Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.2771%/8h= +303.5% APRpaid last 24h +0.069%

Price spread now: GMX against OKX+0.067%7-day average +0.001% · you sell dearer than you buy

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

Long on OKX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.135%+$14 on $10k

Price spread, last 4 days (all we have)−0.119%−$12 · spread now +0.067%, 7d avg +0.001%

Together, before fees+0.016%+$2 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$83 a day on $10k at the current rate, and GMX is 0.066% dearer against OKX than usual: you sell high and buy low: +$7 more if the spread goes back to its 7-day average of +0.001%.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.135% in total (about 14.1% 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	OKX BZ-USDT-SWAP	97.410	0	get 0.0000% / 4h	6m 57s	$16.1M	$19.6M	50x
Short	GMX BRENTOIL/USD [ETH-USDC]	97.475	L +0.0329% / S −0.2771%	get 0.0346% / 1h	6m 57s	$116K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now +0.067%Rate

Funding earned: $582
Price spread: +0.067% → +0.001%: $6.61
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $566.61
Costs to cover: 0.220%
Break-even: 0.2 days

Slippage unknown: OKX: live order book, 1 min ago; 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 OKX live order book, 1 min ago	0.51 bp	5.5 bp −$6	10.5 bp −$105	26.7 bp −$2,667	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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	96.342	−1.096%	$8K	$7K	30x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0160%	1h	97.470	+0.062%	$100K	$256K	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.480	+0.072%	$237K	$402K	15x	as long as short
Ondo Perps BRENT-USD.P	−0.0014%	1h	97.390	−0.021%	$3.1M	$1.0M	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.470	+0.062%	$339K	$860K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.433	+0.024%	$148.4M	$351.3M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.440	+0.031%	$10.3M	$13.3M	100x	as long as short
OKX BZ-USDT-SWAPlong	0.0000%	4h	97.410	long leg	$16.1M	$19.6M	50x
RISEx BZ/USDC	0.0000%	1h	97.411	+0.001%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.390	−0.021%	$9.2M	$11.2M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	97.460	+0.051%	$27.9M	$18.5M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.183	−0.233%	$9.4M	$6.1M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.187	−0.229%	$14K	$332K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.450	+0.041%	$4K	$2.4M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.430	+0.021%	$280K	$254K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.470	+0.062%	$1.2M	$86K	100x	as long as short
Vest BZ-PERP	+0.0010%	1h	101.49	+4.188%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.017	+0.623%	—	—	—	as long as short
edgeX BZUSDC	+0.0020%	4h	97.166	−0.251%	$223K	$228K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.460	+0.051%	$3.3M	$4.0M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.470	+0.061%	$738K	$2.9M	10x	as long as short
BloFin BZ-USDT	+0.0048%	4h	97.430	+0.021%	$1.5M	$99K	50x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.456	+0.047%	$2K	$1K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.480	+0.072%	$155.7M	$115.1M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.480	+0.072%	$1.6M	$395K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0080%	1h	97.286	−0.128%	$7K	$40K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.430	+0.021%	$3.8M	$801K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.230	−0.185%	$25K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0113%	1h	97.466	+0.058%	$82K	$200K	20x	as long as short
Hotstuff BRENTOIL-PERP	+0.0176%	1h	97.480	+0.072%	$34K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]short	L +0.0329% / S −0.2771%	1h	97.475	+0.067%	$116K	—	111x