Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.018%

Price spread now: Variational Omni against Ondo Perps+0.039%7-day average +0.076% · you sell dearer than you buy

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

Long on Ondo Perps Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.049%−$5 on $10k

Price spread, last 7 days+0.306%+$31 · spread now +0.039%, 7d avg +0.076%

Together, before fees+0.257%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board+$26 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Variational Omni is 0.037% cheaper against Ondo Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.076%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps BRENT-USD.P	97.460	0.0050	pay 0.0006% / 1h	45m 00s	$3.1M	$1.0M	15x
Short	Variational Omni BZ	97.498	0	get 0.0000% / 4h	2h 45m	$9.3M	$6.9M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against Ondo Perps. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpFee Variational OmnibpOrdersPrice spread, now +0.039%Rate

Funding earned: −$10.58
Price spread: +0.039% → +0.076%: −$3.66
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$19.24
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Variational Omni: RFQ quote, 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	2.62 bp	doesn't fit	3.0 bp −$30	doesn't fit	doesn't fit

Ondo Perps: 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	96.684	−0.796%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.460	0.000%	$237K	$436K	15x	as long as short
BloFin BZ-USDT	−0.0017%	4h	97.540	+0.082%	$1.5M	$97K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.516	+0.058%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.510	+0.051%	$147.6M	$363.6M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.520	+0.062%	$10.4M	$12.5M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.530	+0.072%	$16.1M	$20.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.494	+0.034%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.490	+0.031%	$9.2M	$11.6M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.520	+0.062%	$28.0M	$16.5M	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 BZshort	0.0000%	4h	97.498	+0.039%	$9.3M	$6.9M	—
GRVT BZ_USDT_Perp	0.0000%	4h	97.509	+0.050%	$26K	$315K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.540	+0.082%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.530	+0.072%	$101K	$249K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.460	0.000%	$280K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.540	+0.082%	$1.2M	$83K	100x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0009%	1h	97.518	+0.059%	$82K	$208K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.062	+0.618%	—	—	—	as long as short
edgeX BZUSDC	+0.0012%	4h	97.490	+0.031%	$224K	$229K	20x	as long as short
Vest BZ-PERP	+0.0020%	1h	101.57	+4.217%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.520	+0.062%	$3.2M	$4.6M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.528	+0.070%	$680K	$3.8M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.513	+0.054%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.529	+0.071%	$153.8M	$125.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.544	+0.086%	$1.6M	$463K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0050%	1h	97.497	+0.038%	$7K	$42K	5x	as long as short
Ondo Perps BRENT-USD.Plong	+0.0050%	1h	97.460	long leg	$3.1M	$1.0M	15x
KuCoin BZUSDTM	+0.0100%	4h	97.580	+0.123%	$3.8M	$837K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.520	+0.062%	$26K	$274K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0104%	1h	97.530	+0.072%	$34K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0297% / S −0.2242%	1h	97.515	+0.056%	$115K	—	111x	as long as short