Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0257%/8h= −28.2% APRpaid last 24h +0.005%

Price spread now: BloFin against GMX+0.026%891s7-day average −0.006% · you sell dearer than you buy

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

Long on GMX Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.064%+$6 on $10k

Price spread, last 3 days (all we have)−0.038%−$4 · spread now +0.026%, 7d avg −0.006%

Together, before fees+0.026%+$3 on $10k · with fees, hour by hour

The price spread pays, funding is against you. BloFin is 0.032% dearer against GMX than usual: you sell high and buy low (spread +0.026% now, against its 7-day average of −0.006%): +$3 on $10k if it goes back. Holding the pair costs −$8 a day in funding at the current rate, which eats that in about 10 hours. Mind the row above: over the last 3 days funding on this pair paid +0.064%, so the current rate has only just turned against you. The two prices were read 891 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.064% in total (about 7.2% 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	GMX BRENTOIL/USD [ETH-USDC]	96.735	L +0.0206% / S +0.0099%	pay 0.0026% / 1h	34m 24s	$126K	—	111x
Short	BloFin BZ-USDT	96.760	−0.0052	pay 0.0026% / 4h	2h 34m	$1.5M	$90K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin against GMX. 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 GMXbpFee BloFinbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$54.07
Price spread: +0.026% → −0.006%: $3.2
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee BloFin: 6 bp × 2 orders: −$12
Net: −$74.87
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; BloFin: live order book, 18 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 GMX no order-book sample	—	—	—	—	—
Sell BloFin live order book, 18 min ago	0.52 bp	7.3 bp −$7	11.1 bp −$111	23.0 bp −$2,303	doesn't fit

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	96.070	−0.687%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.650	−0.088%	$234K	$421K	15x	as long as short
Hotstuff BRENTOIL-PERP	−0.0064%	1h	96.770	+0.036%	$33K	—	20x	as long as short
BloFin BZ-USDTshort	−0.0052%	4h	96.760	+0.026%	$1.5M	$90K	50x
Aster BZUSDT	0.0000%	4h	96.770	+0.036%	$336K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.741	+0.006%	$146.2M	$387.1M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.730	−0.005%	$10.3M	$14.2M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.740	+0.005%	$15.9M	$22.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.748	+0.014%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.700	−0.036%	$9.2M	$12.7M	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	96.740	+0.005%	$27.6M	$16.5M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.770	+0.036%	$9.3M	$7.2M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.738	+0.003%	$24K	$341K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.760	+0.026%	$4K	$2.6M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.770	+0.036%	$103K	$271K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.740	+0.005%	$277K	$269K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.740	+0.005%	$1.2M	$85K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.265	+0.548%	—	—	—	as long as short
edgeX BZUSDC	+0.0013%	4h	96.740	+0.005%	$222K	$232K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.750	+0.016%	$3.3M	$4.4M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.761	+0.027%	$673K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.77	+4.171%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0048%	8h	96.753	+0.018%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.767	+0.033%	$151.6M	$129.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.812	+0.080%	$1.5M	$486K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.700	−0.036%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.820	+0.088%	$3.8M	$892K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.800	+0.067%	$25K	$272K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0206% / S +0.0099%	1h	96.735	long leg	$126K	—	111x
Kraken Futures PF_BRENTOILUSD	+0.0253%	1h	96.769	+0.036%	$83K	$218K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0265%	1h	96.809	+0.076%	$7K	$44K	5x	as long as short