Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.083%

Price spread now: Injective against Phemex−0.882%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Injective

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—needs both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Injective is 0.882% cheaper against Phemex than usual: you would sell low and buy high (−$88 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XBRUSDT	96.360	0	get 0.0000% / 4h	3h 47m	$1.2M	$94K	100x
Short	Injective BRENT/USDC PERP	95.510	−0.0220	pay 0.0028% / 1h	47m 20s	$8K	$7K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective 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 InjectivebpOrdersPrice spread, now −0.882%Rate

Funding earned: −$46.2
Price spread: −0.882% → 0.000%: −$88.21
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$146.43
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Phemex: live order book, just now; Injective: 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, just now	11.41 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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
GMX BRENTOIL/USD [ETH-USDC]	L −0.0848% / S +0.0467%	1h	96.265	−0.099%	$120K	—	111x	as long as short
Injective BRENT/USDC PERPshort	−0.0220%	1h	95.510	−0.882%	$8K	$7K	30x
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.070	−0.301%	$232K	$483K	15x	as long as short
Aster BZUSDT	0.0000%	4h	96.249	−0.115%	$334K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.265	−0.099%	$145.8M	$436.0M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.270	−0.093%	$10.4M	$16.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.270	−0.093%	$15.8M	$25.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.256	−0.108%	$2.2M	$1.3M	20x	as long as short
Hotstuff BRENTOIL-PERP	0.0000%	1h	96.280	−0.083%	$33K	—	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.220	−0.145%	$9.2M	$14.2M	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	96.270	−0.093%	$27.6M	$20.1M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.120	−0.249%	$9.3M	$7.7M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.251	−0.113%	$24K	$375K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.290	−0.073%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.290	−0.073%	$103K	$272K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.130	−0.239%	$306K	$229K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	96.360	long leg	$1.2M	$94K	100x
edgeX BZUSDC	+0.0010%	4h	96.205	−0.161%	$220K	$233K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	96.815	+0.472%	—	—	—	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0020%	1h	96.277	−0.086%	$83K	$233K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0029%	1h	96.200	−0.166%	$3.1M	$1.1M	15x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.280	−0.083%	$3.4M	$4.2M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.281	−0.082%	$748K	$5.4M	10x	as long as short
Paradex BZ-USD-PERP	+0.0039%	8h	96.270	−0.094%	$3K	$521	5x	as long as short
BloFin BZ-USDT	+0.0044%	4h	96.280	−0.083%	$1.5M	$95K	50x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.35	+4.141%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.296	−0.066%	$151.1M	$143.6M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.314	−0.048%	$1.5M	$511K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.320	−0.042%	$3.8M	$989K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.270	−0.093%	$25K	$272K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0558%	1h	96.213	−0.152%	$6K	$44K	5x	as long as short