Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0278%/8h= −30.5% APRpaid last 24h +0.005%

Price spread now: SunX against GMX+0.026%7-day average +0.019% · you sell dearer than you buy

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

Long on GMX Short on SunX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.029%+$3 on $10k

Price spread, last 4 days (all we have)−0.014%−$1 · spread now +0.026%, 7d avg +0.019%

Together, before fees+0.015%+$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.019%, so right now this pair is about funding alone: −$8 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 0.029% in total (about 3.1% 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]	97.495	L +0.0278% / S −0.1844%	pay 0.0035% / 1h	3m 04s	$115K	—	111x
Short	SunX BRENTOIL-USDT	97.520	0	get 0.0000% / 4h	3h 03m	$4K	$2.5M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.026%Rate

Funding earned: −$58.46
Price spread: +0.026% → +0.019%: $0.63
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee SunX: 4 bp × 2 orders: −$8
Net: −$77.83
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; SunX: live order book, 4 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 SunX live order book, 4 min ago	18.46 bp	26.3 bp −$26	35.0 bp −$350	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	96.536	−0.984%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.460	−0.036%	$237K	$443K	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.454	−0.042%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.462	−0.034%	$147.4M	$366.9M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.490	−0.005%	$10.4M	$12.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.490	−0.005%	$16.1M	$20.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.478	−0.017%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.460	−0.036%	$9.2M	$12.2M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.470	−0.026%	$28.0M	$16.6M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.468	−0.028%	$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	97.481	−0.014%	$26K	$314K	25x	as long as short
SunX BRENTOIL-USDTshort	0.0000%	4h	97.520	+0.026%	$4K	$2.5M	20x
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.510	+0.015%	$101K	$249K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.460	−0.036%	$280K	$267K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.540	+0.046%	$1.2M	$83K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.047	+0.566%	—	—	—	as long as short
edgeX BZUSDC	+0.0016%	4h	97.472	−0.024%	$224K	$227K	20x	as long as short
BloFin BZ-USDT	+0.0022%	4h	97.490	−0.005%	$1.5M	$97K	50x	as long as short
Vest BZ-PERP	+0.0023%	1h	101.54	+4.149%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.510	+0.015%	$3.2M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.472	−0.024%	$680K	$3.9M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.492	−0.003%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.488	−0.007%	$153.8M	$125.6M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.526	+0.032%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.450	−0.046%	$3.1M	$1.0M	15x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0063%	1h	97.480	−0.015%	$82K	$208K	20x	as long as short
Hotstuff BRENTOIL-PERP	+0.0072%	1h	97.510	+0.015%	$34K	—	20x	as long as short
Aftermath Perps BRENTUSD	+0.0072%	1h	97.472	−0.023%	$7K	$42K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.530	+0.036%	$3.8M	$848K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.480	−0.015%	$26K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0278% / S −0.1844%	1h	97.495	long leg	$115K	—	111x