Funding arb · Price arb /

BZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC−0.0091%/8hnext payment −$0.11 per $10,000 · paid last 24h +0.102%

Price spread now: GMX against Injective+0.344%57s7-day average — · you sell dearer than you buy

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

Long on Injective Short on GMX

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—needs both histories

The price spread pays, funding is against you. GMX is 0.344% dearer against Injective than usual: you sell high and buy low (spread +0.344% now, against zero (this spread has no 7-day history yet)): +$34 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 13 days. The two prices were read 57 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	Injective BRENT/USDC PERP	95.676	−0.0220	get 0.0028% / 1h	23m 41s	$10K	$4K	30x
Short	GMX BRENTOIL/USD [ETH-USDC]	96.005	L −0.0108% / S +0.0311%	pay 0.0039% / 1h	23m 41s	$109K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against Injective. 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 InjectivebpFee GMXbpOrdersPrice spread, now +0.344%Rate

Funding earned: −$19.14
Price spread: +0.344% → 0.000%: $34.39
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee GMX: 6 bp × 2 orders: −$12
Net: $3.23
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; GMX: no order-book sample. 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 Injective no order-book sample	—	—	—	—	—
Sell GMX no order-book sample	—	—	—	—	—

Injective and 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 PERPlong	−0.0220%	1h	95.676	long leg	$10K	$4K	30x
GMX BRENTOIL/USD [ETH-USDC]short	L −0.0108% / S +0.0311%	1h	96.005	+0.344%	$109K	—	111x
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	96.400	+0.757%	$231K	$842K	15x	as long as short
Aster BZUSDT	0.0000%	4h	96.083	+0.425%	$332K	$1.7M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.060	+0.401%	$145.2M	$476.5M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.060	+0.401%	$10.4M	$16.7M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.050	+0.391%	$15.8M	$30.3M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.011	+0.350%	$2.1M	$1.2M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.010	+0.349%	$9.1M	$18.9M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.050	+0.391%	$27.7M	$23.0M	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	95.975	+0.312%	$9.5M	$11.7M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.010	+0.349%	$37K	$406K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.010	+0.349%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.030	+0.370%	$102K	$280K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.960	+0.297%	$318K	$233K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.190	+0.537%	$1.2M	$101K	100x	as long as short
edgeX BZUSDC	+0.0001%	4h	95.975	+0.313%	$220K	$234K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	96.747	+1.120%	—	—	—	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0028%	1h	95.989	+0.327%	$81K	$265K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0028%	1h	96.000	+0.339%	$3.1M	$1.1M	15x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.060	+0.401%	$3.3M	$4.4M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.090	+0.432%	$672K	$5.2M	10x	as long as short
BloFin BZ-USDT	+0.0039%	4h	95.960	+0.297%	$1.5M	$96K	50x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.10	+4.624%	—	$664K	10x	as long as short
Paradex BZ-USD-PERP	+0.0049%	8h	96.056	+0.397%	$3K	$473	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.084	+0.426%	$149.5M	$144.0M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.070	+0.412%	$1.5M	$552K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0064%	1h	96.111	+0.455%	$6K	$48K	5x	as long as short
KuCoin BZUSDTM	+0.0076%	4h	96.020	+0.360%	$3.7M	$967K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0096%	1h	96.020	+0.360%	$33K	—	20x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.080	+0.422%	$25K	$271K	50x	as long as short