Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0328%/8h= −36.0% APRpaid last 24h +0.003%

Price spread now: Aster against GMX+0.057%7-day average −0.013% · you sell dearer than you buy

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

Long on GMX Short on Aster

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.094%+$9 on $10k

Price spread, last 4 days (all we have)−0.076%−$8 · spread now +0.057%, 7d avg −0.013%

Together, before fees+0.018%+ Points / potential airdropAster: Stage 5 · farm board+$2 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Aster is 0.070% dearer against GMX than usual: you sell high and buy low (spread +0.057% now, against its 7-day average of −0.013%): +$7 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 17 hours. Mind the row above: over the last 3 days funding on this pair paid +0.094%, so the current rate has only just turned against you.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.094% in total (about 9.9% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX BRENTOIL/USD [ETH-USDC]	97.675	L +0.0328% / S −0.2771%	pay 0.0041% / 1h	18m 45s	$116K	—	111x
Short	Aster BZUSDT	97.731	0	get 0.0000% / 4h	1h 18m	$340K	$880K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster against GMX. 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 GMXbpFee AsterbpOrdersPrice spread, now +0.057%Rate

Funding earned: −$68.95
Price spread: +0.057% → −0.013%: $7.04
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Aster: 4 bp × 2 orders: −$8
Net: −$81.91
Costs to cover: 0.200%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Aster: live order book, 29 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 GMX no order-book sample	—	—	—	—	—
Sell Aster live order book, 29 min ago	2.05 bp	6.0 bp −$6	11.5 bp −$115	95.9 bp −$9,589	doesn't fit

GMX: 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 PERP	−0.0220%	1h	97.018	−0.673%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.700	+0.026%	$237K	$417K	15x	as long as short
BloFin BZ-USDT	−0.0048%	4h	97.710	+0.036%	$1.5M	$97K	50x	as long as short
Aster BZUSDTshort	0.0000%	4h	97.731	+0.057%	$340K	$880K	50x
Binance BZUSDT	0.0000%	4h	97.726	+0.052%	$147.8M	$350.8M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.690	+0.015%	$10.4M	$13.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.720	+0.046%	$16.1M	$19.8M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.649	−0.027%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.680	+0.005%	$9.3M	$11.1M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.720	+0.046%	$27.9M	$17.4M	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	97.718	+0.044%	$9.4M	$6.9M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.779	+0.106%	$24K	$305K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.690	+0.015%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.680	+0.005%	$100K	$252K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.690	+0.015%	$280K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.800	+0.128%	$1.2M	$86K	100x	as long as short
edgeX BZUSDC	+0.0006%	4h	97.768	+0.095%	$225K	$227K	20x	as long as short
Vest BZ-PERP	+0.0009%	1h	101.81	+4.233%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.276	+0.615%	—	—	—	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.720	+0.046%	$3.3M	$4.1M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.727	+0.053%	$682K	$3.3M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.699	+0.025%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.740	+0.067%	$155.1M	$115.8M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.722	+0.048%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.640	−0.036%	$3.1M	$1.0M	15x	as long as short
Aftermath Perps BRENTUSD	+0.0091%	1h	97.741	+0.067%	$7K	$41K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.710	+0.036%	$3.8M	$817K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.740	+0.067%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0158%	1h	97.695	+0.020%	$82K	$206K	20x	as long as short
Hotstuff BRENTOIL-PERP	+0.0200%	1h	97.710	+0.036%	$34K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0328% / S −0.2771%	1h	97.675	long leg	$116K	—	111x