Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h +0.011%

Price spread now: Phemex against Hotstuff+0.082%7-day average — · you sell dearer than you buy

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

Long on Hotstuff Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Phemex is 0.082% dearer against Hotstuff than usual: you sell high and buy low: +$8 more if the spread goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BRENTOIL-PERP	97.250	−0.0040	get 0.0005% / 1h	21m 28s	$34K	—	20x
Short	Phemex XBRUSDT	97.330	0	get 0.0000% / 4h	21m 28s	$1.2M	$84K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Hotstuff. 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 HotstuffbpFee PhemexbpOrdersPrice spread, now +0.082%Rate

Funding earned: $8.4
Price spread: +0.082% → 0.000%: $8.23
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$0.37
Costs to cover: 0.170%
Break-even: 7.3 days

Slippage unknown: Hotstuff: no order-book sample; Phemex: live order book, 1 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	8.73 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Hotstuff: 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	96.571	−0.698%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.240	−0.010%	$234K	$437K	15x	as long as short
Hotstuff BRENTOIL-PERPlong	−0.0040%	1h	97.250	long leg	$34K	—	20x
Aster BZUSDT	0.0000%	4h	97.220	−0.031%	$338K	$954K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.191	−0.061%	$147.1M	$369.8M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.180	−0.072%	$10.4M	$12.9M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.170	−0.082%	$16.1M	$20.3M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.189	−0.063%	$2.2M	$1.4M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.160	−0.093%	$9.2M	$12.2M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.200	−0.051%	$27.6M	$16.5M	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	97.167	−0.085%	$9.4M	$6.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.210	−0.041%	$29K	$361K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.230	−0.021%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.220	−0.031%	$104K	$233K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.140	−0.113%	$279K	$268K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	97.330	+0.082%	$1.2M	$84K	100x
edgeX BZUSDC	+0.0007%	4h	97.189	−0.063%	$223K	$227K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.755	+0.519%	—	—	—	as long as short
BloFin BZ-USDT	+0.0016%	4h	97.210	−0.041%	$1.5M	$92K	50x	as long as short
Vest BZ-PERP	+0.0032%	1h	101.21	+4.072%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.220	−0.031%	$3.3M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.200	−0.052%	$680K	$4.4M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.199	−0.053%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.262	+0.012%	$153.5M	$126.9M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.253	+0.003%	$1.6M	$491K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.150	−0.103%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.250	0.000%	$3.8M	$871K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.180	−0.072%	$25K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0109%	1h	97.281	+0.032%	$7K	$43K	5x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0142%	1h	97.231	−0.020%	$84K	$206K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0203% / S −0.0087%	1h	97.205	−0.046%	$126K	—	111x	as long as short