Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.001%

Price spread now: Phemex against Polymarket Perps+0.042%7-day average +0.120% · you sell dearer than you buy

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

Long on Polymarket Perps Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.032%+$3 on $10k

Price spread, last 4 days (all we have)+0.121%+$12 · spread now +0.042%, 7d avg +0.120%

Together, before fees+0.153%+$15 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.078% cheaper against Polymarket Perps than usual: you would sell low and buy high (−$8 if the spread goes back to its 7-day average of +0.120%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Polymarket Perps BRENTOIL-USD	94.200	0.0050	pay 0.0006% / 1h	45m 05s	$1.5M	$487K	20x
Short	Phemex XBRUSDT	94.240	0	get 0.0000% / 4h	1h 45m	$1.2M	$80K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Polymarket Perps. 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 Polymarket PerpsbpFee PhemexbpOrdersPrice spread, now +0.042%Rate

Funding earned: −$10.5
Price spread: +0.042% → +0.120%: −$7.78
Slippage, 4 orders: no order book: not counted
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$38.28
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: Polymarket Perps: live order book, 7 min ago; Phemex: live order book, 1 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 Polymarket Perps live order book, 7 min ago	4.47 bp	8.5 bp −$8	8.8 bp −$88	63.7 bp −$6,370	doesn't fit
Sell Phemex live order book, 1 min ago	10.07 bp	doesn't fit	doesn't fit	doesn't fit	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	93.860	−0.361%	$32K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0599%	1h	94.120	−0.085%	$39K	$378K	15x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0342%	1h	94.183	−0.018%	$100K	$269K	20x	as long as short
RISEx BZ/USDC	−0.0302%	1h	94.140	−0.064%	$2.2M	$2.1M	20x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	94.836	+0.675%	$8K	$7K	30x	as long as short
Bybit BZUSDT	−0.0091%	8h	94.190	−0.011%	$10.7M	$16.9M	100x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	93.840	−0.382%	$245K	$1.0M	15x	as long as short
GRVT BZ_USDT_Perp	−0.0078%	4h	93.835	−0.388%	$13K	$299K	25x	as long as short
Binance BZUSDT	−0.0035%	4h	94.190	−0.011%	$145.3M	$472.4M	100x	as long as short
edgeX BZUSDC	−0.0017%	4h	93.841	−0.381%	$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	94.186	−0.015%	$323K	$812K	50x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	94.170	−0.032%	$15.8M	$28.5M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	94.100	−0.106%	$8.8M	$12.8M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	94.190	−0.011%	$27.7M	$30.1M	100x	as long as short
Variational Omni BZ	0.0000%	4h	93.961	−0.254%	$9.0M	$6.7M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	94.200	0.000%	$4K	$1.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	93.910	−0.308%	$267K	$265K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	94.240	+0.042%	$1.2M	$80K	100x
BloFin BZ-USDT	0.0000%	4h	94.200	0.000%	$1.5M	$114K	50x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	94.666	+0.495%	—	—	—	as long as short
Vest BZ-PERP	+0.0018%	1h	97.870	+3.896%	—	$736K	10x	as long as short
Aftermath Perps BRENTUSD	+0.0025%	1h	94.044	−0.166%	$7K	$38K	5x	as long as short
Paradex BZ-USD-PERP	+0.0027%	8h	94.149	−0.055%	$1K	$2K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0029%	1h	94.175	−0.027%	$130.6M	$185.7M	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	94.120	−0.085%	$3.4M	$5.6M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	94.213	+0.013%	$762K	$3.8M	10x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	94.140	−0.064%	$3.0M	$1.2M	15x	as long as short
Polymarket Perps BRENTOIL-USDlong	+0.0050%	1h	94.200	long leg	$1.5M	$487K	20x
KuCoin BZUSDTM	+0.0100%	4h	94.130	−0.074%	$3.5M	$1.2M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	93.860	−0.361%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0184% / S −0.0707%	1h	94.125	−0.080%	$32K	—	111x	as long as short