Funding arb · Price arb /

BZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.017%

Price spread now: GRVT against Phemex−0.010%77s7-day average −0.207% · you buy dearer than you sell

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

Long on Phemex Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.460%−$46 on $10k

Price spread, last 3 days (all we have)−0.276%−$28 · spread now −0.010%, 7d avg −0.207%

Together, before fees−0.736%+ Points / potential airdropGRVT: Active · farm board−$74 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: GRVT is 0.197% dearer against Phemex than usual: you sell high and buy low, +$20 on $10k if it goes back to its 7-day average of −0.207%. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XBRUSDT	96.470	0	get 0.0000% / 4h	3h 31m	$1.2M	$94K	100x
Short	GRVT BZ_USDT_Perp	96.460	0	get 0.0000% / 4h	3h 31m	$24K	$375K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.010%Rate

Funding earned: $0
Price spread: −0.010% → −0.207%: $19.7
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$1.3
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 1 min ago; GRVT: live order book, 41 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, 1 min ago	1.04 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell GRVT live order book, 41 min ago	0.52 bp	6.8 bp −$7	9.9 bp −$99	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	95.669	−0.830%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.070	−0.415%	$232K	$468K	15x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L −0.0098% / S +0.0137%	1h	96.435	−0.036%	$33K	—	111x	as long as short
BloFin BZ-USDT	−0.0058%	4h	96.460	−0.010%	$1.5M	$95K	50x	as long as short
Aster BZUSDT	0.0000%	4h	96.452	−0.019%	$335K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.435	−0.036%	$145.6M	$425.0M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.420	−0.052%	$10.4M	$15.9M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.430	−0.041%	$15.9M	$25.3M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.464	−0.007%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.390	−0.083%	$9.2M	$14.3M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	96.450	−0.021%	$27.6M	$19.8M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.460	−0.010%	$9.3M	$7.5M	—	as long as short
GRVT BZ_USDT_Perpshort	0.0000%	4h	96.460	−0.010%	$24K	$375K	25x
SunX BRENTOIL-USDT	0.0000%	4h	96.460	−0.010%	$4K	$2.6M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.460	−0.010%	$103K	$271K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.410	−0.062%	$307K	$226K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	96.470	long leg	$1.2M	$94K	100x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	96.973	+0.522%	—	—	—	as long as short
edgeX BZUSDC	+0.0014%	4h	96.470	0.000%	$221K	$233K	20x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0020%	1h	96.464	−0.006%	$83K	$235K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0025%	1h	96.410	−0.062%	$3.1M	$1.1M	15x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.440	−0.031%	$3.4M	$4.3M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.442	−0.030%	$749K	$5.4M	10x	as long as short
Paradex BZ-USD-PERP	+0.0042%	8h	96.468	−0.002%	$3K	$521	5x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.52	+4.198%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.458	−0.012%	$151.5M	$142.3M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.499	+0.030%	$1.5M	$511K	20x	as long as short
Hotstuff BRENTOIL-PERP	+0.0088%	1h	96.500	+0.031%	$33K	—	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.470	0.000%	$3.8M	$986K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.480	+0.010%	$25K	$272K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0449%	1h	96.487	+0.017%	$7K	$45K	5x	as long as short