Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.1600%/8h= −175.2% APRpaid last 24h +0.007%

Price spread now: Hotstuff against Variational Omni−0.499%121s7-day average — · you buy dearer than you sell

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

Long on Variational Omni Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · Hotstuff: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$48 a day on $10k at the current rate, and Hotstuff is 0.499% cheaper against Variational Omni than usual: you would sell low and buy high (−$50 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 121 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	Variational Omni BZ	94.763	0	get 0.0000% / 4h	1h 57m	$9.1M	$6.5M	—
Short	Hotstuff BRENTOIL-PERP	94.290	−0.1600	pay 0.0200% / 1h	57m 32s	$32K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff against Variational Omni. 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 Variational OmnibpFee HotstuffbpOrdersPrice spread, now −0.499%Rate

Funding earned: −$336
Price spread: −0.499% → 0.000%: −$49.89
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$390.89
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 5 min ago; Hotstuff: 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 Variational Omni RFQ quote, 5 min ago	2.64 bp	doesn't fit	3.9 bp −$39	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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 exchanges

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
Hotstuff BRENTOIL-PERPshort	−0.1600%	1h	94.290	−0.499%	$32K	—	20x
Deribit BRENTOIL_USDC-PERPETUAL	−0.0706%	1h	94.010	−0.794%	$46K	$375K	15x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0342%	1h	94.076	−0.725%	$94K	$260K	20x	as long as short
RISEx BZ/USDC	−0.0302%	1h	94.181	−0.614%	$2.3M	$2.0M	20x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	94.836	+0.077%	$8K	$7K	30x	as long as short
Lighter BRENTOIL	−0.0104%	1h	94.230	−0.562%	$3.4M	$5.5M	20x	as long as short
Bybit BZUSDT	−0.0088%	8h	94.110	−0.689%	$10.6M	$16.4M	100x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	94.200	−0.594%	$284K	$884K	15x	as long as short
GRVT BZ_USDT_Perp	−0.0078%	4h	94.252	−0.539%	$13K	$308K	25x	as long as short
tradeXYZ xyz:BRENTOIL	−0.0069%	1h	94.245	−0.546%	$127.3M	$178.3M	20x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin BZ-USDT	−0.0056%	4h	94.300	−0.488%	$1.5M	$109K	50x	as long as short
Binance BZUSDT	−0.0018%	4h	94.200	−0.594%	$145.9M	$459.5M	100x	as long as short
Aster BZUSDT	0.0000%	4h	94.175	−0.621%	$360K	$791K	50x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	94.170	−0.625%	$15.8M	$27.7M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	94.150	−0.647%	$8.9M	$12.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	94.180	−0.615%	$27.9M	$29.4M	100x	as long as short
Variational Omni BZlong	0.0000%	4h	94.763	long leg	$9.1M	$6.5M	—
SunX BRENTOIL-USDT	0.0000%	4h	94.190	−0.604%	$4K	$1.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	94.300	−0.488%	$269K	$254K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	94.390	−0.393%	$1.2M	$81K	100x	as long as short
edgeX BZUSDC	+0.0002%	4h	94.840	+0.081%	$218K	$232K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	94.596	−0.176%	—	—	—	as long as short
Polymarket Perps BRENTOIL-USD	+0.0016%	1h	94.106	−0.693%	$1.5M	$395K	20x	as long as short
Vest BZ-PERP	+0.0017%	1h	97.820	+3.226%	—	$736K	10x	as long as short
Paradex BZ-USD-PERP	+0.0026%	8h	94.095	−0.705%	$1K	$2K	5x	as long as short
Extended XBR-USD	+0.0032%	1h	94.205	−0.589%	$661K	$3.6M	10x	as long as short
Aftermath Perps BRENTUSD	+0.0032%	1h	94.736	−0.028%	$7K	$38K	5x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	94.190	−0.604%	$3.0M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	94.190	−0.604%	$3.5M	$1.2M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	94.250	−0.541%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0184% / S −0.0707%	1h	94.245	−0.546%	$32K	—	111x	as long as short