Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0115%/8h= +12.6% APRpaid last 24h −0.033%

Price spread now: GMX against Phemex−0.180%7-day average −0.212% · you buy dearer than you sell

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.337%−$34 on $10k

Price spread, last 4 days (all we have)−0.155%−$15 · spread now −0.180%, 7d avg −0.212%

Together, before fees−0.492%−$49 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$3 a day on $10k at the current rate, and GMX is 0.033% dearer against Phemex than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.212%. Mind the row above: over the last 3 days funding on this pair cost −0.337%, 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	97.330	0	get 0.0000% / 4h	16m 56s	$1.2M	$84K	100x
Short	GMX BRENTOIL/USD [ETH-USDC]	97.155	L +0.0207% / S −0.0115%	get 0.0014% / 1h	16m 56s	$126K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.180%Rate

Funding earned: $24.11
Price spread: −0.180% → −0.212%: $3.26
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $3.37
Costs to cover: 0.240%
Break-even: 6.0 days

Slippage unknown: Phemex: live order book, 1 min ago; GMX: no order-book sample. 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, 1 min ago	8.73 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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	96.433	−0.922%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.240	−0.092%	$234K	$436K	15x	as long as short
Hotstuff BRENTOIL-PERP	−0.0016%	1h	97.220	−0.113%	$33K	—	20x	as long as short
Aster BZUSDT	0.0000%	4h	97.200	−0.134%	$338K	$954K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.162	−0.172%	$147.2M	$369.7M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.160	−0.175%	$10.4M	$12.9M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.160	−0.175%	$16.1M	$20.3M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.151	−0.184%	$2.2M	$1.4M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.100	−0.236%	$9.2M	$12.2M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.180	−0.154%	$27.6M	$16.4M	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	97.177	−0.157%	$9.4M	$6.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.176	−0.158%	$29K	$361K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.170	−0.164%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.160	−0.175%	$104K	$232K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.120	−0.216%	$279K	$268K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	97.330	long leg	$1.2M	$84K	100x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.709	+0.390%	—	—	—	as long as short
edgeX BZUSDC	+0.0016%	4h	97.148	−0.187%	$223K	$228K	20x	as long as short
Vest BZ-PERP	+0.0032%	1h	101.19	+3.966%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.170	−0.164%	$3.3M	$4.8M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.176	−0.159%	$680K	$4.4M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.162	−0.173%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.195	−0.139%	$153.3M	$127.0M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.210	−0.123%	$1.6M	$491K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.110	−0.226%	$3.1M	$1.1M	15x	as long as short
BloFin BZ-USDT	+0.0053%	4h	97.160	−0.175%	$1.5M	$91K	50x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.200	−0.134%	$3.8M	$871K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.180	−0.154%	$25K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0118%	1h	97.221	−0.112%	$7K	$43K	5x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0142%	1h	97.182	−0.152%	$84K	$206K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]short	L +0.0207% / S −0.0115%	1h	97.155	−0.180%	$126K	—	111x