Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0211%/8h= −23.1% APRpaid last 24h +0.006%

Price spread now: Bybit against GMX−0.010%7-day average +0.006% · you buy dearer than you sell

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

Long on GMX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.132%+$13 · spread now −0.010%, 7d avg +0.006%

Together, before fees+0.132%+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.006%, so right now this pair is about funding alone: −$6 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.000% in total (about 0.0% 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]	97.020	L +0.0211% / S −0.0138%	pay 0.0026% / 1h	13m 21s	$126K	—	111x
Short	Bybit BZUSDT	97.010	0	get 0.0000% / 8h	4h 13m	$10.4M	$12.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$44.22
Price spread: −0.010% → +0.006%: −$1.68
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$68.89
Costs to cover: 0.230%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bybit: 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 GMX no order-book sample	—	—	—	—	—
Sell Bybit live order book, 5 min ago	0.51 bp	7.6 bp −$8	10.9 bp −$109	95.5 bp −$9,546	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	96.433	−0.605%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.240	+0.227%	$234K	$436K	15x	as long as short
BloFin BZ-USDT	−0.0029%	4h	97.030	+0.010%	$1.5M	$92K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.049	+0.030%	$337K	$954K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.025	+0.005%	$147.0M	$369.7M	100x	as long as short
Bybit BZUSDTshort	0.0000%	8h	97.010	−0.010%	$10.4M	$12.9M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	97.020	0.000%	$16.0M	$20.3M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.032	+0.012%	$2.2M	$1.4M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.980	−0.041%	$9.2M	$12.2M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.030	+0.010%	$27.6M	$16.5M	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	97.168	+0.153%	$9.4M	$6.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.140	+0.124%	$29K	$346K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.030	+0.010%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.030	+0.010%	$103K	$234K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.010	−0.010%	$278K	$268K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.260	+0.247%	$1.2M	$84K	100x	as long as short
edgeX BZUSDC	+0.0005%	4h	97.138	+0.121%	$223K	$228K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.571	+0.568%	—	—	—	as long as short
Vest BZ-PERP	+0.0031%	1h	101.08	+4.185%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.040	+0.021%	$3.2M	$4.8M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.029	+0.009%	$680K	$4.3M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.041	+0.021%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.059	+0.040%	$153.1M	$127.1M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.080	+0.062%	$1.6M	$491K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.010	−0.010%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.070	+0.052%	$3.8M	$871K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.170	+0.155%	$25K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0127%	1h	97.157	+0.141%	$7K	$43K	5x	as long as short
Hotstuff BRENTOIL-PERP	+0.0136%	1h	97.100	+0.082%	$33K	—	20x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0143%	1h	97.031	+0.011%	$84K	$206K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0211% / S −0.0138%	1h	97.020	long leg	$126K	—	111x