Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.002%

Price spread now: Phemex against Extended+0.162%7-day average +0.189% · you sell dearer than you buy

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

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.444%+$44 on $10k

Price spread, last 4 days (all we have)−0.036%−$4 · spread now +0.162%, 7d avg +0.189%

Together, before fees+0.409%+ Points / potential airdropExtended: Active · farm board+$41 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.027% cheaper against Extended than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.189%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.444%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended XBR-USD	94.327	0.0032	pay 0.0004% / 1h	26m 49s	$754K	$3.8M	10x
Short	Phemex XBRUSDT	94.480	0	get 0.0000% / 4h	1h 26m	$1.2M	$81K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now +0.162%Rate

Funding earned: −$6.72
Price spread: +0.162% → +0.189%: −$2.7
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$26.42
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Extended: live order book, 5 min ago; Phemex: live order book, 4 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 Extended live order book, 5 min ago	1.75 bp	5.0 bp −$5	21.8 bp −$218	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	14.80 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

BZ on 31 exchanges

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
Hotstuff BRENTOIL-PERP	−0.1600%	1h	94.360	+0.035%	$33K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0703%	1h	94.360	+0.035%	$29K	$388K	15x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0341%	1h	94.399	+0.077%	$104K	$274K	20x	as long as short
RISEx BZ/USDC	−0.0302%	1h	94.351	+0.025%	$1.9M	$2.3M	20x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	94.836	+0.540%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	94.390	+0.067%	$246K	$1.0M	15x	as long as short
Bybit BZUSDT	−0.0067%	8h	94.320	−0.007%	$10.7M	$17.0M	100x	as long as short
GRVT BZ_USDT_Perp	−0.0040%	4h	94.448	+0.129%	$13K	$299K	25x	as long as short
Binance BZUSDT	−0.0028%	4h	94.330	+0.003%	$145.0M	$468.3M	100x	as long as short
edgeX BZUSDC	−0.0014%	4h	94.325	−0.002%	$217K	$232K	20x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BZUSDT	0.0000%	4h	94.330	+0.003%	$323K	$718K	50x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	94.300	−0.028%	$15.8M	$28.3M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	94.280	−0.050%	$8.8M	$13.1M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	94.330	+0.003%	$27.5M	$30.2M	100x	as long as short
Variational Omni BZ	0.0000%	4h	94.373	+0.049%	$9.0M	$6.6M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	94.360	+0.035%	$4K	$1.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	94.330	+0.003%	$242K	$315K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	94.480	+0.162%	$1.2M	$81K	100x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	94.925	+0.634%	—	—	—	as long as short
Vest BZ-PERP	+0.0018%	1h	98.050	+3.947%	—	$736K	10x	as long as short
Aftermath Perps BRENTUSD	+0.0019%	1h	94.403	+0.080%	$7K	$37K	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	94.370	+0.046%	$3.4M	$5.6M	20x	as long as short
Extended XBR-USDlong	+0.0032%	1h	94.327	long leg	$754K	$3.8M	10x
Paradex BZ-USD-PERP	+0.0033%	8h	94.362	+0.038%	$2K	$2K	5x	as long as short
BloFin BZ-USDT	+0.0037%	4h	94.380	+0.056%	$1.5M	$114K	50x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	94.348	+0.022%	$138.7M	$189.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	94.416	+0.095%	$1.5M	$487K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	94.310	−0.018%	$3.0M	$1.2M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	94.330	+0.003%	$3.5M	$1.2M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	94.410	+0.088%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0184% / S −0.0707%	1h	94.405	+0.083%	$33K	—	111x	as long as short