Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.002%

Price spread now: Extended against Phemex−0.323%7-day average −0.189% · you buy dearer than you sell

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

Long on Phemex Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.444%−$44 on $10k

Price spread, last 4 days (all we have)+0.160%+$16 · spread now −0.323%, 7d avg −0.189%

Together, before fees−0.284%+ Points / potential airdropExtended: Active · farm board−$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Extended is 0.134% cheaper against Phemex than usual: you would sell low and buy high (spread −0.323% now, against its 7-day average of −0.189%). If the spread goes back, that is −$13 on $10k: about 14 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.444%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XBRUSDT	94.390	0	get 0.0000% / 4h	1h 57m	$1.2M	$81K	100x
Short	Extended XBR-USD	94.085	0.0032	get 0.0004% / 1h	57m 07s	$661K	$3.6M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended against Phemex. 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 PhemexbpFee ExtendedbpOrdersPrice spread, now −0.323%Rate

Funding earned: $6.72
Price spread: −0.323% → −0.189%: −$13.43
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$23.71
Costs to cover: 0.170%
Break-even: 31.7 days

Slippage unknown: Phemex: live order book, 4 min ago; Extended: 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	11.57 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Extended live order book, 5 min ago	1.89 bp	7.6 bp −$8	23.9 bp −$239	doesn't fit	doesn't fit

BZ on 31 exchanges

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
Hotstuff BRENTOIL-PERP	−0.1600%	1h	94.290	−0.106%	$32K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0494%	1h	94.050	−0.360%	$46K	$374K	15x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0342%	1h	94.097	−0.311%	$94K	$260K	20x	as long as short
RISEx BZ/USDC	−0.0302%	1h	94.181	−0.222%	$2.3M	$2.0M	20x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	94.836	+0.473%	$8K	$7K	30x	as long as short
Lighter BRENTOIL	−0.0104%	1h	94.070	−0.339%	$3.4M	$5.5M	20x	as long as short
Bybit BZUSDT	−0.0088%	8h	94.070	−0.339%	$10.6M	$16.4M	100x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	94.120	−0.286%	$278K	$894K	15x	as long as short
GRVT BZ_USDT_Perp	−0.0078%	4h	94.252	−0.146%	$13K	$308K	25x	as long as short
tradeXYZ xyz:BRENTOIL	−0.0060%	1h	94.079	−0.329%	$127.6M	$178.8M	20x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin BZ-USDT	−0.0039%	4h	94.080	−0.328%	$1.5M	$110K	50x	as long as short
Binance BZUSDT	−0.0018%	4h	94.136	−0.269%	$145.8M	$459.9M	100x	as long as short
Aster BZUSDT	0.0000%	4h	94.122	−0.284%	$360K	$791K	50x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	94.080	−0.328%	$15.8M	$27.7M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	94.010	−0.403%	$8.9M	$12.4M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	94.070	−0.339%	$27.9M	$29.4M	100x	as long as short
Variational Omni BZ	0.0000%	4h	94.763	+0.395%	$9.1M	$6.5M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	94.130	−0.275%	$4K	$1.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	94.050	−0.360%	$268K	$262K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	94.390	long leg	$1.2M	$81K	100x
edgeX BZUSDC	+0.0002%	4h	94.840	+0.476%	$218K	$232K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	94.614	+0.237%	—	—	—	as long as short
Vest BZ-PERP	+0.0017%	1h	97.810	+3.623%	—	$736K	10x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0022%	1h	94.130	−0.275%	$1.5M	$404K	20x	as long as short
Paradex BZ-USD-PERP	+0.0026%	8h	94.095	−0.313%	$1K	$2K	5x	as long as short
Extended XBR-USDshort	+0.0032%	1h	94.085	−0.323%	$661K	$3.6M	10x
Aftermath Perps BRENTUSD	+0.0032%	1h	94.618	+0.242%	$7K	$38K	5x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	94.190	−0.212%	$3.0M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	94.090	−0.318%	$3.5M	$1.2M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	94.250	−0.148%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0184% / S −0.0707%	1h	94.115	−0.291%	$32K	—	111x	as long as short