Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.002%

Price spread now: Ondo Perps against Phemex−0.082%7-day average −0.259% · you buy dearer than you sell

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

Long on Phemex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.353%−$35 on $10k

Price spread, last 4 days (all we have)−0.198%−$20 · spread now −0.082%, 7d avg −0.259%

Together, before fees−0.551%+ Points / potential airdropOndo Perps: Active · farm board−$55 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Ondo Perps is 0.177% dearer against Phemex than usual: you sell high and buy low: +$18 more if the spread goes back to its 7-day average of −0.259%. Mind the row above: over the last 7 days funding on this pair cost −0.353%, 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	97.530	0	get 0.0000% / 4h	3h 05m	$1.2M	$82K	100x
Short	Ondo Perps BRENT-USD.P	97.450	0.0050	get 0.0006% / 1h	5m 12s	$3.1M	$1.0M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps 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 Ondo PerpsbpOrdersPrice spread, now −0.082%Rate

Funding earned: $10.58
Price spread: −0.082% → −0.259%: $17.7
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: $11.28
Costs to cover: 0.170%
Break-even: from the start

Slippage unknown: Phemex: live order book, 3 min ago; Ondo Perps: 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, 3 min ago	1.03 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo Perps: 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	96.536	−1.019%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.460	−0.072%	$237K	$443K	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.484	−0.047%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.490	−0.041%	$147.4M	$366.9M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.490	−0.041%	$10.4M	$12.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.480	−0.051%	$16.1M	$20.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.471	−0.060%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.450	−0.082%	$9.2M	$12.2M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.490	−0.041%	$28.0M	$16.6M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.468	−0.064%	$9.3M	$6.9M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT BZ_USDT_Perp	0.0000%	4h	97.490	−0.041%	$26K	$314K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.510	−0.021%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.500	−0.031%	$101K	$249K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.460	−0.072%	$280K	$267K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	97.530	long leg	$1.2M	$82K	100x
edgeX BZUSDC	+0.0010%	4h	97.467	−0.065%	$224K	$227K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.042	+0.525%	—	—	—	as long as short
BloFin BZ-USDT	+0.0022%	4h	97.490	−0.041%	$1.5M	$97K	50x	as long as short
Vest BZ-PERP	+0.0023%	1h	101.55	+4.122%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.500	−0.031%	$3.2M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.506	−0.024%	$680K	$3.9M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.494	−0.037%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.499	−0.032%	$153.8M	$125.6M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.517	−0.013%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.Pshort	+0.0050%	1h	97.450	−0.082%	$3.1M	$1.0M	15x
Kraken Futures PF_BRENTOILUSD	+0.0063%	1h	97.480	−0.051%	$82K	$208K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0077%	1h	97.461	−0.071%	$7K	$42K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.560	+0.031%	$3.8M	$849K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.480	−0.051%	$26K	$274K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0104%	1h	97.500	−0.031%	$34K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0276% / S −0.1799%	1h	97.485	−0.046%	$115K	—	111x	as long as short