Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0046%/8h= −5.1% APRpaid last 24h −0.075%

Price spread now: Bybit against Aftermath Perps−0.048%53s7-day average — · you buy dearer than you sell

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

Long on Aftermath Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

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

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.048% cheaper against Aftermath Perps than usual: you would sell low and buy high (−$5 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 53 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	Aftermath Perps BRENTUSD	95.966	0.0046	pay 0.0006% / 1h	32m 39s	$6K	$47K	5x
Short	Bybit BZUSDT	95.920	0	get 0.0000% / 8h	3h 32m	$10.3M	$16.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Aftermath 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 Aftermath PerpsbpFee BybitbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$9.74
Price spread: −0.048% → 0.000%: −$4.77
Slippage, 4 orders: no order book: not counted
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$34.52
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Aftermath Perps: no order-book sample; Bybit: live order book, 1 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 Aftermath Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 1 min ago	0.52 bp	10.1 bp −$10	12.3 bp −$123	56.7 bp −$5,671	doesn't fit

Aftermath Perps: 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
GMX BRENTOIL/USD [ETH-USDC]	L −0.0332% / S +0.0352%	1h	95.915	−0.053%	$109K	—	111x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	95.293	−0.701%	$10K	$4K	30x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0130%	1h	95.931	−0.036%	$81K	$262K	20x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0128%	1h	95.990	+0.025%	$230K	$839K	15x	as long as short
Ondo Perps BRENT-USD.P	−0.0002%	1h	95.900	−0.069%	$3.1M	$1.1M	15x	as long as short
Aster BZUSDT	0.0000%	4h	95.943	−0.023%	$332K	$1.7M	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.934	−0.033%	$145.7M	$480.5M	100x	as long as short
Bybit BZUSDTshort	0.0000%	8h	95.920	−0.048%	$10.3M	$16.8M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	95.910	−0.058%	$15.8M	$30.2M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	95.928	−0.039%	$2.2M	$1.3M	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hotstuff BRENTOIL-PERP	0.0000%	1h	95.960	−0.006%	$33K	—	20x	as long as short
Gate BZ_USDT	0.0000%	8h	95.890	−0.079%	$9.1M	$18.9M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	95.930	−0.037%	$27.6M	$23.2M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.916	−0.051%	$9.5M	$11.6M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	95.896	−0.072%	$26K	$410K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.940	−0.027%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	95.920	−0.048%	$102K	$280K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.870	−0.100%	$318K	$233K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	95.920	−0.048%	$1.2M	$100K	100x	as long as short
edgeX BZUSDC	+0.0004%	4h	95.917	−0.051%	$219K	$234K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	96.617	+0.678%	—	—	—	as long as short
BloFin BZ-USDT	+0.0029%	4h	95.890	−0.079%	$1.5M	$97K	50x	as long as short
Lighter BRENTOIL	+0.0032%	1h	95.930	−0.037%	$3.3M	$4.4M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.954	−0.013%	$670K	$5.3M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.00	+4.204%	—	$735K	10x	as long as short
Aftermath Perps BRENTUSDlong	+0.0046%	1h	95.966	long leg	$6K	$47K	5x
Paradex BZ-USD-PERP	+0.0049%	8h	95.931	−0.037%	$3K	$521	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.960	−0.006%	$147.7M	$145.0M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	95.981	+0.016%	$1.5M	$545K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.970	+0.004%	$3.7M	$992K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.880	−0.089%	$25K	$270K	50x	as long as short