Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC+0.0136%/8h= +14.9% APRpaid last 24h +0.040%

Price spread now: Phemex against Coinbase International+0.135%7-day average +0.326% · you sell dearer than you buy

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

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.677%+$68 on $10k

Price spread, last 3 days (all we have)+0.208%+$21 · spread now +0.135%, 7d avg +0.326%

Together, before fees+0.885%+$89 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.191% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.135% now, against its 7-day average of +0.326%). If the spread goes back, that is −$19 on $10k: about 4.7 days of funding at the current rate (+$4 a day). At the pace of the last 7 days (+0.677% in total) that is about 47 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BRENTOIL-PERP-INTX	96.650	−0.0136	get 0.0017% / 1h	36m 05s	$234K	$421K	15x
Short	Phemex XBRUSDT	96.780	0	get 0.0000% / 4h	2h 36m	$1.2M	$85K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.135%Rate

Funding earned: $28.56
Price spread: +0.135% → +0.326%: −$19.11
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$12.55
Costs to cover: 0.220%
Break-even: 10.1 days

Slippage unknown: Coinbase International: live order book, 32 min ago; Phemex: live order book, 2 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 Coinbase International live order book, 32 min ago	1.55 bp	6.7 bp −$7	9.8 bp −$98	doesn't fit	doesn't fit
Sell Phemex live order book, 2 min ago	1.03 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	96.070	−0.600%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTXlong	−0.0136%	1h	96.650	long leg	$234K	$421K	15x
BloFin BZ-USDT	−0.0052%	4h	96.760	+0.114%	$1.5M	$90K	50x	as long as short
Aster BZUSDT	0.0000%	4h	96.800	+0.155%	$336K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.787	+0.142%	$146.2M	$387.7M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.770	+0.124%	$10.3M	$14.3M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.780	+0.135%	$15.9M	$22.7M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.766	+0.121%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.750	+0.103%	$9.2M	$12.7M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.790	+0.145%	$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	96.770	+0.124%	$9.3M	$7.2M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.738	+0.091%	$24K	$341K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.790	+0.145%	$4K	$2.6M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.740	+0.093%	$277K	$269K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	96.780	+0.135%	$1.2M	$85K	100x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.309	+0.682%	—	—	—	as long as short
edgeX BZUSDC	+0.0013%	4h	96.740	+0.093%	$222K	$232K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.800	+0.155%	$3.3M	$4.4M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.788	+0.143%	$673K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.80	+4.294%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0048%	8h	96.766	+0.120%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.803	+0.158%	$151.6M	$129.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.840	+0.197%	$1.5M	$486K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.750	+0.103%	$3.1M	$1.1M	15x	as long as short
Hotstuff BRENTOIL-PERP	+0.0056%	1h	96.810	+0.166%	$33K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	+0.0060%	1h	96.830	+0.186%	$103K	$271K	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.850	+0.207%	$3.8M	$892K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.740	+0.093%	$25K	$273K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0206% / S +0.0101%	1h	96.785	+0.140%	$126K	—	111x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0253%	1h	96.809	+0.165%	$83K	$218K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0267%	1h	96.832	+0.188%	$7K	$45K	5x	as long as short