Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.029%

Price spread now: Deribit against Phemex+0.021%7-day average −0.208% · you sell dearer than you buy

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

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.720%−$72 on $10k

Price spread, last 3 days (all we have)−0.361%−$36 · spread now +0.021%, 7d avg −0.208%

Together, before fees−1.081%−$108 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: Deribit is 0.228% dearer against Phemex than usual: you sell high and buy low, +$23 on $10k if it goes back to its 7-day average of −0.208%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XBRUSDT	96.820	0	get 0.0000% / 4h	2h 45m	$1.2M	$86K	100x
Short	Deribit BRENTOIL_USDC-PERPETUAL	96.840	0	get 0.0000% / 1h	45m 15s	$103K	$271K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.021%Rate

Funding earned: $0
Price spread: +0.021% → −0.208%: $22.82
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $3.82
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Phemex: live order book, 2 min ago; Deribit: live order book, 23 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, 2 min ago	2.07 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 23 min ago	0.52 bp	8.1 bp −$8	8.6 bp −$86	doesn't fit	doesn't fit

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	95.962	−0.886%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.650	−0.176%	$234K	$421K	15x	as long as short
BloFin BZ-USDT	−0.0052%	4h	96.760	−0.062%	$1.5M	$90K	50x	as long as short
Aster BZUSDT	0.0000%	4h	96.806	−0.015%	$336K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.820	0.000%	$145.9M	$391.9M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.810	−0.010%	$10.3M	$14.4M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.820	0.000%	$15.9M	$23.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.793	−0.028%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.780	−0.041%	$9.2M	$12.7M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.830	+0.010%	$27.7M	$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	96.780	−0.041%	$9.3M	$7.2M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.758	−0.064%	$24K	$355K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.830	+0.010%	$4K	$2.6M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUALshort	0.0000%	1h	96.840	+0.021%	$103K	$271K	15x
HTX BRENTOIL-USDT	0.0000%	4h	96.780	−0.041%	$308K	$223K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	96.820	long leg	$1.2M	$86K	100x
edgeX BZUSDC	+0.0006%	4h	96.793	−0.028%	$222K	$234K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.357	+0.555%	—	—	—	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.830	+0.010%	$3.3M	$4.4M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.819	−0.001%	$672K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.82	+4.131%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0047%	8h	96.805	−0.016%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.817	−0.003%	$151.6M	$132.6M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.862	+0.043%	$1.5M	$506K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.770	−0.052%	$3.1M	$1.1M	15x	as long as short
Hotstuff BRENTOIL-PERP	+0.0080%	1h	96.830	+0.010%	$33K	—	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.860	+0.041%	$3.8M	$913K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.770	−0.052%	$25K	$272K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0204% / S +0.0108%	1h	96.835	+0.015%	$126K	—	111x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0253%	1h	96.840	+0.021%	$83K	$219K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0287%	1h	96.844	+0.024%	$7K	$44K	5x	as long as short