Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0033%/8h= −3.6% APRpaid last 24h +0.082%

Price spread now: Phemex against Injective−0.822%65s7-day average — · you buy dearer than you sell

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

Long on Injective 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—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.822% cheaper against Injective than usual: you would sell low and buy high (−$82 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 65 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	96.342	0.0033	pay 0.0004% / 1h	55m 41s	$8K	$7K	30x
Short	Phemex XBRUSDT	95.550	0	get 0.0000% / 4h	2h 55m	$1.2M	$80K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.822%Rate

Funding earned: −$7
Price spread: −0.822% → 0.000%: −$82.21
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$101.23
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: 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 Injective no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	0.52 bp	doesn't fit	doesn't fit	doesn't fit	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
Kraken Futures PF_BRENTOILUSD	−0.0339%	1h	95.329	−1.051%	$81K	$205K	20x	as long as short
RISEx BZ/USDC	−0.0289%	1h	95.234	−1.150%	$2.3M	$1.8M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0169%	1h	95.370	−1.009%	$98K	$268K	15x	as long as short
GRVT BZ_USDT_Perp	−0.0132%	4h	95.210	−1.175%	$14K	$328K	25x	as long as short
Ondo Perps BRENT-USD.P	−0.0110%	1h	95.340	−1.040%	$3.0M	$1.0M	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	95.240	−1.144%	$276K	$590K	15x	as long as short
Bybit BZUSDT	−0.0039%	8h	95.430	−0.947%	$10.1M	$14.7M	100x	as long as short
BloFin BZ-USDT	−0.0025%	4h	95.220	−1.165%	$1.5M	$102K	50x	as long as short
Aster BZUSDT	0.0000%	4h	95.416	−0.961%	$328K	$703K	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.444	−0.932%	$146.5M	$394.2M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BZ-USDT-SWAP	0.0000%	4h	95.410	−0.967%	$16.0M	$23.3M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	95.360	−1.019%	$9.1M	$11.0M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	95.460	−0.915%	$28.1M	$22.9M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.346	−1.033%	$9.2M	$6.5M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.330	−1.050%	$4K	$2.1M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.380	−0.999%	$273K	$263K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	95.550	−0.822%	$1.2M	$80K	100x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	95.654	−0.715%	—	—	—	as long as short
Vest BZ-PERP	+0.0012%	1h	98.970	+2.728%	—	$735K	10x	as long as short
edgeX BZUSDC	+0.0012%	4h	95.168	−1.218%	$219K	$230K	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0024%	1h	95.298	−1.084%	$1.6M	$386K	20x	as long as short
Paradex BZ-USD-PERP	+0.0026%	8h	95.398	−0.980%	$1K	$2K	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	95.420	−0.957%	$3.5M	$4.6M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.417	−0.960%	$747K	$2.7M	10x	as long as short
Hotstuff BRENTOIL-PERP	+0.0032%	1h	95.300	−1.082%	$33K	—	20x	as long as short
Injective BRENT/USDC PERPlong	+0.0033%	1h	96.342	long leg	$8K	$7K	30x
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.481	−0.894%	$153.5M	$128.7M	20x	as long as short
Aftermath Perps BRENTUSD	+0.0056%	1h	95.367	−1.012%	$7K	$39K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.470	−0.905%	$3.4M	$1.1M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.320	−1.061%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0184% / S −0.0707%	1h	95.345	−1.035%	$33K	—	111x	as long as short