Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.061%

Price spread now: Bybit against Phemex+0.010%7-day average −0.221% · you sell dearer than you buy

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

Long on Phemex Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.740%−$74 on $10k

Price spread, last 3 days (all we have)−0.223%−$22 · spread now +0.010%, 7d avg −0.221%

Together, before fees−0.963%−$96 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.232% dearer against Phemex than usual: you sell high and buy low, +$23 on $10k if it goes back to its 7-day average of −0.221%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XBRUSDT	95.940	0	get 0.0000% / 4h	2h 14m	$1.2M	$101K	100x
Short	Bybit BZUSDT	95.950	0	get 0.0000% / 8h	2h 14m	$10.2M	$17.2M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Phemex. 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 PhemexbpFee BybitbpOrdersPrice spread, now +0.010%Rate

Funding earned: $0
Price spread: +0.010% → −0.221%: $23.19
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $0.19
Costs to cover: 0.230%
Break-even: from the start

Slippage unknown: Phemex: live order book, 3 min ago; Bybit: live order book, 4 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 Phemex live order book, 3 min ago	0.52 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.52 bp	11.6 bp −$12	14.6 bp −$146	92.6 bp −$9,259	doesn't fit

BZ on 30 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]	L −0.0722% / S +0.0467%	1h	95.955	+0.016%	$114K	—	29x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	95.923	−0.018%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0112%	1h	96.050	+0.115%	$232K	$859K	15x	as long as short
BloFin BZ-USDT	−0.0010%	4h	95.880	−0.063%	$1.5M	$97K	50x	as long as short
Aster BZUSDT	0.0000%	4h	95.953	+0.013%	$333K	$1.6M	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.985	+0.047%	$145.8M	$492.3M	100x	as long as short
Bybit BZUSDTshort	0.0000%	8h	95.950	+0.010%	$10.2M	$17.2M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	95.930	−0.010%	$15.8M	$30.1M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	95.997	+0.059%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	95.930	−0.010%	$9.1M	$19.1M	100x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	95.950	+0.010%	$27.5M	$24.0M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.921	−0.020%	$9.5M	$10.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	95.860	−0.083%	$34K	$396K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.030	+0.094%	$4K	$2.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.960	+0.021%	$318K	$233K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	95.940	long leg	$1.2M	$101K	100x
Paradex BZ-USD-PERP	+0.0006%	8h	95.981	+0.042%	$3K	$521	5x	as long as short
Hotstuff BRENTOIL-PERP	+0.0008%	1h	96.010	+0.073%	$33K	—	20x	as long as short
edgeX BZUSDC	+0.0009%	4h	95.800	−0.146%	$219K	$234K	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.838	−0.106%	$669K	$5.2M	10x	as long as short
Lighter BRENTOIL	+0.0040%	1h	95.890	−0.052%	$3.3M	$4.4M	20x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.05	+4.284%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.002	+0.065%	$148.0M	$148.5M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.018	+0.081%	$1.5M	$540K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	95.980	+0.042%	$3.0M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.940	0.000%	$3.8M	$1.0M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.870	−0.073%	$25K	$270K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0158%	1h	96.056	+0.121%	$81K	$260K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0191%	1h	96.028	+0.092%	$6K	$45K	5x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	+0.1106%	1h	96.020	+0.083%	$102K	$281K	15x	as long as short