Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0015%/8h= −1.6% APRpaid last 24h +0.028%

Price spread now: Phemex against Vest−4.070%7-day average −2.963% · you buy dearer than you sell

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

Long on Vest Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.412%+$41 on $10k

Price spread, last 4 days (all we have)+0.589%+$59 · spread now −4.070%, 7d avg −2.963%

Together, before fees+1.000%+ Points / potential airdropVest: Active · farm board+$100 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Phemex is 1.107% cheaper against Vest than usual: you would sell low and buy high (−$111 if the spread goes back to its 7-day average of −2.963%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.412%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Vest BZ-PERP	101.73	0.0015	pay 0.0002% / 1h	10m 17s	—	$735K	10x
Short	Phemex XBRUSDT	97.590	0	get 0.0000% / 4h	2h 10m	$1.2M	$80K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Vest. 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 VestbpFee PhemexbpOrdersPrice spread, now −4.070%Rate

Funding earned: −$3.12
Price spread: −4.070% → −2.963%: −$110.7
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$127.82
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Phemex: live order book, 2 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 Vest no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	0.51 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Vest: 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	96.939	−4.710%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.530	−4.129%	$235K	$430K	15x	as long as short
BloFin BZ-USDT	−0.0041%	4h	97.680	−3.981%	$1.5M	$95K	50x	as long as short
Hotstuff BRENTOIL-PERP	−0.0024%	1h	97.720	−3.942%	$34K	—	20x	as long as short
Aster BZUSDT	0.0000%	4h	97.602	−4.058%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.584	−4.075%	$147.6M	$359.4M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.580	−4.079%	$10.3M	$12.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.590	−4.070%	$16.1M	$20.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.661	−4.000%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.620	−4.040%	$9.3M	$11.7M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	97.640	−4.020%	$27.7M	$17.3M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.668	−3.993%	$9.4M	$7.0M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.656	−4.005%	$34K	$307K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.720	−3.942%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.600	−4.060%	$100K	$250K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.660	−4.001%	$280K	$253K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	97.590	−4.070%	$1.2M	$80K	100x
edgeX BZUSDC	+0.0004%	4h	97.667	−3.994%	$225K	$227K	20x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0009%	1h	97.649	−4.012%	$82K	$208K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.171	−3.499%	—	—	—	as long as short
Vest BZ-PERPlong	+0.0015%	1h	101.73	long leg	—	$735K	10x
Lighter BRENTOIL	+0.0032%	1h	97.600	−4.060%	$3.2M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.602	−4.058%	$680K	$3.6M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.702	−3.959%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.655	−4.006%	$154.4M	$124.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.710	−3.952%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.640	−4.020%	$3.1M	$999K	15x	as long as short
Aftermath Perps BRENTUSD	+0.0073%	1h	97.679	−3.982%	$7K	$42K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.720	−3.942%	$3.8M	$832K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.710	−3.952%	$26K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0328% / S −0.2771%	1h	97.635	−4.025%	$116K	—	111x	as long as short