Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0088%/8h= +9.6% APRpaid last 24h +0.025%

Price spread now: Bybit against Coinbase International+0.103%7-day average +0.114% · you sell dearer than you buy

Net, funding: paid 7d − costs−$17as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$300.299% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.132%+$13 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now +0.103%, 7d avg +0.114%

Together, before fees+0.151%+$15 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.114%, so right now this pair is about funding alone: +$3 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BRENTOIL-PERP-INTX	97.270	−0.0088	get 0.0011% / 1h	45m 31s	$233K	$439K	15x
Short	Bybit BZUSDT	97.370	0	get 0.0000% / 8h	3h 45m	$10.4M	$12.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Coinbase International. 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 Coinbase InternationalbpFee BybitbpOrdersPrice spread, now +0.103%Rate

Funding earned: $18.48
Price spread: +0.103% → +0.114%: −$1.15
Slippage, 4 orders: −$8.94
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$12.6
Costs to cover: 0.299%
Break-even: 11.8 days

Slippage from Coinbase International: live order book, 8 min ago; Bybit: live order book, 3 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 Coinbase International live order book, 8 min ago	1.54 bp	6.9 bp −$7	9.7 bp −$97	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.51 bp	8.6 bp −$9	13.6 bp −$136	104.3 bp −$10.4K	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	96.333	−0.963%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTXlong	−0.0088%	1h	97.270	long leg	$233K	$439K	15x
BloFin BZ-USDT	−0.0050%	4h	97.420	+0.154%	$1.5M	$92K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.371	+0.104%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.372	+0.105%	$147.6M	$368.5M	100x	as long as short
Bybit BZUSDTshort	0.0000%	8h	97.370	+0.103%	$10.4M	$12.7M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	97.370	+0.103%	$16.0M	$20.4M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.365	+0.098%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.340	+0.072%	$9.2M	$12.1M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.370	+0.103%	$27.9M	$16.7M	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	97.348	+0.080%	$9.4M	$6.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.351	+0.083%	$29K	$346K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.390	+0.123%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.370	+0.103%	$104K	$241K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.320	+0.051%	$279K	$267K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.390	+0.123%	$1.2M	$84K	100x	as long as short
edgeX BZUSDC	+0.0008%	4h	97.375	+0.108%	$223K	$228K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.902	+0.650%	—	—	—	as long as short
Vest BZ-PERP	+0.0030%	1h	101.41	+4.256%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.370	+0.103%	$3.2M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.393	+0.127%	$679K	$4.2M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.371	+0.104%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.407	+0.141%	$153.6M	$126.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.416	+0.150%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.320	+0.051%	$3.1M	$1.0M	15x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0063%	1h	97.376	+0.109%	$82K	$208K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.420	+0.154%	$3.8M	$869K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.410	+0.144%	$26K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0108%	1h	97.329	+0.061%	$7K	$43K	5x	as long as short
Hotstuff BRENTOIL-PERP	+0.0136%	1h	97.400	+0.134%	$34K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0234% / S −0.0292%	1h	97.345	+0.077%	$126K	—	111x	as long as short