Funding arb · Price arb /

BZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.004%

Price spread now: Variational Omni against Phemex+0.001%7-day average −0.242% · you sell dearer than you buy

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.316%−$32 on $10k

Price spread, last 3 days (all we have)−0.239%−$24 · spread now +0.001%, 7d avg −0.242%

Together, before fees−0.555%+ Points / potential airdropVariational Omni: Active · farm board−$55 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: Variational Omni is 0.242% dearer against Phemex than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of −0.242%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XBRUSDT	95.920	0	get 0.0000% / 4h	2h 11m	$1.2M	$101K	100x
Short	Variational Omni BZ	95.921	0	get 0.0000% / 4h	2h 11m	$9.5M	$10.8M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.001%Rate

Funding earned: $0
Price spread: +0.001% → −0.242%: $24.24
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $12.24
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 1 min ago; Variational Omni: RFQ quote, 2 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 Variational Omni RFQ quote, 2 min ago	2.63 bp	doesn't fit	3.6 bp −$36	28.8 bp −$2,884	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 −0.0731% / S +0.0469%	1h	95.915	−0.005%	$114K	—	29x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	95.923	+0.003%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0112%	1h	96.050	+0.136%	$232K	$859K	15x	as long as short
Aster BZUSDT	0.0000%	4h	95.951	+0.033%	$333K	$1.6M	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.913	−0.007%	$145.6M	$491.9M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	95.910	−0.010%	$10.2M	$17.2M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	95.910	−0.010%	$15.8M	$30.0M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	95.912	−0.009%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	95.880	−0.042%	$9.1M	$19.1M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	95.910	−0.010%	$27.5M	$24.0M	100x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni BZshort	0.0000%	4h	95.921	+0.001%	$9.5M	$10.8M	—
GRVT BZ_USDT_Perp	0.0000%	4h	95.860	−0.063%	$34K	$396K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.940	+0.021%	$4K	$2.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.960	+0.042%	$318K	$233K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	95.920	long leg	$1.2M	$101K	100x
Paradex BZ-USD-PERP	+0.0005%	8h	95.935	+0.016%	$3K	$521	5x	as long as short
BloFin BZ-USDT	+0.0015%	4h	95.920	0.000%	$1.5M	$97K	50x	as long as short
edgeX BZUSDC	+0.0019%	4h	95.975	+0.057%	$220K	$235K	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.852	−0.071%	$669K	$5.2M	10x	as long as short
Lighter BRENTOIL	+0.0040%	1h	95.900	−0.021%	$3.3M	$4.4M	20x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.05	+4.306%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.952	+0.033%	$147.9M	$148.5M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	95.992	+0.075%	$1.5M	$540K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	95.900	−0.021%	$3.0M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.860	−0.063%	$3.8M	$1.0M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.020	+0.104%	$25K	$270K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0158%	1h	95.946	+0.027%	$81K	$259K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0200%	1h	95.965	+0.047%	$6K	$45K	5x	as long as short
Hotstuff BRENTOIL-PERP	+0.0344%	1h	95.960	+0.042%	$33K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	+0.0480%	1h	95.950	+0.031%	$102K	$281K	15x	as long as short