Funding arb · Price arb /

BZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.017%

Price spread now: Phemex against Variational Omni+0.074%7-day average +0.235% · you sell dearer than you buy

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

Long on Variational Omni Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.316%+$32 on $10k

Price spread, last 3 days (all we have)+0.246%+$25 · spread now +0.074%, 7d avg +0.235%

Together, before fees+0.562%+ Points / potential airdropVariational Omni: Active · farm board+$56 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.161% cheaper against Variational Omni than usual: you would sell low and buy high, −$16 on $10k if it goes back to its 7-day average of +0.235%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni BZ	96.459	0	get 0.0000% / 4h	3h 24m	$9.3M	$7.5M	—
Short	Phemex XBRUSDT	96.530	0	get 0.0000% / 4h	3h 24m	$1.2M	$93K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Variational Omni. 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 Variational OmnibpFee PhemexbpOrdersPrice spread, now +0.074%Rate

Funding earned: $0
Price spread: +0.074% → +0.235%: −$16.13
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$28.13
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Variational Omni: RFQ quote, 4 min ago; Phemex: live order book, 3 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 Variational Omni RFQ quote, 4 min ago	2.63 bp	doesn't fit	3.7 bp −$37	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	2.07 bp	doesn't fit	doesn't fit	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	95.669	−0.819%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.070	−0.403%	$232K	$468K	15x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L −0.0098% / S +0.0137%	1h	96.525	+0.068%	$33K	—	111x	as long as short
BloFin BZ-USDT	−0.0051%	4h	96.540	+0.084%	$1.5M	$95K	50x	as long as short
Hotstuff BRENTOIL-PERP	−0.0008%	1h	96.510	+0.053%	$33K	—	20x	as long as short
Aster BZUSDT	0.0000%	4h	96.530	+0.074%	$335K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.525	+0.068%	$145.6M	$422.3M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.510	+0.053%	$10.4M	$15.9M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.510	+0.053%	$15.9M	$25.3M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.522	+0.065%	$2.2M	$1.3M	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BZ_USDT	0.0000%	8h	96.480	+0.022%	$9.2M	$14.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.520	+0.063%	$27.6M	$19.4M	100x	as long as short
Variational Omni BZlong	0.0000%	4h	96.459	long leg	$9.3M	$7.5M	—
GRVT BZ_USDT_Perp	0.0000%	4h	96.466	+0.008%	$24K	$366K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.550	+0.094%	$4K	$2.6M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.540	+0.084%	$103K	$271K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.490	+0.032%	$307K	$226K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	96.530	+0.074%	$1.2M	$93K	100x
edgeX BZUSDC	+0.0010%	4h	96.458	−0.001%	$221K	$232K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.056	+0.618%	—	—	—	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0020%	1h	96.553	+0.097%	$83K	$235K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0030%	1h	96.420	−0.041%	$3.1M	$1.1M	15x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.520	+0.063%	$3.4M	$4.3M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.517	+0.061%	$746K	$5.3M	10x	as long as short
Paradex BZ-USD-PERP	+0.0043%	8h	96.528	+0.071%	$3K	$521	5x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.58	+4.272%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.544	+0.088%	$151.5M	$142.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.564	+0.109%	$1.5M	$506K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.540	+0.084%	$3.8M	$984K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.500	+0.042%	$25K	$272K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0411%	1h	96.493	+0.035%	$7K	$45K	5x	as long as short