Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0169%/8h= +18.5% APRpaid last 24h +0.029%

Price spread now: Phemex against Deribit+0.189%7-day average +0.192% · you sell dearer than you buy

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

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.723%+$72 on $10k

Price spread, last 4 days (all we have)+0.176%+$18 · spread now +0.189%, 7d avg +0.192%

Together, before fees+0.899%+$90 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.192%, so right now this pair is about funding alone: +$5 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BRENTOIL_USDC-PERPETUAL	95.370	−0.0169	get 0.0021% / 1h	56m 17s	$98K	$268K	15x
Short	Phemex XBRUSDT	95.550	0	get 0.0000% / 4h	2h 56m	$1.2M	$80K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.189%Rate

Funding earned: $35.54
Price spread: +0.189% → +0.192%: −$0.34
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: $16.2
Costs to cover: 0.190%
Break-even: 3.8 days

Slippage unknown: Deribit: live order book, 37 min ago; Phemex: live order book, 1 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 Deribit live order book, 37 min ago	0.51 bp	10.1 bp −$10	11.0 bp −$110	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	0.52 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
Kraken Futures PF_BRENTOILUSD	−0.0339%	1h	95.329	−0.043%	$81K	$205K	20x	as long as short
RISEx BZ/USDC	−0.0289%	1h	95.234	−0.142%	$2.3M	$1.8M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUALlong	−0.0169%	1h	95.370	long leg	$98K	$268K	15x
GRVT BZ_USDT_Perp	−0.0132%	4h	95.210	−0.168%	$14K	$328K	25x	as long as short
Ondo Perps BRENT-USD.P	−0.0110%	1h	95.060	−0.325%	$3.0M	$1.0M	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	95.240	−0.136%	$276K	$590K	15x	as long as short
Bybit BZUSDT	−0.0043%	8h	95.350	−0.021%	$10.1M	$14.7M	100x	as long as short
BloFin BZ-USDT	−0.0025%	4h	95.220	−0.157%	$1.5M	$102K	50x	as long as short
Aster BZUSDT	0.0000%	4h	95.319	−0.053%	$328K	$703K	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.353	−0.018%	$146.3M	$394.5M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BZ-USDT-SWAP	0.0000%	4h	95.380	+0.010%	$16.0M	$23.2M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	95.300	−0.073%	$9.1M	$10.9M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	95.360	−0.010%	$28.1M	$22.8M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.237	−0.139%	$9.2M	$6.4M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.330	−0.042%	$4K	$2.1M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.380	+0.010%	$273K	$263K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	95.550	+0.189%	$1.2M	$80K	100x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	95.654	+0.297%	—	—	—	as long as short
Vest BZ-PERP	+0.0012%	1h	98.970	+3.775%	—	$735K	10x	as long as short
edgeX BZUSDC	+0.0012%	4h	95.168	−0.212%	$219K	$230K	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0024%	1h	95.298	−0.075%	$1.6M	$386K	20x	as long as short
Paradex BZ-USD-PERP	+0.0026%	8h	95.189	−0.190%	$2K	$1K	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	95.320	−0.052%	$3.5M	$4.6M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.374	+0.004%	$747K	$2.7M	10x	as long as short
Hotstuff BRENTOIL-PERP	+0.0032%	1h	95.300	−0.073%	$33K	—	20x	as long as short
Injective BRENT/USDC PERP	+0.0033%	1h	96.342	+1.019%	$8K	$7K	30x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.408	+0.040%	$153.3M	$128.4M	20x	as long as short
Aftermath Perps BRENTUSD	+0.0056%	1h	95.367	−0.003%	$7K	$39K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.370	0.000%	$3.4M	$1.1M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.320	−0.052%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0184% / S −0.0707%	1h	95.345	−0.026%	$33K	—	111x	as long as short