Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0044%/8h= −4.8% APRpaid last 24h +0.035%

Price spread now: Phemex against Vest−4.030%7-day average −2.926% · you buy dearer than you sell

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

Long on Vest Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.413%+$41 on $10k

Price spread, last 4 days (all we have)+0.473%+$47 · spread now −4.030%, 7d avg −2.926%

Together, before fees+0.886%+ Points / potential airdropVest: Active · farm board+$89 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 1.105% cheaper against Vest than usual: you would sell low and buy high (−$110 if the spread goes back to its 7-day average of −2.926%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.413%, 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	Vest BZ-PERP	100.99	0.0044	pay 0.0005% / 1h	29m 53s	—	$735K	10x
Short	Phemex XBRUSDT	96.920	0	get 0.0000% / 4h	1h 29m	$1.2M	$85K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Vest. 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 VestbpFee PhemexbpOrdersPrice spread, now −4.030%Rate

Funding earned: −$9.19
Price spread: −4.030% → −2.926%: −$110.45
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$133.64
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Phemex: live order book, 3 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 Vest no order-book sample	—	—	—	—	—
Sell Phemex live order book, 3 min ago	8.76 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Vest: 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
Injective BRENT/USDC PERP	−0.0220%	1h	96.164	−4.779%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0104%	1h	96.900	−4.050%	$233K	$426K	15x	as long as short
Aster BZUSDT	0.0000%	4h	96.913	−4.037%	$336K	$984K	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.909	−4.041%	$146.7M	$374.1M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.880	−4.070%	$10.3M	$13.3M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.890	−4.060%	$16.0M	$20.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.916	−4.034%	$2.3M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.850	−4.099%	$9.2M	$12.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.900	−4.050%	$27.4M	$16.4M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.885	−4.065%	$9.3M	$7.1M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT BZ_USDT_Perp	0.0000%	4h	96.909	−4.041%	$37K	$343K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.950	−4.000%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.910	−4.040%	$103K	$242K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.870	−4.080%	$278K	$269K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	96.920	−4.030%	$1.2M	$85K	100x
edgeX BZUSDC	+0.0001%	4h	96.864	−4.086%	$222K	$228K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.463	−3.492%	—	—	—	as long as short
BloFin BZ-USDT	+0.0025%	4h	96.900	−4.050%	$1.5M	$86K	50x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.910	−4.040%	$3.3M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.921	−4.029%	$676K	$4.8M	10x	as long as short
Vest BZ-PERPlong	+0.0044%	1h	100.99	long leg	—	$735K	10x
Paradex BZ-USD-PERP	+0.0050%	8h	96.927	−4.024%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.918	−4.032%	$151.9M	$125.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.987	−3.964%	$1.5M	$444K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.890	−4.060%	$3.1M	$1.1M	15x	as long as short
Hotstuff BRENTOIL-PERP	+0.0064%	1h	96.920	−4.030%	$33K	—	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.970	−3.981%	$3.8M	$872K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.870	−4.080%	$25K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0169%	1h	96.899	−4.051%	$7K	$44K	5x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0182% / S +0.0045%	1h	96.915	−4.035%	$126K	—	111x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0298%	1h	96.920	−4.030%	$83K	$218K	20x	as long as short