Funding arb · Price arb /

BZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0352%/8h= +38.5% APRpaid last 24h +0.047%

Price spread now: Variational Omni against Hotstuff−0.076%46s7-day average — · you buy dearer than you sell

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

Long on Hotstuff Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · Variational Omni: Active · farm boardneeds both histories

Funding pays, the price is against you. Variational Omni is 0.076% cheaper against Hotstuff than usual: you would sell low and buy high (spread −0.076% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 17 hours of funding at the current rate (+$11 a day). The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hotstuff BRENTOIL-PERP	95.810	−0.0352	get 0.0044% / 1h	45m 44s	$33K	—	20x
Short	Variational Omni BZ	95.737	0	get 0.0000% / 4h	1h 45m	$9.2M	$9.2M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Hotstuff. 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 HotstuffbpFee Variational OmnibpOrdersPrice spread, now −0.076%Rate

Funding earned: $73.92
Price spread: −0.076% → 0.000%: −$7.63
Slippage, 4 orders: no order book: not counted
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $61.29
Costs to cover: 0.050%
Break-even: 1.2 days

Slippage unknown: Hotstuff: no order-book sample; Variational Omni: RFQ quote, 3 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 Hotstuff no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 3 min ago	2.64 bp	doesn't fit	4.7 bp −$47	doesn't fit	doesn't fit

Hotstuff: 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]	L −0.0762% / S +0.0137%	1h	95.835	+0.026%	$114K	—	29x	as long as short
Ondo Perps BRENT-USD.P	−0.0562%	1h	95.800	−0.010%	$3.0M	$1.1M	15x	as long as short
Hotstuff BRENTOIL-PERPlong	−0.0352%	1h	95.810	long leg	$33K	—	20x
Injective BRENT/USDC PERP	−0.0220%	1h	95.248	−0.587%	$8K	$7K	30x	as long as short
Lighter BRENTOIL	−0.0128%	1h	95.840	+0.031%	$3.3M	$4.2M	20x	as long as short
tradeXYZ xyz:BRENTOIL	−0.0087%	1h	95.820	+0.010%	$147.4M	$146.9M	20x	as long as short
RISEx BZ/USDC	−0.0075%	1h	95.825	+0.015%	$2.2M	$1.3M	20x	as long as short
GRVT BZ_USDT_Perp	−0.0042%	4h	95.760	−0.052%	$34K	$396K	25x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0016%	1h	96.050	+0.250%	$232K	$676K	15x	as long as short
Paradex BZ-USD-PERP	−0.0014%	8h	95.814	+0.004%	$3K	$521	5x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BZUSDT	0.0000%	4h	95.849	+0.041%	$333K	$1.5M	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.820	+0.010%	$145.3M	$482.1M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	95.820	+0.010%	$10.2M	$16.7M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	95.820	+0.010%	$15.8M	$27.7M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	95.790	−0.021%	$9.2M	$18.0M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	95.830	+0.021%	$27.4M	$22.3M	100x	as long as short
Variational Omni BZshort	0.0000%	4h	95.737	−0.076%	$9.2M	$9.2M	—
SunX BRENTOIL-USDT	0.0000%	4h	95.840	+0.031%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	95.880	+0.073%	$102K	$279K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.790	−0.021%	$305K	$259K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	95.890	+0.083%	$1.2M	$100K	100x	as long as short
edgeX BZUSDC	+0.0005%	4h	95.735	−0.078%	$219K	$234K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0011%	1h	95.811	+0.002%	$5K	$45K	5x	as long as short
Extended XBR-USD	+0.0032%	1h	95.897	+0.091%	$670K	$5.3M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.03	+4.405%	—	$735K	10x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	95.872	+0.065%	$1.5M	$529K	20x	as long as short
BloFin BZ-USDT	+0.0054%	4h	95.840	+0.031%	$1.5M	$95K	50x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.840	+0.031%	$3.7M	$1.0M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.830	+0.021%	$25K	$271K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0556%	1h	95.851	+0.043%	$81K	$244K	20x	as long as short