Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0567%/8h= −62.0% APRpaid last 24h −0.040%

Price spread now: GMX against KuCoin−0.047%7-day average −0.023% · you buy dearer than you sell

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

Long on KuCoin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.068%−$7 on $10k

Price spread, last 3 days (all we have)−0.037%−$4 · spread now −0.047%, 7d avg −0.023%

Together, before fees−0.105%−$10 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$17 a day on $10k at the current rate, and GMX is 0.023% cheaper against KuCoin than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of −0.023%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.068% in total (about -7.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	KuCoin BZUSDTM	96.260	0.0100	pay 0.0050% / 4h	3h 52m	$3.8M	$989K	50x
Short	GMX BRENTOIL/USD [ETH-USDC]	96.215	L −0.0848% / S +0.0467%	pay 0.0058% / 1h	52m 12s	$120K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against KuCoin. 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 KuCoinbpFee GMXbpOrdersPrice spread, now −0.047%Rate

Funding earned: −$119
Price spread: −0.047% → −0.023%: −$2.34
Slippage, 4 orders: no order book: not counted
Fee KuCoin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$145.34
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: KuCoin: live order book, 5 min ago; GMX: no order-book sample. 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 KuCoin live order book, 5 min ago	1.56 bp	11.7 bp −$12	39.3 bp −$393	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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
GMX BRENTOIL/USD [ETH-USDC]short	L −0.0848% / S +0.0467%	1h	96.215	−0.047%	$120K	—	111x
Injective BRENT/USDC PERP	−0.0220%	1h	95.510	−0.779%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.070	−0.197%	$232K	$483K	15x	as long as short
GRVT BZ_USDT_Perp	−0.0066%	4h	96.139	−0.126%	$34K	$365K	25x	as long as short
Aster BZUSDT	0.0000%	4h	96.210	−0.052%	$334K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.208	−0.054%	$145.8M	$439.0M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.210	−0.052%	$10.4M	$16.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.200	−0.062%	$15.8M	$25.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.189	−0.074%	$2.2M	$1.3M	20x	as long as short
Hotstuff BRENTOIL-PERP	0.0000%	1h	96.270	+0.010%	$33K	—	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BZ_USDT	0.0000%	8h	96.170	−0.093%	$9.2M	$14.2M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.230	−0.031%	$27.6M	$20.1M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.142	−0.123%	$9.3M	$7.7M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.240	−0.021%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.250	−0.010%	$103K	$272K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.140	−0.125%	$306K	$229K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.360	+0.104%	$1.2M	$94K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	96.793	+0.554%	—	—	—	as long as short
edgeX BZUSDC	+0.0013%	4h	96.166	−0.098%	$220K	$232K	20x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0020%	1h	96.244	−0.017%	$83K	$233K	20x	as long as short
Paradex BZ-USD-PERP	+0.0037%	8h	96.193	−0.070%	$3K	$521	5x	as long as short
Ondo Perps BRENT-USD.P	+0.0038%	1h	96.160	−0.104%	$3.1M	$1.1M	15x	as long as short
Extended XBR-USD	+0.0040%	1h	96.233	−0.028%	$754K	$5.3M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.32	+4.218%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0048%	1h	96.230	−0.031%	$3.4M	$4.2M	20x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.245	−0.016%	$151.0M	$143.5M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.290	+0.031%	$1.5M	$502K	20x	as long as short
BloFin BZ-USDT	+0.0057%	4h	96.230	−0.031%	$1.5M	$95K	50x	as long as short
KuCoin BZUSDTMlong	+0.0100%	4h	96.260	long leg	$3.8M	$989K	50x
ApeX Omni BZUSDT	+0.0100%	1h	96.100	−0.166%	$25K	$272K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0605%	1h	96.166	−0.098%	$6K	$44K	5x	as long as short