Funding arb · Price arb /

BZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC0.0000%/8h= 0.0% APRpaid last 24h −0.011%

Price spread now: Hotstuff against Phemex+0.072%7-day average — · you sell dearer than you buy

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

Long on Phemex Short on Hotstuff

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropHotstuff: Active · farm boardneeds both histories

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Hotstuff is 0.072% dearer against Phemex than usual: you sell high and buy low, +$7 on $10k if it goes back to zero (this spread has no 7-day history yet).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XBRUSDT	97.160	0	get 0.0000% / 4h	1h 02m	$1.2M	$86K	100x
Short	Hotstuff BRENTOIL-PERP	97.230	0	get 0.0000% / 1h	2m 53s	$33K	—	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hotstuff 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 HotstuffbpOrdersPrice spread, now +0.072%Rate

Funding earned: $0
Price spread: +0.072% → 0.000%: $7.2
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Hotstuff: 2.5 bp × 2 orders: −$5
Net: −$9.8
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, 5 min ago; Hotstuff: 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 Phemex live order book, 5 min ago	4.12 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Hotstuff no order-book sample	—	—	—	—	—

Hotstuff: 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	96.141	−1.049%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0104%	1h	96.990	−0.175%	$234K	$433K	15x	as long as short
BloFin BZ-USDT	−0.0002%	4h	97.140	−0.021%	$1.5M	$91K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.161	+0.001%	$337K	$969K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.150	−0.010%	$147.0M	$372.8M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.160	0.000%	$10.3M	$13.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.140	−0.021%	$16.0M	$20.4M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.207	+0.048%	$2.3M	$1.3M	20x	as long as short
Hotstuff BRENTOIL-PERPshort	0.0000%	1h	97.230	+0.072%	$33K	—	20x
Gate BZ_USDT	0.0000%	8h	97.100	−0.062%	$9.2M	$12.4M	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	97.170	+0.010%	$27.4M	$16.4M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.086	−0.076%	$9.4M	$7.0M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.075	−0.087%	$37K	$343K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.240	+0.082%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.170	+0.010%	$104K	$248K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.000	−0.165%	$278K	$268K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	97.160	long leg	$1.2M	$86K	100x
edgeX BZUSDC	+0.0002%	4h	97.092	−0.070%	$223K	$228K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.726	+0.583%	—	—	—	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.170	+0.010%	$3.3M	$4.8M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.158	−0.002%	$675K	$4.6M	10x	as long as short
Vest BZ-PERP	+0.0039%	1h	101.24	+4.199%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.225	+0.067%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.162	+0.002%	$152.3M	$125.1M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.254	+0.097%	$1.6M	$444K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.180	+0.021%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.160	0.000%	$3.8M	$871K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.130	−0.031%	$25K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0116%	1h	97.102	−0.060%	$7K	$43K	5x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0187% / S +0.0022%	1h	97.185	+0.026%	$126K	—	111x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0298%	1h	97.208	+0.049%	$84K	$218K	20x	as long as short