Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.2532%/8h= +277.3% APRpaid last 24h +0.006%

Price spread now: GMX against Gate+0.026%7-day average +0.050% · you sell dearer than you buy

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

Long on Gate Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.138%+$14 on $10k

Price spread, last 4 days (all we have)−0.031%−$3 · spread now +0.026%, 7d avg +0.050%

Together, before fees+0.108%+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. GMX is 0.024% cheaper against Gate than usual: you would sell low and buy high (spread +0.026% now, against its 7-day average of +0.050%). If the spread goes back, that is −$2 on $10k: about under an hour of funding at the current rate (+$76 a day). At the pace of the last 3 days (+0.138% in total) that is about 14 hours.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.138% in total (about 14.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate BZ_USDT	97.600	0	get 0.0000% / 8h	2h 26m	$9.3M	$11.7M	100x
Short	GMX BRENTOIL/USD [ETH-USDC]	97.625	L +0.0318% / S −0.2532%	get 0.0317% / 1h	26m 17s	$116K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Gate. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 GatebpFee GMXbpOrdersPrice spread, now +0.026%Rate

Funding earned: $531.75
Price spread: +0.026% → +0.050%: −$2.42
Slippage, 4 orders: no order book: not counted
Fee Gate: 7.5 bp × 2 orders: −$15
Fee GMX: 6 bp × 2 orders: −$12
Net: $502.33
Costs to cover: 0.270%
Break-even: 0.4 days

Slippage unknown: Gate: live order book, 2 min ago; GMX: no order-book sample. 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 Gate live order book, 2 min ago	1.54 bp	10.9 bp −$11	18.1 bp −$181	30.9 bp −$3,091	42.7 bp −$21.4K
Sell GMX no order-book sample	—	—	—	—	—

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	96.783	−0.837%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.530	−0.072%	$235K	$434K	15x	as long as short
BloFin BZ-USDT	−0.0015%	4h	97.620	+0.020%	$1.5M	$97K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.635	+0.036%	$340K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.632	+0.033%	$147.8M	$362.4M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.620	+0.020%	$10.3M	$12.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.620	+0.020%	$16.1M	$20.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.615	+0.016%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDTlong	0.0000%	8h	97.600	long leg	$9.3M	$11.7M	100x
Bitget BZUSDT	0.0000%	4h	97.650	+0.051%	$28.0M	$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	97.490	−0.113%	$9.4M	$7.0M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.601	+0.001%	$34K	$309K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.650	+0.051%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.630	+0.031%	$101K	$250K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.590	−0.010%	$280K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.620	+0.020%	$1.2M	$83K	100x	as long as short
edgeX BZUSDC	+0.0001%	4h	97.537	−0.065%	$225K	$227K	20x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0009%	1h	97.644	+0.046%	$82K	$208K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.174	+0.588%	—	—	—	as long as short
Vest BZ-PERP	+0.0017%	1h	101.69	+4.191%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.640	+0.041%	$3.2M	$4.6M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.646	+0.048%	$680K	$3.7M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.623	+0.024%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.654	+0.055%	$154.2M	$124.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.674	+0.076%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.590	−0.010%	$3.1M	$1.0M	15x	as long as short
Aftermath Perps BRENTUSD	+0.0059%	1h	97.607	+0.008%	$7K	$42K	5x	as long as short
Hotstuff BRENTOIL-PERP	+0.0064%	1h	97.630	+0.031%	$34K	—	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.650	+0.051%	$3.8M	$833K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.670	+0.072%	$26K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]short	L +0.0318% / S −0.2532%	1h	97.625	+0.026%	$116K	—	111x