Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0027%/8h= −3.0% APRpaid last 24h −0.018%

Price spread now: Bybit against Ondo Perps−0.021%7-day average +0.082% · you buy dearer than you sell

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.194%−$19 on $10k

Price spread, last 7 days−0.003%$0 · spread now −0.021%, 7d avg +0.082%

Together, before fees−0.197%+ Points / potential airdropOndo Perps: Active · farm board−$20 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.103% cheaper against Ondo Perps than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.082%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps BRENT-USD.P	97.310	0.0027	pay 0.0003% / 1h	38m 02s	$3.1M	$999K	15x
Short	Bybit BZUSDT	97.290	0	get 0.0000% / 8h	38m 02s	$10.2M	$13.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. 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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$5.71
Price spread: −0.021% → +0.082%: −$10.29
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$32.01
Costs to cover: 0.160%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 5 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.51 bp	8.5 bp −$8	12.7 bp −$127	106.8 bp −$10.7K	doesn't fit

Ondo Perps: 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	97.155	−0.159%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.700	+0.401%	$237K	$412K	15x	as long as short
BloFin BZ-USDT	−0.0034%	4h	97.360	+0.051%	$1.5M	$95K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.369	+0.061%	$339K	$860K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.330	+0.021%	$149.4M	$353.1M	100x	as long as short
Bybit BZUSDTshort	0.0000%	8h	97.290	−0.021%	$10.2M	$13.3M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	97.270	−0.041%	$16.1M	$19.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.355	+0.046%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.300	−0.010%	$9.2M	$10.9M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.330	+0.021%	$27.8M	$18.3M	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	97.336	+0.027%	$9.5M	$6.6M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.340	+0.031%	$18K	$330K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.410	+0.103%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.360	+0.051%	$100K	$254K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.330	+0.021%	$279K	$254K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.530	+0.226%	$1.2M	$87K	100x	as long as short
edgeX BZUSDC	+0.0007%	4h	97.345	+0.036%	$224K	$228K	20x	as long as short
Vest BZ-PERP	+0.0008%	1h	101.45	+4.254%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.901	+0.607%	—	—	—	as long as short
Ondo Perps BRENT-USD.Plong	+0.0027%	1h	97.310	long leg	$3.1M	$999K	15x
Lighter BRENTOIL	+0.0032%	1h	97.350	+0.041%	$3.3M	$3.9M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.292	−0.019%	$738K	$3.1M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.363	+0.054%	$2K	$1K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.375	+0.067%	$155.2M	$114.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.397	+0.089%	$1.6M	$405K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0091%	1h	97.405	+0.097%	$7K	$40K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.370	+0.062%	$3.8M	$802K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.320	+0.010%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0113%	1h	97.375	+0.067%	$82K	$200K	20x	as long as short
Hotstuff BRENTOIL-PERP	+0.0120%	1h	97.420	+0.113%	$34K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0328% / S −0.2771%	1h	97.355	+0.046%	$116K	—	111x	as long as short