.760	−0.107%	$10.5M	$13.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.770	−0.096%	$16.1M	$19.7M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.756	−0.111%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.740	−0.127%	$9.3M	$11.0M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.780	−0.086%	$28.0M	$17.3M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni BZ	0.0000%	4h	97.798	−0.068%	$9.4M	$6.9M	—	as long as short
GRVT BZ_USDT_Perplong	0.0000%	4h	97.864	long leg	$24K	$305K	25x
SunX BRENTOIL-USDT	0.0000%	4h	97.820	−0.045%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.780	−0.086%	$100K	$252K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.750	−0.117%	$281K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.790	−0.076%	$1.2M	$86K	100x	as long as short
Vest BZ-PERP	+0.0010%	1h	101.92	+4.144%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.338	+0.483%	—	—	—	as long as short
edgeX BZUSDC	+0.0015%	4h	97.857	−0.007%	$225K	$228K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.770	−0.096%	$3.3M	$4.1M	20x	as long as short
Extended XBR-USDshort	+0.0032%	1h	97.775	−0.092%	$682K	$3.3M	10x
Paradex BZ-USD-PERP	+0.0050%	8h	97.803	−0.063%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.784	−0.082%	$155.2M	$116.0M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.813	−0.052%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.750	−0.117%	$3.1M	$994K	15x	as long as short
Hotstuff BRENTOIL-PERP	+0.0056%	1h	97.810	−0.056%	$34K	—	20x	as long as short
Aftermath Perps BRENTUSD	+0.0081%	1h	97.817	−0.049%	$7K	$41K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.790	−0.076%	$3.8M	$809K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.860	−0.004%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0158%	1h	97.773	−0.093%	$82K	$206K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0329% / S −0.2771%	1h	97.775	−0.091%	$116K	—	111x	as long as short