Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.008%

Price spread now: BloFin against Deribit−0.021%57s7-day average −0.019% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$250.250% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.346%+$35 on $10k

Price spread, last 4 days (all we have)+0.012%+$1 · spread now −0.021%, 7d avg −0.019%

Together, before fees+0.358%+$36 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.019%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate. Mind the row above: over the last 4 days funding on this pair paid +0.346%, so the current rate has only just turned against you. The two prices were read 57 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	Deribit BRENTOIL_USDC-PERPETUAL	97.400	0	get 0.0000% / 1h	48m 06s	$100K	$253K	15x
Short	BloFin BZ-USDT	97.380	−0.0032	pay 0.0016% / 4h	48m 06s	$1.5M	$95K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against Deribit. 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 DeribitbpFee BloFinbpOrdersPrice spread, now −0.021%Rate

Funding earned: −$6.7
Price spread: −0.021% → −0.019%: −$0.2
Slippage, 4 orders: −$5.99
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$31.89
Costs to cover: 0.250%
Break-even: never at this rate

Slippage from Deribit: live order book, 55 min ago; BloFin: live order book, 5 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 Deribit live order book, 55 min ago	0.51 bp	6.0 bp −$6	9.3 bp −$93	doesn't fit	doesn't fit
Sell BloFin live order book, 5 min ago	1.02 bp	7.0 bp −$7	8.7 bp −$87	16.1 bp −$1,613	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	97.155	−0.252%	$8K	$7K	30x	as long as short
Hotstuff BRENTOIL-PERP	−0.0096%	1h	97.440	+0.041%	$34K	—	20x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.700	+0.308%	$237K	$412K	15x	as long as short
BloFin BZ-USDTshort	−0.0032%	4h	97.380	−0.021%	$1.5M	$95K	50x
Aster BZUSDT	0.0000%	4h	97.419	+0.019%	$339K	$860K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.404	+0.004%	$148.4M	$352.7M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.390	−0.010%	$10.2M	$13.3M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.380	−0.021%	$16.1M	$19.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.392	−0.008%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.360	−0.041%	$9.2M	$10.8M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	97.400	0.000%	$27.9M	$18.2M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.526	+0.129%	$9.4M	$6.7M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.530	+0.133%	$18K	$329K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.420	+0.021%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUALlong	0.0000%	1h	97.400	long leg	$100K	$253K	15x
HTX BRENTOIL-USDT	0.0000%	4h	97.300	−0.103%	$279K	$254K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.460	+0.062%	$1.2M	$87K	100x	as long as short
edgeX BZUSDC	+0.0007%	4h	97.533	+0.136%	$225K	$228K	20x	as long as short
Vest BZ-PERP	+0.0008%	1h	101.52	+4.230%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.973	+0.588%	—	—	—	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.380	−0.021%	$3.3M	$3.9M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.391	−0.009%	$737K	$3.2M	10x	as long as short
Ondo Perps BRENT-USD.P	+0.0036%	1h	97.340	−0.062%	$3.1M	$1.0M	15x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.371	−0.030%	$2K	$1K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.420	+0.021%	$155.2M	$114.5M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.465	+0.067%	$1.6M	$462K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0082%	1h	97.529	+0.132%	$7K	$40K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.410	+0.010%	$3.8M	$805K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.560	+0.164%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0113%	1h	97.409	+0.009%	$82K	$201K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0328% / S −0.2771%	1h	97.425	+0.026%	$116K	—	111x	as long as short