Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.002%

Price spread now: Phemex against Polymarket Perps−0.043%7-day average +0.129% · you buy dearer than you sell

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

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.033%+$3 on $10k

Price spread, last 3 days (all we have)+0.231%+$23 · spread now −0.043%, 7d avg +0.129%

Together, before fees+0.265%+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.172% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.129%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps BRENTOIL-USD	96.862	0.0050	pay 0.0006% / 1h	45m 14s	$1.5M	$506K	20x
Short	Phemex XBRUSDT	96.820	0	get 0.0000% / 4h	2h 45m	$1.2M	$86K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$10.5
Price spread: −0.043% → +0.129%: −$17.19
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$47.69
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 3 min ago; Phemex: live order book, 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 Polymarket Perps live order book, 3 min ago	2.48 bp	6.5 bp −$6	7.6 bp −$76	15.8 bp −$1,584	doesn't fit
Sell Phemex live order book, 2 min ago	2.07 bp	doesn't fit	doesn't fit	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	−0.929%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.650	−0.219%	$234K	$421K	15x	as long as short
BloFin BZ-USDT	−0.0052%	4h	96.760	−0.105%	$1.5M	$90K	50x	as long as short
Aster BZUSDT	0.0000%	4h	96.806	−0.058%	$336K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.820	−0.043%	$145.9M	$391.9M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.810	−0.054%	$10.3M	$14.4M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.820	−0.043%	$15.9M	$23.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.793	−0.072%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.780	−0.085%	$9.2M	$12.7M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.830	−0.033%	$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	−0.085%	$9.3M	$7.2M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.758	−0.108%	$24K	$355K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.830	−0.033%	$4K	$2.6M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.840	−0.023%	$103K	$271K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.780	−0.085%	$308K	$223K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	96.820	−0.043%	$1.2M	$86K	100x
edgeX BZUSDC	+0.0006%	4h	96.793	−0.072%	$222K	$234K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.357	+0.511%	—	—	—	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.830	−0.033%	$3.3M	$4.4M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.819	−0.044%	$672K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.82	+4.086%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0047%	8h	96.805	−0.059%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.817	−0.046%	$151.6M	$132.6M	20x	as long as short
Polymarket Perps BRENTOIL-USDlong	+0.0050%	1h	96.862	long leg	$1.5M	$506K	20x
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.770	−0.095%	$3.1M	$1.1M	15x	as long as short
Hotstuff BRENTOIL-PERP	+0.0080%	1h	96.830	−0.033%	$33K	—	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.860	−0.002%	$3.8M	$913K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.770	−0.095%	$25K	$272K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0204% / S +0.0108%	1h	96.835	−0.028%	$126K	—	111x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0253%	1h	96.840	−0.023%	$83K	$219K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0287%	1h	96.844	−0.019%	$7K	$44K	5x	as long as short