Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.029%

Price spread now: Phemex against Deribit+0.021%7-day average +0.202% · you sell dearer than you buy

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

Long on Deribit Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.721%+$72 on $10k

Price spread, last 4 days (all we have)+0.334%+$33 · spread now +0.021%, 7d avg +0.202%

Together, before fees+1.055%+$106 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Phemex is 0.181% cheaper against Deribit than usual: you would sell low and buy high, −$18 on $10k if it goes back to its 7-day average of +0.202%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Deribit BRENTOIL_USDC-PERPETUAL	97.380	0	get 0.0000% / 1h	44m 35s	$104K	$241K	15x
Short	Phemex XBRUSDT	97.400	0	get 0.0000% / 4h	3h 44m	$1.2M	$84K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Deribit. 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 DeribitbpFee PhemexbpOrdersPrice spread, now +0.021%Rate

Funding earned: $0
Price spread: +0.021% → +0.202%: −$18.1
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$37.1
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Deribit: live order book, 9 min ago; Phemex: live order book, 3 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 Deribit live order book, 9 min ago	0.51 bp	8.1 bp −$8	9.7 bp −$97	doesn't fit	doesn't fit
Sell Phemex live order book, 3 min ago	0.51 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	96.333	−1.075%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.270	−0.113%	$233K	$439K	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.373	−0.007%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.360	−0.021%	$147.6M	$368.0M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.370	−0.010%	$10.4M	$12.7M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.370	−0.010%	$16.0M	$20.4M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.363	−0.018%	$2.4M	$1.7M	20x	as long as short
Hotstuff BRENTOIL-PERP	0.0000%	1h	97.390	+0.010%	$34K	—	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.330	−0.051%	$9.2M	$12.1M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.370	−0.010%	$27.9M	$16.6M	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	−0.033%	$9.4M	$6.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.351	−0.030%	$29K	$346K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.390	+0.010%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUALlong	0.0000%	1h	97.380	long leg	$104K	$241K	15x
HTX BRENTOIL-USDT	0.0000%	4h	97.320	−0.062%	$279K	$267K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	97.400	+0.021%	$1.2M	$84K	100x
edgeX BZUSDC	+0.0008%	4h	97.375	−0.005%	$223K	$228K	20x	as long as short
BloFin BZ-USDT	+0.0010%	4h	97.350	−0.031%	$1.5M	$92K	50x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.931	+0.566%	—	—	—	as long as short
Vest BZ-PERP	+0.0030%	1h	101.41	+4.138%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.370	−0.010%	$3.2M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.394	+0.015%	$677K	$4.2M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.367	−0.013%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.409	+0.030%	$153.6M	$126.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.416	+0.037%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.320	−0.062%	$3.1M	$1.0M	15x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0063%	1h	97.399	+0.020%	$82K	$208K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.430	+0.051%	$3.8M	$869K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.410	+0.031%	$26K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0107%	1h	97.331	−0.050%	$7K	$43K	5x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0235% / S −0.0297%	1h	97.365	−0.015%	$126K	—	111x	as long as short