Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.083%

Price spread now: Coinbase International against Phemex−0.125%7-day average −0.327% · you buy dearer than you sell

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

Long on Phemex Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.690%−$69 on $10k

Price spread, last 3 days (all we have)−0.271%−$27 · spread now −0.125%, 7d avg −0.327%

Together, before fees−0.961%−$96 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.202% dearer against Phemex than usual: you sell high and buy low (spread −0.125% now, against its 7-day average of −0.327%): +$20 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 17 days. At the pace of the last 7 days (−0.690% in total) that is about 2.1 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XBRUSDT	96.190	0	get 0.0000% / 4h	13m 27s	$1.2M	$94K	100x
Short	Coinbase International BRENTOIL-PERP-INTX	96.070	−0.0040	pay 0.0005% / 1h	13m 27s	$232K	$551K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against Phemex. 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 PhemexbpFee Coinbase InternationalbpOrdersPrice spread, now −0.125%Rate

Funding earned: −$8.4
Price spread: −0.125% → −0.327%: $20.23
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$10.17
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 4 min ago; Coinbase International: live order book, 65 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 Phemex live order book, 4 min ago	15.05 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Coinbase International live order book, 65 min ago	1.56 bp	6.6 bp −$7	9.5 bp −$95	doesn't fit	doesn't fit

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 −0.0848% / S +0.0467%	1h	96.175	−0.016%	$120K	—	111x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	95.484	−0.734%	$8K	$7K	30x	as long as short
Hotstuff BRENTOIL-PERP	−0.0072%	1h	96.240	+0.052%	$33K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0062%	1h	96.220	+0.031%	$103K	$275K	15x	as long as short
BloFin BZ-USDT	−0.0050%	4h	96.190	0.000%	$1.5M	$96K	50x	as long as short
Coinbase International BRENTOIL-PERP-INTXshort	−0.0040%	1h	96.070	−0.125%	$232K	$551K	15x
RISEx BZ/USDC	−0.0020%	1h	96.189	−0.001%	$2.2M	$1.3M	20x	as long as short
Aster BZUSDT	0.0000%	4h	96.209	+0.020%	$334K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.194	+0.004%	$145.8M	$452.6M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.210	+0.021%	$10.5M	$16.1M	100x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BZ-USDT-SWAP	0.0000%	4h	96.190	0.000%	$15.8M	$26.5M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	96.150	−0.042%	$9.2M	$16.4M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.180	−0.010%	$27.6M	$20.4M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.181	−0.009%	$9.3M	$7.7M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.206	+0.017%	$34K	$375K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.200	+0.010%	$4K	$2.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.120	−0.073%	$306K	$249K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	96.190	long leg	$1.2M	$94K	100x
edgeX BZUSDC	+0.0012%	4h	96.186	−0.004%	$220K	$234K	20x	as long as short
Paradex BZ-USD-PERP	+0.0029%	8h	96.189	−0.001%	$3K	$521	5x	as long as short
Vest BZ-PERP	+0.0046%	1h	99.880	+3.836%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.241	+0.053%	$151.1M	$144.1M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.262	+0.075%	$1.5M	$525K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0083%	1h	96.270	+0.083%	$6K	$44K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.100	−0.094%	$3.8M	$988K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.210	+0.021%	$25K	$271K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0113%	1h	96.236	+0.048%	$83K	$234K	20x	as long as short
Lighter BRENTOIL	+0.0280%	1h	96.220	+0.031%	$3.3M	$4.3M	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0405%	1h	96.160	−0.031%	$3.1M	$1.1M	15x	as long as short
Extended XBR-USD	+0.0568%	1h	96.131	−0.061%	$675K	$5.2M	10x	as long as short