Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: Injective against Bybit−0.857%48s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Injective

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—needs both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Injective is 0.857% cheaper against Bybit than usual: you would sell low and buy high (−$86 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 48 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	Bybit BZUSDT	97.620	0	get 0.0000% / 8h	2h 26m	$10.3M	$12.6M	100x
Short	Injective BRENT/USDC PERP	96.783	−0.0220	pay 0.0028% / 1h	26m 31s	$8K	$7K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now −0.857%Rate

Funding earned: −$46.2
Price spread: −0.857% → 0.000%: −$85.74
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$142.96
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 2 min ago; Injective: 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 Bybit live order book, 2 min ago	0.51 bp	8.0 bp −$8	11.2 bp −$112	93.5 bp −$9,353	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.0220%	1h	96.783	−0.857%	$8K	$7K	30x
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.530	−0.092%	$235K	$434K	15x	as long as short
BloFin BZ-USDT	−0.0015%	4h	97.620	0.000%	$1.5M	$97K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.637	+0.018%	$340K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.630	+0.010%	$147.8M	$362.3M	100x	as long as short
Bybit BZUSDTlong	0.0000%	8h	97.620	long leg	$10.3M	$12.6M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	97.650	+0.031%	$16.1M	$20.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.615	−0.005%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.590	−0.031%	$9.3M	$11.7M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.660	+0.041%	$28.0M	$16.5M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni BZ	0.0000%	4h	97.490	−0.133%	$9.4M	$7.0M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.601	−0.020%	$34K	$309K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.670	+0.051%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.610	−0.010%	$101K	$250K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.500	−0.123%	$280K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.600	−0.020%	$1.2M	$83K	100x	as long as short
edgeX BZUSDC	+0.0001%	4h	97.537	−0.085%	$225K	$227K	20x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0009%	1h	97.640	+0.021%	$82K	$208K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.181	+0.575%	—	—	—	as long as short
Vest BZ-PERP	+0.0017%	1h	101.69	+4.169%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.620	0.000%	$3.2M	$4.6M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.635	+0.016%	$680K	$3.7M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.623	+0.003%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.654	+0.035%	$154.2M	$124.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.674	+0.055%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.590	−0.031%	$3.1M	$1.0M	15x	as long as short
Aftermath Perps BRENTUSD	+0.0059%	1h	97.619	−0.001%	$7K	$42K	5x	as long as short
Hotstuff BRENTOIL-PERP	+0.0064%	1h	97.630	+0.010%	$34K	—	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.640	+0.020%	$3.8M	$833K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.670	+0.051%	$26K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0317% / S −0.2514%	1h	97.645	+0.026%	$116K	—	111x	as long as short