Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0860%/8h= +94.1% APRpaid last 24h +0.053%

Price spread now: edgeX against GMX+0.011%50s7-day average −0.018% · you sell dearer than you buy

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

Long on GMX Short on edgeX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.131%+$13 on $10k

Price spread, last 3 days (all we have)+0.056%+$6 · spread now +0.011%, 7d avg −0.018%

Together, before fees+0.187%+ Points / potential airdropedgeX: Active · farm board+$19 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$26 a day on $10k at the current rate, and edgeX is 0.029% dearer against GMX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.018%. The two prices were read 50 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 0.131% in total (about 15.1% 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]	96.175	L −0.0848% / S +0.0467%	get 0.0106% / 1h	13m 24s	$120K	—	111x
Short	edgeX BZUSDC	96.186	0.0012	get 0.0006% / 4h	13m 24s	$220K	$234K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

edgeX against GMX. 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 GMXbpFee edgeXbpOrdersPrice spread, now +0.011%Rate

Funding earned: $180.56
Price spread: +0.011% → −0.018%: $2.94
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee edgeX: 4.5 bp × 2 orders: −$9
Net: $162.5
Costs to cover: 0.210%
Break-even: 0.7 days

Slippage unknown: GMX: no order-book sample; edgeX: live order book, 64 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 edgeX live order book, 64 min ago	10.42 bp	14.9 bp −$15	16.3 bp −$163	57.6 bp −$5,761	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 30 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
GMX BRENTOIL/USD [ETH-USDC]long	L −0.0848% / S +0.0467%	1h	96.175	long leg	$120K	—	111x
Injective BRENT/USDC PERP	−0.0220%	1h	95.484	−0.718%	$8K	$7K	30x	as long as short
Hotstuff BRENTOIL-PERP	−0.0072%	1h	96.240	+0.068%	$33K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0062%	1h	96.220	+0.047%	$103K	$275K	15x	as long as short
BloFin BZ-USDT	−0.0050%	4h	96.190	+0.016%	$1.5M	$96K	50x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0040%	1h	96.070	−0.109%	$232K	$551K	15x	as long as short
RISEx BZ/USDC	−0.0020%	1h	96.189	+0.014%	$2.2M	$1.3M	20x	as long as short
Aster BZUSDT	0.0000%	4h	96.209	+0.035%	$334K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.194	+0.020%	$145.8M	$452.6M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.210	+0.036%	$10.5M	$16.1M	100x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BZ-USDT-SWAP	0.0000%	4h	96.190	+0.016%	$15.8M	$26.5M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	96.150	−0.026%	$9.2M	$16.4M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.180	+0.005%	$27.6M	$20.4M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.181	+0.006%	$9.3M	$7.7M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.206	+0.032%	$34K	$375K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.200	+0.026%	$4K	$2.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.120	−0.057%	$306K	$249K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.190	+0.016%	$1.2M	$94K	100x	as long as short
edgeX BZUSDCshort	+0.0012%	4h	96.186	+0.011%	$220K	$234K	20x
Paradex BZ-USD-PERP	+0.0029%	8h	96.189	+0.014%	$3K	$521	5x	as long as short
Vest BZ-PERP	+0.0046%	1h	99.880	+3.852%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.241	+0.069%	$151.1M	$144.1M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.262	+0.090%	$1.5M	$525K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0083%	1h	96.270	+0.099%	$6K	$44K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.100	−0.078%	$3.8M	$988K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.210	+0.036%	$25K	$271K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0113%	1h	96.236	+0.063%	$83K	$234K	20x	as long as short
Lighter BRENTOIL	+0.0280%	1h	96.220	+0.047%	$3.3M	$4.3M	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0405%	1h	96.160	−0.016%	$3.1M	$1.1M	15x	as long as short
Extended XBR-USD	+0.0568%	1h	96.131	−0.045%	$675K	$5.2M	10x	as long as short