Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0096%/8h= +10.5% APRpaid last 24h +0.041%

Price spread now: Phemex against Coinbase International+0.010%7-day average +0.324% · you sell dearer than you buy

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

Long on Coinbase International Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.672%+$67 on $10k

Price spread, last 4 days (all we have)+0.406%+$41 · spread now +0.010%, 7d avg +0.324%

Together, before fees+1.078%+$108 on $10k · with fees, hour by hour

Funding pays, the price is against you. Phemex is 0.314% cheaper against Coinbase International than usual: you would sell low and buy high (spread +0.010% now, against its 7-day average of +0.324%). If the spread goes back, that is −$31 on $10k: about 11 days of funding at the current rate (+$3 a day). At the pace of the last 7 days (+0.672% in total) that is about 3.3 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International BRENTOIL-PERP-INTX	97.240	−0.0096	get 0.0012% / 1h	37m 35s	$234K	$437K	15x
Short	Phemex XBRUSDT	97.250	0	get 0.0000% / 4h	37m 35s	$1.2M	$85K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Coinbase International. 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 Coinbase InternationalbpFee PhemexbpOrdersPrice spread, now +0.010%Rate

Funding earned: $20.16
Price spread: +0.010% → +0.324%: −$31.4
Slippage, 4 orders: no order book: not counted
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$33.24
Costs to cover: 0.220%
Break-even: 18.5 days

Slippage unknown: Coinbase International: live order book, 20 min ago; Phemex: live order book, 5 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 Coinbase International live order book, 20 min ago	1.03 bp	6.7 bp −$7	10.7 bp −$107	doesn't fit	doesn't fit
Sell Phemex live order book, 5 min ago	14.88 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	96.376	−0.889%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTXlong	−0.0096%	1h	97.240	long leg	$234K	$437K	15x
BloFin BZ-USDT	−0.0051%	4h	97.180	−0.062%	$1.5M	$92K	50x	as long as short
Hotstuff BRENTOIL-PERP	−0.0040%	1h	97.240	0.000%	$34K	—	20x	as long as short
Aster BZUSDT	0.0000%	4h	97.220	−0.021%	$338K	$954K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.223	−0.017%	$147.0M	$371.5M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.210	−0.031%	$10.4M	$13.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.220	−0.021%	$16.0M	$20.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.230	−0.010%	$2.2M	$1.4M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.170	−0.072%	$9.2M	$12.2M	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	97.240	0.000%	$27.5M	$16.3M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.307	+0.069%	$9.4M	$6.9M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.319	+0.082%	$28K	$352K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.230	−0.010%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.220	−0.021%	$104K	$237K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.190	−0.051%	$279K	$268K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	97.250	+0.010%	$1.2M	$85K	100x
edgeX BZUSDC	+0.0001%	4h	97.311	+0.073%	$223K	$226K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.763	+0.538%	—	—	—	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.240	0.000%	$3.3M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.261	+0.022%	$678K	$4.5M	10x	as long as short
Vest BZ-PERP	+0.0034%	1h	101.25	+4.124%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.221	−0.020%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.261	+0.022%	$153.0M	$124.7M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.278	+0.039%	$1.6M	$491K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.170	−0.072%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.250	+0.010%	$3.8M	$871K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.330	+0.093%	$26K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0101%	1h	97.292	+0.053%	$7K	$43K	5x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0142%	1h	97.242	+0.002%	$84K	$207K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0189% / S +0.0009%	1h	97.215	−0.026%	$126K	—	111x	as long as short