Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h −0.016%

Price spread now: Variational Omni against tradeXYZ−0.228%7-day average −0.032% · you buy dearer than you sell

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

Long on tradeXYZ Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.004%$0 on $10k

Price spread, last 7 days+0.206%+$21 · spread now −0.228%, 7d avg −0.032%

Together, before fees+0.210%+ Points / potential airdroptradeXYZ: Active · Variational Omni: Active · farm board+$21 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 Variational Omni is 0.196% cheaper against tradeXYZ than usual: you would sell low and buy high (−$20 if the spread goes back to its 7-day average of −0.032%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:BRENTOIL	96.889	0.0050	pay 0.0006% / 1h	58m 56s	$151.9M	$138.2M	20x
Short	Variational Omni BZ	96.668	0	get 0.0000% / 4h	2h 58m	$9.3M	$7.4M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against tradeXYZ. 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 tradeXYZbpFee Variational OmnibpOrdersPrice spread, now −0.228%Rate

Funding earned: −$10.5
Price spread: −0.228% → −0.032%: −$19.64
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$48.14
Costs to cover: 0.180%
Break-even: never at this rate

Slippage unknown: tradeXYZ: live order book, 11 min ago; Variational Omni: RFQ quote, 5 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 tradeXYZ live order book, 11 min ago	0.21 bp	10.0 bp −$10	10.8 bp −$108	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	2.63 bp	doesn't fit	4.5 bp −$45	doesn't fit	doesn't fit

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	95.731	−1.195%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.650	−0.247%	$234K	$440K	15x	as long as short
Aster BZUSDT	0.0000%	4h	96.865	−0.025%	$337K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.876	−0.013%	$146.1M	$401.9M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.840	−0.051%	$10.4M	$15.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.850	−0.040%	$15.9M	$24.1M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.757	−0.137%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.820	−0.071%	$9.2M	$12.6M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.840	−0.051%	$27.7M	$17.1M	100x	as long as short
Variational Omni BZshort	0.0000%	4h	96.668	−0.228%	$9.3M	$7.4M	—

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	96.660	−0.236%	$24K	$366K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.870	−0.020%	$4K	$2.6M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.880	−0.009%	$103K	$271K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.700	−0.195%	$308K	$222K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.870	−0.020%	$1.2M	$93K	100x	as long as short
BloFin BZ-USDT	+0.0005%	4h	96.840	−0.051%	$1.5M	$91K	50x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.382	+0.509%	—	—	—	as long as short
edgeX BZUSDC	+0.0015%	4h	96.699	−0.196%	$221K	$233K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.850	−0.040%	$3.3M	$4.3M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.844	−0.046%	$709K	$5.3M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.84	+4.078%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0046%	8h	96.704	−0.191%	$3K	$521	5x	as long as short
tradeXYZ xyz:BRENTOILlong	+0.0050%	1h	96.889	long leg	$151.9M	$138.2M	20x
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.690	−0.205%	$3.1M	$1.1M	15x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0066%	1h	96.885	−0.004%	$1.5M	$506K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.860	−0.030%	$3.8M	$918K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.740	−0.154%	$25K	$272K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0104%	1h	96.730	−0.164%	$33K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0202% / S +0.0120%	1h	96.845	−0.045%	$126K	—	111x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0253%	1h	96.859	−0.030%	$83K	$219K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0317%	1h	96.732	−0.163%	$7K	$44K	5x	as long as short