Funding arb · Price arb /

BZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.002%

Price spread now: Phemex against Ondo Perps+0.206%7-day average +0.259% · you sell dearer than you buy

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

Long on Ondo Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.353%+$35 on $10k

Price spread, last 4 days (all we have)+0.075%+$7 · spread now +0.206%, 7d avg +0.259%

Together, before fees+0.428%+ Points / potential airdropOndo Perps: Active · farm board+$43 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.053% cheaper against Ondo Perps than usual: you would sell low and buy high (−$5 if the spread goes back to its 7-day average of +0.259%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.353%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps BRENT-USD.P	97.240	0.0050	pay 0.0006% / 1h	21m 33s	$3.1M	$1.0M	15x
Short	Phemex XBRUSDT	97.440	0	get 0.0000% / 4h	3h 21m	$1.2M	$82K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Ondo Perps. 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 Ondo PerpsbpFee PhemexbpOrdersPrice spread, now +0.206%Rate

Funding earned: −$10.58
Price spread: +0.206% → +0.259%: −$5.33
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$32.92
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Ondo Perps: 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Phemex live order book, 1 min ago	1.54 bp	doesn't fit	doesn't fit	doesn't fit	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	96.628	−0.629%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.270	+0.031%	$233K	$439K	15x	as long as short
BloFin BZ-USDT	−0.0020%	4h	97.330	+0.093%	$1.5M	$91K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.327	+0.089%	$338K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.291	+0.053%	$147.2M	$366.9M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.270	+0.031%	$10.4M	$12.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.280	+0.041%	$16.1M	$20.4M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.275	+0.036%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.240	0.000%	$9.2M	$12.2M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.290	+0.051%	$27.9M	$16.6M	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	97.297	+0.059%	$9.3M	$6.9M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.313	+0.076%	$29K	$307K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.340	+0.103%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.310	+0.072%	$104K	$246K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.290	+0.051%	$279K	$267K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	97.440	+0.206%	$1.2M	$82K	100x
edgeX BZUSDC	+0.0010%	4h	97.311	+0.073%	$223K	$227K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.842	+0.619%	—	—	—	as long as short
Vest BZ-PERP	+0.0027%	1h	101.36	+4.237%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.290	+0.051%	$3.2M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.297	+0.059%	$680K	$4.0M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.284	+0.046%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.310	+0.072%	$153.6M	$125.9M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.337	+0.100%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.Plong	+0.0050%	1h	97.240	long leg	$3.1M	$1.0M	15x
Kraken Futures PF_BRENTOILUSD	+0.0063%	1h	97.300	+0.061%	$82K	$208K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0098%	1h	97.345	+0.108%	$7K	$43K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.360	+0.123%	$3.8M	$852K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.340	+0.103%	$26K	$274K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0136%	1h	97.300	+0.062%	$34K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0258% / S −0.1423%	1h	97.295	+0.057%	$115K	—	111x	as long as short