Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0100%/8h= −10.9% APRpaid last 24h −0.013%

Price spread now: Phemex against ApeX Omni+0.134%7-day average +0.213% · you sell dearer than you buy

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

Long on ApeX Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.253%+$25 on $10k

Price spread, last 3 days (all we have)+0.171%+$17 · spread now +0.134%, 7d avg +0.213%

Together, before fees+0.424%+$42 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Phemex is 0.079% cheaper against ApeX Omni than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.213%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.253%, 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	ApeX Omni BZUSDT	96.740	0.0100	pay 0.0013% / 1h	58m 41s	$25K	$272K	50x
Short	Phemex XBRUSDT	96.870	0	get 0.0000% / 4h	2h 58m	$1.2M	$93K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against ApeX 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 ApeX OmnibpFee PhemexbpOrdersPrice spread, now +0.134%Rate

Funding earned: −$21
Price spread: +0.134% → +0.213%: −$7.86
Slippage, 4 orders: no order book: not counted
Fee ApeX Omni: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$50.86
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: ApeX Omni: live order book, 8 min ago; Phemex: live order book, 4 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 ApeX Omni live order book, 8 min ago	8.79 bp	20.1 bp −$20	183.0 bp −$1,830	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	6.72 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

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	95.731	−1.043%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.650	−0.093%	$234K	$440K	15x	as long as short
Aster BZUSDT	0.0000%	4h	96.825	+0.088%	$336K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.809	+0.071%	$146.0M	$400.0M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.790	+0.052%	$10.4M	$15.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.770	+0.031%	$15.9M	$24.0M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.796	+0.058%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.760	+0.021%	$9.2M	$12.6M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.810	+0.072%	$27.7M	$16.9M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.668	−0.074%	$9.3M	$7.4M	—	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	96.660	−0.083%	$24K	$366K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.870	+0.134%	$4K	$2.6M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.880	+0.145%	$103K	$271K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.700	−0.041%	$308K	$222K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	96.870	+0.134%	$1.2M	$93K	100x
BloFin BZ-USDT	+0.0005%	4h	96.840	+0.103%	$1.5M	$91K	50x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.382	+0.663%	—	—	—	as long as short
edgeX BZUSDC	+0.0015%	4h	96.699	−0.043%	$221K	$233K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.800	+0.062%	$3.3M	$4.3M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.792	+0.054%	$700K	$5.3M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.84	+4.238%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0046%	8h	96.799	+0.061%	$3K	$521	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.823	+0.086%	$151.8M	$138.2M	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.810	+0.072%	$3.1M	$1.1M	15x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0066%	1h	96.885	+0.150%	$1.5M	$506K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.840	+0.103%	$3.8M	$918K	50x	as long as short
ApeX Omni BZUSDTlong	+0.0100%	1h	96.740	long leg	$25K	$272K	50x
Hotstuff BRENTOIL-PERP	+0.0136%	1h	96.820	+0.083%	$33K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0202% / S +0.0120%	1h	96.845	+0.109%	$126K	—	111x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0253%	1h	96.859	+0.123%	$83K	$219K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0317%	1h	96.732	−0.009%	$7K	$44K	5x	as long as short