Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0707%/8h= +77.4% APRpaid last 24h +0.115%

Price spread now: GMX against BloFin−0.080%7-day average +0.009% · you buy dearer than you sell

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

Long on BloFin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.170%+$17 on $10k

Price spread, last 4 days (all we have)+0.267%+$27 · spread now −0.080%, 7d avg +0.009%

Together, before fees+0.438%+$44 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.088% cheaper against BloFin than usual: you would sell low and buy high (spread −0.080% now, against its 7-day average of +0.009%). If the spread goes back, that is −$9 on $10k: about 10 hours of funding at the current rate (+$21 a day). At the pace of the last 4 days (+0.170% in total) that is about 45 hours.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.170% in total (about 17.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BZ-USDT	94.200	0.0000	pay 0.0000% / 4h	1h 43m	$1.5M	$114K	50x
Short	GMX BRENTOIL/USD [ETH-USDC]	94.125	L +0.0184% / S −0.0707%	get 0.0088% / 1h	43m 59s	$32K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 BloFinbpFee GMXbpOrdersPrice spread, now −0.080%Rate

Funding earned: $148.37
Price spread: −0.080% → +0.009%: −$8.85
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $115.53
Costs to cover: 0.240%
Break-even: 1.5 days

Slippage unknown: BloFin: live order book, 2 min ago; GMX: 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 BloFin live order book, 2 min ago	1.59 bp	7.6 bp −$8	10.6 bp −$106	24.8 bp −$2,477	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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-PERP	−0.1600%	1h	94.170	−0.032%	$32K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0493%	1h	94.130	−0.074%	$34K	$383K	15x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0342%	1h	94.186	−0.015%	$100K	$270K	20x	as long as short
RISEx BZ/USDC	−0.0302%	1h	94.178	−0.023%	$2.2M	$2.1M	20x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	94.836	+0.675%	$8K	$7K	30x	as long as short
Bybit BZUSDT	−0.0091%	8h	94.150	−0.053%	$10.7M	$16.9M	100x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	93.840	−0.382%	$245K	$1.0M	15x	as long as short
GRVT BZ_USDT_Perp	−0.0078%	4h	93.835	−0.388%	$13K	$299K	25x	as long as short
Binance BZUSDT	−0.0036%	4h	94.166	−0.036%	$145.3M	$472.2M	100x	as long as short
edgeX BZUSDC	−0.0017%	4h	93.841	−0.381%	$216K	$232K	20x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BZUSDT	0.0000%	4h	94.165	−0.038%	$323K	$812K	50x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	94.100	−0.106%	$15.8M	$28.4M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	94.140	−0.064%	$8.8M	$12.8M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	94.110	−0.096%	$27.5M	$30.1M	100x	as long as short
Variational Omni BZ	0.0000%	4h	93.961	−0.254%	$9.0M	$6.7M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	94.190	−0.011%	$4K	$1.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	94.180	−0.021%	$267K	$265K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	94.310	+0.117%	$1.2M	$80K	100x	as long as short
BloFin BZ-USDTlong	0.0000%	4h	94.200	long leg	$1.5M	$114K	50x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	94.666	+0.495%	—	—	—	as long as short
Vest BZ-PERP	+0.0018%	1h	97.900	+3.928%	—	$736K	10x	as long as short
Aftermath Perps BRENTUSD	+0.0025%	1h	94.072	−0.136%	$7K	$38K	5x	as long as short
Paradex BZ-USD-PERP	+0.0027%	8h	94.205	+0.006%	$1K	$2K	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	94.140	−0.064%	$3.4M	$5.6M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	94.080	−0.128%	$763K	$3.8M	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0039%	1h	94.203	+0.003%	$132.3M	$187.0M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	94.226	+0.028%	$1.5M	$487K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	94.150	−0.053%	$3.0M	$1.2M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	94.160	−0.042%	$3.5M	$1.2M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	93.860	−0.361%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]short	L +0.0184% / S −0.0707%	1h	94.125	−0.080%	$32K	—	111x