Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.002%

Price spread now: Phemex against Extended−0.025%7-day average +0.197% · you buy dearer than you sell

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

Long on Extended Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.444%+$44 on $10k

Price spread, last 4 days (all we have)+0.204%+$20 · spread now −0.025%, 7d avg +0.197%

Together, before fees+0.648%+ Points / potential airdropExtended: Active · farm board+$65 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.222% cheaper against Extended than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.197%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.444%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Extended XBR-USD	97.794	0.0032	pay 0.0004% / 1h	51m 31s	$678K	$3.5M	10x
Short	Phemex XBRUSDT	97.770	0	get 0.0000% / 4h	1h 51m	$1.2M	$80K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Extended. 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 ExtendedbpFee PhemexbpOrdersPrice spread, now −0.025%Rate

Funding earned: −$6.72
Price spread: −0.025% → +0.197%: −$22.19
Slippage, 4 orders: no order book: not counted
Fee Extended: 2.5 bp × 2 orders: −$5
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$45.91
Costs to cover: 0.170%
Break-even: never at this rate

Slippage unknown: Extended: live order book, 2 min ago; Phemex: live order book, 1 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 Extended live order book, 2 min ago	0.61 bp	3.7 bp −$4	13.7 bp −$137	doesn't fit	doesn't fit
Sell Phemex live order book, 1 min ago	1.02 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	96.817	−1.000%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.530	−0.270%	$235K	$416K	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.786	−0.009%	$340K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.780	−0.015%	$147.8M	$353.6M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.780	−0.015%	$10.3M	$12.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.790	−0.005%	$16.1M	$20.0M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.770	−0.025%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.750	−0.045%	$9.3M	$10.8M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.790	−0.005%	$27.9M	$17.4M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.658	−0.140%	$9.4M	$6.8M	—	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	97.771	−0.024%	$34K	$307K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.810	+0.016%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.780	−0.015%	$100K	$251K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.770	−0.025%	$281K	$253K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	97.770	−0.025%	$1.2M	$80K	100x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.338	+0.556%	—	—	—	as long as short
Vest BZ-PERP	+0.0013%	1h	101.89	+4.188%	—	$735K	10x	as long as short
edgeX BZUSDC	+0.0014%	4h	97.767	−0.028%	$225K	$228K	20x	as long as short
BloFin BZ-USDT	+0.0015%	4h	97.800	+0.006%	$1.5M	$98K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0016%	1h	97.810	+0.016%	$34K	—	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.800	+0.006%	$3.3M	$4.0M	20x	as long as short
Extended XBR-USDlong	+0.0032%	1h	97.794	long leg	$678K	$3.5M	10x
Paradex BZ-USD-PERP	+0.0050%	8h	97.800	+0.005%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.819	+0.025%	$154.9M	$118.7M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.823	+0.029%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.750	−0.045%	$3.1M	$996K	15x	as long as short
Aftermath Perps BRENTUSD	+0.0078%	1h	97.728	−0.068%	$7K	$41K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.810	+0.016%	$3.8M	$830K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.790	−0.005%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0158%	1h	97.795	+0.001%	$82K	$208K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0329% / S −0.2771%	1h	97.795	+0.001%	$116K	—	111x	as long as short