Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0015%/8h= −1.6% APRpaid last 24h −0.009%

Price spread now: Deribit against BloFin−0.020%57s7-day average +0.018% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$290.293% of the position

Long on BloFin Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.346%−$35 on $10k

Price spread, last 4 days (all we have)+0.048%+$5 · spread now −0.020%, 7d avg +0.018%

Together, before fees−0.297%−$30 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 Deribit is 0.039% cheaper against BloFin than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.018%). Swap the legs. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BZ-USDT	97.800	0.0015	pay 0.0007% / 4h	1h 51m	$1.5M	$98K	50x
Short	Deribit BRENTOIL_USDC-PERPETUAL	97.780	0	get 0.0000% / 1h	51m 47s	$100K	$251K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against BloFin. 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 BloFinbpFee DeribitbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$3.11
Price spread: −0.020% → +0.018%: −$3.87
Slippage, 4 orders: −$10.26
Fee BloFin: 6 bp × 2 orders: −$12
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$36.24
Costs to cover: 0.293%
Break-even: never at this rate

Slippage from BloFin: live order book, 1 min ago; Deribit: live order book, 57 min ago.

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 BloFin live order book, 1 min ago	1.53 bp	7.7 bp −$8	10.3 bp −$103	16.7 bp −$1,669	doesn't fit
Sell Deribit live order book, 57 min ago	0.51 bp	4.0 bp −$4	5.5 bp −$55	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	96.817	−1.005%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.530	−0.276%	$235K	$416K	15x	as long as short
Hotstuff BRENTOIL-PERP	−0.0008%	1h	97.810	+0.010%	$34K	—	20x	as long as short
Aster BZUSDT	0.0000%	4h	97.809	+0.009%	$340K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.803	+0.003%	$147.8M	$353.6M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.780	−0.020%	$10.3M	$12.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.790	−0.010%	$16.2M	$20.0M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.759	−0.042%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.750	−0.051%	$9.3M	$10.8M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.800	0.000%	$27.9M	$17.4M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni BZ	0.0000%	4h	97.658	−0.145%	$9.4M	$6.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.670	−0.133%	$34K	$307K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.810	+0.010%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUALshort	0.0000%	1h	97.780	−0.020%	$100K	$251K	15x
HTX BRENTOIL-USDT	0.0000%	4h	97.770	−0.031%	$281K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.770	−0.031%	$1.2M	$80K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.338	+0.550%	—	—	—	as long as short
Vest BZ-PERP	+0.0013%	1h	101.88	+4.172%	—	$735K	10x	as long as short
BloFin BZ-USDTlong	+0.0015%	4h	97.800	long leg	$1.5M	$98K	50x
edgeX BZUSDC	+0.0020%	4h	97.655	−0.149%	$225K	$227K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.800	0.000%	$3.3M	$4.0M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.801	+0.001%	$678K	$3.5M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.800	0.000%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.819	+0.019%	$154.9M	$118.7M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.834	+0.035%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.730	−0.072%	$3.1M	$996K	15x	as long as short
Aftermath Perps BRENTUSD	+0.0078%	1h	97.728	−0.074%	$7K	$41K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.810	+0.010%	$3.8M	$830K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.740	−0.061%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0158%	1h	97.795	−0.005%	$82K	$208K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0329% / S −0.2771%	1h	97.795	−0.005%	$116K	—	111x	as long as short