Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0206%/8h= −22.5% APRpaid last 24h +0.007%

Price spread now: Gate against GMX−0.057%7-day average −0.049% · you buy dearer than you sell

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

Long on GMX Short on Gate

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.012%−$1 on $10k

Price spread, last 3 days (all we have)+0.033%+$3 · spread now −0.057%, 7d avg −0.049%

Together, before fees+0.021%+$2 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.049%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.012% in total (about -1.4% 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]	96.825	L +0.0206% / S +0.0102%	pay 0.0026% / 1h	38m 09s	$126K	—	111x
Short	Gate BZ_USDT	96.770	0	get 0.0000% / 8h	6h 38m	$9.2M	$12.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now −0.057%Rate

Funding earned: −$43.23
Price spread: −0.057% → −0.049%: −$0.75
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$70.98
Costs to cover: 0.270%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Gate: live order book, 5 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 Gate live order book, 5 min ago	0.52 bp	13.2 bp −$13	21.7 bp −$217	36.1 bp −$3,613	48.7 bp −$24.3K

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	95.962	−0.891%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.650	−0.181%	$234K	$421K	15x	as long as short
BloFin BZ-USDT	−0.0052%	4h	96.760	−0.067%	$1.5M	$90K	50x	as long as short
Aster BZUSDT	0.0000%	4h	96.820	−0.005%	$336K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.824	−0.001%	$146.3M	$388.1M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.810	−0.015%	$10.3M	$14.3M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.800	−0.026%	$15.9M	$22.9M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.787	−0.040%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDTshort	0.0000%	8h	96.770	−0.057%	$9.2M	$12.7M	100x
Bitget BZUSDT	0.0000%	4h	96.810	−0.015%	$27.6M	$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	96.790	−0.036%	$9.3M	$7.2M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.793	−0.033%	$24K	$341K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.820	−0.005%	$4K	$2.6M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.840	+0.015%	$103K	$271K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.750	−0.077%	$277K	$269K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.810	−0.015%	$1.2M	$85K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.342	+0.534%	—	—	—	as long as short
edgeX BZUSDC	+0.0019%	4h	96.798	−0.028%	$222K	$232K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.810	−0.015%	$3.3M	$4.4M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.808	−0.017%	$672K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.80	+4.105%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0048%	8h	96.785	−0.041%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.832	+0.007%	$151.7M	$129.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.858	+0.034%	$1.5M	$486K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.700	−0.129%	$3.1M	$1.1M	15x	as long as short
Hotstuff BRENTOIL-PERP	+0.0056%	1h	96.800	−0.026%	$33K	—	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.860	+0.036%	$3.8M	$892K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.770	−0.057%	$25K	$273K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0206% / S +0.0102%	1h	96.825	long leg	$126K	—	111x
Kraken Futures PF_BRENTOILUSD	+0.0253%	1h	96.821	−0.004%	$83K	$218K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0273%	1h	96.810	−0.016%	$7K	$44K	5x	as long as short