Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.066%

Price spread now: Injective against Bybit−0.647%78s7-day average — · you buy dearer than you sell

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

Long on Bybit Short on Injective

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Injective is 0.647% cheaper against Bybit than usual: you would sell low and buy high (−$65 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 78 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	Bybit BZUSDT	97.570	0	get 0.0000% / 8h	2h 04m	$10.3M	$12.6M	100x
Short	Injective BRENT/USDC PERP	96.939	−0.0220	pay 0.0028% / 1h	4m 02s	$8K	$7K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Injective against Bybit. 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 BybitbpFee InjectivebpOrdersPrice spread, now −0.647%Rate

Funding earned: −$46.2
Price spread: −0.647% → 0.000%: −$64.67
Slippage, 4 orders: no order book: not counted
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Injective: 0.01 bp × 2 orders: −$0.02
Net: −$121.89
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Bybit: live order book, 4 min ago; Injective: no order-book sample. 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 Bybit live order book, 4 min ago	0.51 bp	7.8 bp −$8	11.3 bp −$113	80.6 bp −$8,058	doesn't fit
Sell Injective no order-book sample	—	—	—	—	—

Injective: 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 PERPshort	−0.0220%	1h	96.939	−0.647%	$8K	$7K	30x
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.530	−0.041%	$235K	$426K	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.582	+0.012%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.580	+0.010%	$147.5M	$357.7M	100x	as long as short
Bybit BZUSDTlong	0.0000%	8h	97.570	long leg	$10.3M	$12.6M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	97.580	+0.010%	$16.1M	$20.0M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.563	−0.007%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.540	−0.031%	$9.3M	$11.7M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.570	0.000%	$27.7M	$17.2M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.538	−0.033%	$9.4M	$6.9M	—	as long as short

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	97.560	−0.011%	$34K	$307K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.620	+0.051%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.580	+0.010%	$100K	$249K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.560	−0.010%	$280K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.560	−0.010%	$1.2M	$80K	100x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0009%	1h	97.584	+0.014%	$82K	$208K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.140	+0.584%	—	—	—	as long as short
Vest BZ-PERP	+0.0014%	1h	101.65	+4.182%	—	$735K	10x	as long as short
edgeX BZUSDC	+0.0017%	4h	97.556	−0.014%	$225K	$228K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.600	+0.031%	$3.3M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.602	+0.033%	$681K	$3.5M	10x	as long as short
Hotstuff BRENTOIL-PERP	+0.0032%	1h	97.590	+0.020%	$34K	—	20x	as long as short
BloFin BZ-USDT	+0.0045%	4h	97.560	−0.010%	$1.5M	$95K	50x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.589	+0.020%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.597	+0.028%	$154.4M	$122.8M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.623	+0.054%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.520	−0.051%	$3.1M	$995K	15x	as long as short
Aftermath Perps BRENTUSD	+0.0076%	1h	97.592	+0.022%	$7K	$41K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.620	+0.051%	$3.8M	$832K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.560	−0.010%	$26K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0328% / S −0.2771%	1h	97.585	+0.015%	$116K	—	111x	as long as short