Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0220%/8h= +24.1% APRpaid last 24h +0.066%

Price spread now: Bybit against Injective+0.928%68s7-day average — · you sell dearer than you buy

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

Long on Injective Short on Bybit

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—needs both histories

Both sides work for this trade now. Funding pays +$7 a day on $10k at the current rate, and Bybit is 0.928% dearer against Injective than usual: you sell high and buy low: +$93 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 68 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	Injective BRENT/USDC PERP	96.376	−0.0220	get 0.0028% / 1h	46m 07s	$8K	$7K	30x
Short	Bybit BZUSDT	97.270	0	get 0.0000% / 8h	4h 46m	$10.4M	$13.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Injective. 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 InjectivebpFee BybitbpOrdersPrice spread, now +0.928%Rate

Funding earned: $46.2
Price spread: +0.928% → 0.000%: $92.76
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $127.94
Costs to cover: 0.110%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Bybit: 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 Injective no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.51 bp	8.4 bp −$8	11.9 bp −$119	99.3 bp −$9,928	doesn't fit

Injective: 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 PERPlong	−0.0220%	1h	96.376	long leg	$8K	$7K	30x
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.240	+0.896%	$234K	$437K	15x	as long as short
BloFin BZ-USDT	−0.0009%	4h	97.230	+0.886%	$1.5M	$92K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.247	+0.903%	$338K	$954K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.280	+0.938%	$147.1M	$371.3M	100x	as long as short
Bybit BZUSDTshort	0.0000%	8h	97.270	+0.928%	$10.4M	$13.1M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	97.260	+0.917%	$16.1M	$20.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.251	+0.908%	$2.2M	$1.4M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.230	+0.886%	$9.2M	$12.2M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.290	+0.948%	$27.5M	$16.3M	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	97.257	+0.914%	$9.4M	$6.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.264	+0.921%	$28K	$352K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.300	+0.959%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.280	+0.938%	$104K	$252K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.200	+0.855%	$279K	$268K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.270	+0.928%	$1.2M	$84K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.830	+1.509%	—	—	—	as long as short
edgeX BZUSDC	+0.0019%	4h	97.247	+0.904%	$223K	$228K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.290	+0.948%	$3.3M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.298	+0.957%	$676K	$4.5M	10x	as long as short
Vest BZ-PERP	+0.0036%	1h	101.30	+5.109%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.254	+0.911%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.318	+0.977%	$152.7M	$124.8M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.313	+0.972%	$1.6M	$469K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.210	+0.865%	$3.1M	$1.1M	15x	as long as short
Hotstuff BRENTOIL-PERP	+0.0072%	1h	97.290	+0.948%	$34K	—	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.310	+0.969%	$3.8M	$871K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.220	+0.876%	$25K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0108%	1h	97.262	+0.920%	$7K	$43K	5x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0142%	1h	97.300	+0.959%	$84K	$213K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0190% / S +0.0009%	1h	97.265	+0.922%	$126K	—	111x	as long as short