Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.001%

Price spread now: Phemex against tradeXYZ−0.015%7-day average +0.137% · you buy dearer than you sell

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

Long on tradeXYZ Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.332%+$33 on $10k

Price spread, last 3 days (all we have)+0.264%+$26 · spread now −0.015%, 7d avg +0.137%

Together, before fees+0.597%+ Points / potential airdroptradeXYZ: Active · farm board+$60 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 0.153% cheaper against tradeXYZ than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.137%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.332%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:BRENTOIL	96.975	0.0050	pay 0.0006% / 1h	48m 05s	$151.9M	$125.6M	20x
Short	Phemex XBRUSDT	96.960	0	get 0.0000% / 4h	1h 48m	$1.2M	$84K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against tradeXYZ. 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 tradeXYZbpFee PhemexbpOrdersPrice spread, now −0.015%Rate

Funding earned: −$10.5
Price spread: −0.015% → +0.137%: −$15.29
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$55.79
Costs to cover: 0.300%
Break-even: never at this rate

Slippage unknown: tradeXYZ: live order book, 12 min ago; Phemex: live order book, 5 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 tradeXYZ live order book, 12 min ago	0.05 bp	9.1 bp −$9	10.8 bp −$108	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	2.06 bp	doesn't fit	doesn't fit	doesn't fit	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
Injective BRENT/USDC PERP	−0.0220%	1h	96.207	−0.792%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0104%	1h	96.810	−0.170%	$234K	$425K	15x	as long as short
Hotstuff BRENTOIL-PERP	−0.0040%	1h	96.970	−0.005%	$33K	—	20x	as long as short
Aster BZUSDT	0.0000%	4h	96.945	−0.031%	$337K	$998K	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.954	−0.022%	$146.6M	$375.2M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.950	−0.026%	$10.3M	$13.4M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.960	−0.015%	$15.9M	$20.7M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.949	−0.027%	$2.3M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.920	−0.057%	$9.2M	$12.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.950	−0.026%	$27.4M	$16.4M	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 BZ	0.0000%	4h	97.006	+0.032%	$9.4M	$7.1M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.011	+0.037%	$37K	$343K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.970	−0.005%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.960	−0.015%	$104K	$239K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.920	−0.057%	$278K	$269K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	96.960	−0.015%	$1.2M	$84K	100x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.493	+0.534%	—	—	—	as long as short
edgeX BZUSDC	+0.0015%	4h	96.887	−0.090%	$222K	$227K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.960	−0.015%	$3.3M	$4.5M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.968	−0.007%	$676K	$4.9M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	101.00	+4.151%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0049%	8h	96.949	−0.027%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOILlong	+0.0050%	1h	96.975	long leg	$151.9M	$125.6M	20x
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.015	+0.041%	$1.5M	$446K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.870	−0.108%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.030	+0.057%	$3.8M	$875K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.970	−0.005%	$25K	$273K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0181% / S +0.0060%	1h	96.955	−0.021%	$126K	—	111x	as long as short
Aftermath Perps BRENTUSD	+0.0197%	1h	96.969	−0.006%	$7K	$44K	5x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0298%	1h	96.985	+0.010%	$84K	$218K	20x	as long as short