Funding arb · Price arb /

BZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0016%/8h= −1.8% APRpaid last 24h −0.082%

Price spread now: Coinbase International against Phemex+0.010%7-day average −0.330% · you sell dearer than you buy

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

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.708%−$71 on $10k

Price spread, last 3 days (all we have)−0.409%−$41 · spread now +0.010%, 7d avg −0.330%

Together, before fees−1.117%−$112 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.341% dearer against Phemex than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.330%): +$34 on $10k if it goes back. Holding the pair costs $0 a day in funding at the current rate, which eats that in about 2 months. At the pace of the last 7 days (−0.708% in total) that is about 3.4 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XBRUSDT	96.040	0	get 0.0000% / 4h	1h 13m	$1.2M	$99K	100x
Short	Coinbase International BRENTOIL-PERP-INTX	96.050	−0.0016	pay 0.0002% / 1h	13m 11s	$232K	$638K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$3.36
Price spread: +0.010% → −0.330%: $34.09
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $8.73
Costs to cover: 0.220%
Break-even: from the start

Slippage unknown: Phemex: live order book, 4 min ago; Coinbase International: 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 Phemex live order book, 4 min ago	8.84 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 5 min ago	1.56 bp	6.6 bp −$7	9.5 bp −$95	doesn't fit	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 −0.0848% / S +0.0467%	1h	96.025	−0.016%	$120K	—	111x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	95.249	−0.824%	$8K	$7K	30x	as long as short
RISEx BZ/USDC	−0.0075%	1h	96.016	−0.025%	$2.2M	$1.3M	20x	as long as short
Ondo Perps BRENT-USD.P	−0.0017%	1h	95.980	−0.062%	$3.0M	$1.1M	15x	as long as short
Coinbase International BRENTOIL-PERP-INTXshort	−0.0016%	1h	96.050	+0.010%	$232K	$638K	15x
Aster BZUSDT	0.0000%	4h	95.972	−0.071%	$333K	$1.5M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.040	0.000%	$145.7M	$475.0M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.050	+0.010%	$10.3M	$15.9M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.020	−0.021%	$15.8M	$27.2M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	95.980	−0.062%	$9.2M	$18.0M	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	96.030	−0.010%	$27.4M	$21.3M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.993	−0.049%	$9.3M	$8.2M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	95.971	−0.072%	$34K	$388K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.050	+0.010%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.050	+0.010%	$102K	$279K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.940	−0.104%	$305K	$255K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	96.040	long leg	$1.2M	$99K	100x
edgeX BZUSDC	+0.0006%	4h	96.023	−0.018%	$220K	$234K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0009%	1h	96.054	+0.014%	$5K	$45K	5x	as long as short
Paradex BZ-USD-PERP	+0.0017%	8h	96.002	−0.040%	$3K	$521	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.030	−0.010%	$3.3M	$4.2M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.942	−0.102%	$670K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	99.740	+3.853%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.055	+0.016%	$147.8M	$146.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.045	+0.005%	$1.5M	$529K	20x	as long as short
BloFin BZ-USDT	+0.0055%	4h	96.030	−0.010%	$1.5M	$95K	50x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.050	+0.010%	$3.7M	$999K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.090	+0.052%	$25K	$271K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0184%	1h	96.030	−0.010%	$33K	—	20x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0555%	1h	96.071	+0.032%	$81K	$235K	20x	as long as short