Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.004%

Price spread now: Lighter against Phemex−0.180%7-day average −0.153% · you buy dearer than you sell

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

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.383%−$38 on $10k

Price spread, last 4 days (all we have)−0.087%−$9 · spread now −0.180%, 7d avg −0.153%

Together, before fees−0.469%+ Points / potential airdropLighter: Season 3 · farm board−$47 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.027% cheaper against Phemex than usual: you would sell low and buy high (spread −0.180% now, against its 7-day average of −0.153%). If the spread goes back, that is −$3 on $10k: about 2.9 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.383%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XBRUSDT	94.310	0	get 0.0000% / 4h	1h 43m	$1.2M	$80K	100x
Short	Lighter BRENTOIL	94.140	0.0032	get 0.0004% / 1h	43m 54s	$3.4M	$5.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Phemex. 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 PhemexbpFee LighterbpOrdersPrice spread, now −0.180%Rate

Funding earned: $6.72
Price spread: −0.180% → −0.153%: −$2.74
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$8.02
Costs to cover: 0.120%
Break-even: 15.4 days

Slippage unknown: Phemex: live order book, 2 min ago; Lighter: live order book, 7 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	10.07 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	1.07 bp	1.1 bp −$1	2.0 bp −$20	10.8 bp −$1,076	doesn't fit

BZ on 31 exchanges

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
Hotstuff BRENTOIL-PERP	−0.1600%	1h	94.170	−0.148%	$32K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0493%	1h	94.130	−0.191%	$34K	$383K	15x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0342%	1h	94.186	−0.132%	$100K	$270K	20x	as long as short
RISEx BZ/USDC	−0.0302%	1h	94.178	−0.139%	$2.2M	$2.1M	20x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	94.836	+0.558%	$8K	$7K	30x	as long as short
Bybit BZUSDT	−0.0091%	8h	94.150	−0.170%	$10.7M	$16.9M	100x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	93.840	−0.498%	$245K	$1.0M	15x	as long as short
GRVT BZ_USDT_Perp	−0.0078%	4h	93.835	−0.504%	$13K	$299K	25x	as long as short
Binance BZUSDT	−0.0036%	4h	94.166	−0.153%	$145.3M	$472.2M	100x	as long as short
edgeX BZUSDC	−0.0017%	4h	93.841	−0.497%	$216K	$232K	20x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BZUSDT	0.0000%	4h	94.165	−0.154%	$323K	$812K	50x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	94.100	−0.223%	$15.8M	$28.4M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	94.140	−0.180%	$8.8M	$12.8M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	94.110	−0.212%	$27.5M	$30.1M	100x	as long as short
Variational Omni BZ	0.0000%	4h	93.961	−0.370%	$9.0M	$6.7M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	94.190	−0.127%	$4K	$1.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	94.180	−0.138%	$267K	$265K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	94.310	long leg	$1.2M	$80K	100x
BloFin BZ-USDT	0.0000%	4h	94.200	−0.117%	$1.5M	$114K	50x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	94.666	+0.378%	—	—	—	as long as short
Vest BZ-PERP	+0.0018%	1h	97.900	+3.807%	—	$736K	10x	as long as short
Aftermath Perps BRENTUSD	+0.0025%	1h	94.072	−0.252%	$7K	$38K	5x	as long as short
Paradex BZ-USD-PERP	+0.0027%	8h	94.205	−0.111%	$1K	$2K	5x	as long as short
Lighter BRENTOILshort	+0.0032%	1h	94.140	−0.180%	$3.4M	$5.6M	20x
Extended XBR-USD	+0.0032%	1h	94.080	−0.244%	$763K	$3.8M	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0039%	1h	94.203	−0.113%	$132.3M	$187.0M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	94.226	−0.089%	$1.5M	$487K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	94.150	−0.170%	$3.0M	$1.2M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	94.160	−0.159%	$3.5M	$1.2M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	93.860	−0.477%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0184% / S −0.0707%	1h	94.125	−0.196%	$32K	—	111x	as long as short