Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0238%/8h= −26.1% APRpaid last 24h +0.021%

Price spread now: Phemex against GMX+0.015%7-day average +0.211% · you sell dearer than you buy

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.429%+$43 on $10k

Price spread, last 4 days (all we have)+0.338%+$34 · spread now +0.015%, 7d avg +0.211%

Together, before fees+0.766%+$77 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Phemex is 0.195% cheaper against GMX than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of +0.211%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.429%, 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	GMX BRENTOIL/USD [ETH-USDC]	97.475	L +0.0238% / S −0.0320%	pay 0.0030% / 1h	40m 24s	$127K	—	111x
Short	Phemex XBRUSDT	97.490	0	get 0.0000% / 4h	3h 40m	$1.2M	$84K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now +0.015%Rate

Funding earned: −$50.07
Price spread: +0.015% → +0.211%: −$19.55
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$93.62
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 2 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 Phemex live order book, 2 min ago	1.54 bp	doesn't fit	doesn't fit	doesn't fit	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	96.333	−1.172%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.270	−0.210%	$233K	$439K	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.487	+0.012%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.500	+0.026%	$147.7M	$367.5M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.490	+0.015%	$10.4M	$12.7M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.500	+0.026%	$16.0M	$20.4M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.480	+0.005%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.450	−0.026%	$9.2M	$12.1M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.490	+0.015%	$27.9M	$16.6M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.458	−0.017%	$9.3M	$6.9M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT BZ_USDT_Perp	0.0000%	4h	97.370	−0.108%	$29K	$307K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.480	+0.005%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.480	+0.005%	$104K	$242K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.320	−0.159%	$279K	$267K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	97.490	+0.015%	$1.2M	$84K	100x
BloFin BZ-USDT	+0.0004%	4h	97.440	−0.036%	$1.5M	$92K	50x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.024	+0.563%	—	—	—	as long as short
edgeX BZUSDC	+0.0012%	4h	97.366	−0.112%	$223K	$226K	20x	as long as short
Vest BZ-PERP	+0.0029%	1h	101.53	+4.160%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.500	+0.026%	$3.2M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.512	+0.038%	$675K	$4.1M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.489	+0.014%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.529	+0.055%	$153.9M	$126.3M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.529	+0.055%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.440	−0.036%	$3.1M	$1.0M	15x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0063%	1h	97.482	+0.007%	$82K	$208K	20x	as long as short
Hotstuff BRENTOIL-PERP	+0.0080%	1h	97.510	+0.036%	$34K	—	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.540	+0.067%	$3.8M	$869K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.370	−0.108%	$26K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0105%	1h	97.370	−0.108%	$7K	$43K	5x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0238% / S −0.0320%	1h	97.475	long leg	$127K	—	111x