Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0707%/8h= +77.4% APRpaid last 24h +0.104%

Price spread now: GMX against SunX+0.047%7-day average −0.019% · you sell dearer than you buy

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

Long on SunX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.193%+$19 on $10k

Price spread, last 4 days (all we have)+0.008%+$1 · spread now +0.047%, 7d avg −0.019%

Together, before fees+0.202%+$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and GMX is 0.067% dearer against SunX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of −0.019%.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.193% in total (about 19.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SunX BRENTOIL-USDT	95.200	0	get 0.0000% / 4h	3h 01m	$4K	$2.1M	20x
Short	GMX BRENTOIL/USD [ETH-USDC]	95.245	L +0.0184% / S −0.0707%	get 0.0088% / 1h	1m 02s	$33K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against SunX. 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 SunXbpFee GMXbpOrdersPrice spread, now +0.047%Rate

Funding earned: $148.43
Price spread: +0.047% → −0.019%: $6.65
Slippage, 4 orders: no order book: not counted
Fee SunX: 4 bp × 2 orders: −$8
Fee GMX: 6 bp × 2 orders: −$12
Net: $135.08
Costs to cover: 0.200%
Break-even: 0.6 days

Slippage unknown: SunX: live order book, 6 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 SunX live order book, 6 min ago	18.38 bp	22.4 bp −$22	30.4 bp −$304	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
Deribit BRENTOIL_USDC-PERPETUAL	−0.0275%	1h	95.250	+0.053%	$98K	$268K	15x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	96.342	+1.200%	$8K	$7K	30x	as long as short
GRVT BZ_USDT_Perp	−0.0144%	4h	94.935	−0.278%	$14K	$329K	25x	as long as short
Ondo Perps BRENT-USD.P	−0.0100%	1h	94.920	−0.294%	$3.0M	$1.0M	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	95.200	0.000%	$275K	$589K	15x	as long as short
RISEx BZ/USDC	−0.0039%	1h	95.262	+0.065%	$2.3M	$1.8M	20x	as long as short
Bybit BZUSDT	−0.0026%	8h	95.270	+0.074%	$10.0M	$14.5M	100x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0002%	1h	95.258	+0.061%	$81K	$203K	20x	as long as short
Aster BZUSDT	0.0000%	4h	95.270	+0.073%	$330K	$702K	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.283	+0.087%	$146.3M	$386.3M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BZ-USDT-SWAP	0.0000%	4h	95.260	+0.063%	$16.0M	$22.7M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	95.220	+0.021%	$9.2M	$11.5M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	95.320	+0.126%	$28.1M	$21.7M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.129	−0.074%	$9.2M	$6.4M	—	as long as short
SunX BRENTOIL-USDTlong	0.0000%	4h	95.200	long leg	$4K	$2.1M	20x
HTX BRENTOIL-USDT	0.0000%	4h	95.060	−0.147%	$272K	$263K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	95.550	+0.368%	$1.2M	$80K	100x	as long as short
edgeX BZUSDC	+0.0002%	4h	95.057	−0.150%	$218K	$231K	20x	as long as short
Vest BZ-PERP	+0.0010%	1h	98.870	+3.855%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	95.602	+0.422%	—	—	—	as long as short
Paradex BZ-USD-PERP	+0.0030%	8h	94.970	−0.241%	$2K	$1K	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	95.260	+0.063%	$3.5M	$4.8M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.341	+0.148%	$742K	$2.7M	10x	as long as short
BloFin BZ-USDT	+0.0041%	4h	95.280	+0.084%	$1.5M	$102K	50x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.328	+0.134%	$151.8M	$126.1M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	95.229	+0.030%	$1.6M	$384K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0056%	1h	95.399	+0.209%	$7K	$39K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.350	+0.158%	$3.4M	$1.1M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.150	−0.053%	$25K	$274K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0112%	1h	95.150	−0.053%	$33K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]short	L +0.0184% / S −0.0707%	1h	95.245	+0.047%	$33K	—	111x