Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.029%

Price spread now: Deribit against Phemex+0.052%57s7-day average −0.192% · you sell dearer than you buy

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

Long on Phemex Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.723%−$72 on $10k

Price spread, last 4 days (all we have)−0.417%−$42 · spread now +0.052%, 7d avg −0.192%

Together, before fees−1.140%−$114 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Deribit is 0.244% dearer against Phemex than usual: you sell high and buy low, +$24 on $10k if it goes back to its 7-day average of −0.192%. 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	Phemex XBRUSDT	95.550	0	get 0.0000% / 4h	2h 55m	$1.2M	$80K	100x
Short	Deribit BRENTOIL_USDC-PERPETUAL	95.600	0	get 0.0000% / 1h	55m 21s	$98K	$269K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now +0.052%Rate

Funding earned: $0
Price spread: +0.052% → −0.192%: $24.45
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: $5.45
Costs to cover: 0.190%
Break-even: from the start

Slippage unknown: Phemex: live order book, 2 min ago; Deribit: live order book, 38 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, 2 min ago	0.52 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Deribit live order book, 38 min ago	0.51 bp	4.0 bp −$4	4.8 bp −$48	doesn't fit	doesn't fit

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
Kraken Futures PF_BRENTOILUSD	−0.0338%	1h	95.554	+0.004%	$81K	$205K	20x	as long as short
RISEx BZ/USDC	−0.0289%	1h	95.505	−0.047%	$2.4M	$1.8M	20x	as long as short
GRVT BZ_USDT_Perp	−0.0154%	4h	95.254	−0.310%	$13K	$318K	25x	as long as short
Ondo Perps BRENT-USD.P	−0.0110%	1h	95.340	−0.220%	$3.0M	$1.0M	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	95.320	−0.241%	$276K	$593K	15x	as long as short
Bybit BZUSDT	−0.0039%	8h	95.560	+0.010%	$10.1M	$14.7M	100x	as long as short
BloFin BZ-USDT	−0.0025%	4h	95.220	−0.345%	$1.5M	$102K	50x	as long as short
Aster BZUSDT	0.0000%	4h	95.491	−0.062%	$329K	$703K	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.553	+0.003%	$146.6M	$394.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	95.580	+0.031%	$16.0M	$23.3M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BZ_USDT	0.0000%	8h	95.510	−0.042%	$9.2M	$11.0M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	95.570	+0.021%	$28.2M	$23.1M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.346	−0.213%	$9.2M	$6.5M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.600	+0.052%	$4K	$2.1M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUALshort	0.0000%	1h	95.600	+0.052%	$98K	$269K	15x
HTX BRENTOIL-USDT	0.0000%	4h	95.380	−0.178%	$273K	$263K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	95.550	long leg	$1.2M	$80K	100x
edgeX BZUSDC	+0.0007%	4h	95.295	−0.267%	$219K	$230K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	95.654	+0.108%	—	—	—	as long as short
Vest BZ-PERP	+0.0012%	1h	99.100	+3.715%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0026%	8h	95.398	−0.159%	$1K	$2K	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	95.420	−0.136%	$3.5M	$4.6M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.604	+0.057%	$754K	$2.7M	10x	as long as short
Hotstuff BRENTOIL-PERP	+0.0032%	1h	95.480	−0.073%	$33K	—	20x	as long as short
Injective BRENT/USDC PERP	+0.0033%	1h	96.342	+0.829%	$8K	$7K	30x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0045%	1h	95.447	−0.108%	$1.6M	$386K	20x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.579	+0.030%	$153.0M	$129.3M	20x	as long as short
Aftermath Perps BRENTUSD	+0.0057%	1h	95.380	−0.177%	$7K	$39K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.550	0.000%	$3.4M	$1.1M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.220	−0.345%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0185% / S −0.0707%	1h	95.555	+0.005%	$33K	—	111x	as long as short