Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0329%/8h= −36.0% APRpaid last 24h +0.006%

Price spread now: Bitget against GMX−0.056%134s7-day average +0.011% · you buy dearer than you sell

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

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.015%+$1 on $10k

Price spread, last 4 days (all we have)+0.140%+$14 · spread now −0.056%, 7d avg +0.011%

Together, before fees+0.155%+$16 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Bitget is 0.067% cheaper against GMX than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.011%). Swap the legs. The two prices were read 134 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.015% in total (about 1.6% 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]	97.825	L +0.0329% / S −0.2771%	pay 0.0041% / 1h	25m 16s	$116K	—	111x
Short	Bitget BZUSDT	97.770	0	get 0.0000% / 4h	1h 25m	$27.9M	$17.4M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against GMX. 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 GMXbpFee BitgetbpOrdersPrice spread, now −0.056%Rate

Funding earned: −$69.07
Price spread: −0.056% → +0.011%: −$6.72
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$99.8
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 4 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 Bitget live order book, 4 min ago	0.51 bp	7.8 bp −$8	10.7 bp −$107	26.1 bp −$2,611	63.6 bp −$31.8K

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	−0.825%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.810	−0.015%	$236K	$417K	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.775	−0.052%	$340K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.771	−0.055%	$147.9M	$349.5M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.750	−0.077%	$10.4M	$13.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.760	−0.066%	$16.1M	$19.7M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.748	−0.079%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.720	−0.107%	$9.3M	$11.0M	100x	as long as short
Bitget BZUSDTshort	0.0000%	4h	97.770	−0.056%	$27.9M	$17.4M	100x
Variational Omni BZ	0.0000%	4h	97.748	−0.079%	$9.4M	$6.9M	—	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	97.798	−0.027%	$24K	$305K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.780	−0.046%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.770	−0.056%	$100K	$252K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.690	−0.138%	$280K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	98.010	+0.189%	$1.2M	$86K	100x	as long as short
edgeX BZUSDC	+0.0001%	4h	97.760	−0.067%	$225K	$227K	20x	as long as short
BloFin BZ-USDT	+0.0004%	4h	97.780	−0.046%	$1.5M	$97K	50x	as long as short
Vest BZ-PERP	+0.0009%	1h	101.90	+4.166%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.315	+0.500%	—	—	—	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.780	−0.046%	$3.3M	$4.1M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.774	−0.053%	$682K	$3.3M	10x	as long as short
Hotstuff BRENTOIL-PERP	+0.0040%	1h	97.760	−0.066%	$34K	—	20x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.740	−0.087%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.792	−0.034%	$155.2M	$116.3M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.817	−0.008%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.690	−0.138%	$3.1M	$1.0M	15x	as long as short
Aftermath Perps BRENTUSD	+0.0087%	1h	97.776	−0.050%	$7K	$41K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.780	−0.046%	$3.8M	$808K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.790	−0.036%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0158%	1h	97.783	−0.043%	$82K	$206K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0329% / S −0.2771%	1h	97.825	long leg	$116K	—	111x