Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.025%

Price spread now: Bybit against Coinbase International−0.195%7-day average +0.115% · you buy dearer than you sell

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs−$61as in the Price arb table

costs, in and out, $10k−$300.296% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.133%+$13 on $10k

Price spread, last 4 days (all we have)+0.398%+$40 · spread now −0.195%, 7d avg +0.115%

Together, before fees+0.530%+$53 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.311% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.195% now, against its 7-day average of +0.115%). If the spread goes back, that is −$31 on $10k: about 11 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BRENTOIL-PERP-INTX	97.240	−0.0096	get 0.0012% / 1h	14m 18s	$234K	$436K	15x
Short	Bybit BZUSDT	97.050	0	get 0.0000% / 8h	4h 14m	$10.4M	$12.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now −0.195%Rate

Funding earned: $20.16
Price spread: −0.195% → +0.115%: −$31.06
Slippage, 4 orders: −$8.56
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$40.46
Costs to cover: 0.296%
Break-even: 21.0 days

Slippage from Coinbase International: live order book, 44 min ago; Bybit: live order book, 4 min ago.

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 Coinbase International live order book, 44 min ago	1.03 bp	6.7 bp −$7	10.7 bp −$107	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.51 bp	7.6 bp −$8	10.9 bp −$109	95.5 bp −$9,546	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	96.433	−0.830%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTXlong	−0.0096%	1h	97.240	long leg	$234K	$436K	15x
Hotstuff BRENTOIL-PERP	−0.0048%	1h	97.190	−0.051%	$33K	—	20x	as long as short
Aster BZUSDT	0.0000%	4h	97.095	−0.149%	$338K	$954K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.050	−0.195%	$147.0M	$369.8M	100x	as long as short
Bybit BZUSDTshort	0.0000%	8h	97.050	−0.195%	$10.4M	$12.9M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	97.050	−0.195%	$16.0M	$20.3M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.041	−0.205%	$2.2M	$1.4M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.010	−0.237%	$9.2M	$12.2M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.050	−0.195%	$27.6M	$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	97.168	−0.074%	$9.4M	$6.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.157	−0.086%	$29K	$346K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.080	−0.165%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.060	−0.185%	$104K	$233K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.120	−0.123%	$279K	$268K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.330	+0.093%	$1.2M	$84K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.607	+0.378%	—	—	—	as long as short
edgeX BZUSDC	+0.0018%	4h	97.141	−0.102%	$223K	$228K	20x	as long as short
BloFin BZ-USDT	+0.0025%	4h	97.170	−0.072%	$1.5M	$92K	50x	as long as short
Vest BZ-PERP	+0.0031%	1h	101.12	+3.990%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.070	−0.175%	$3.2M	$4.8M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.063	−0.182%	$680K	$4.4M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.047	−0.198%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.100	−0.144%	$153.2M	$127.1M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.113	−0.131%	$1.6M	$491K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.010	−0.237%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.110	−0.134%	$3.8M	$871K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.190	−0.051%	$25K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0125%	1h	97.179	−0.062%	$7K	$43K	5x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0142%	1h	97.068	−0.177%	$84K	$206K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0210% / S −0.0132%	1h	97.065	−0.180%	$126K	—	111x	as long as short