BZ

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0417%/8h= −45.7% APRnext payment −$0.52 per $10,000 · paid last 24h −0.019%

Price spread now: Coinbase International against GMX−0.271%7-day average −0.108% · you buy dearer than you sell

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

Long on GMX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.125%−$12 on $10k

Price spread, last 4 days (all we have)+0.230%+$23 · spread now −0.271%, 7d avg −0.108%

Together, before fees+0.106%+$11 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$13 a day on $10k at the current rate, and Coinbase International is 0.162% cheaper against GMX than usual: you would sell low and buy high (−$16 if the spread goes back to its 7-day average of −0.108%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.125% in total (about -13.3% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.52 per $10,000. 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]	97.795	L +0.0329% / S −0.2771%	pay 0.0041% / 1h	51m 41s	$116K	—	111x
Short	Coinbase International BRENTOIL-PERP-INTX	97.530	−0.0088	pay 0.0011% / 1h	51m 41s	$235K	$416K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.271%Rate

Funding earned: −$87.62
Price spread: −0.271% → −0.108%: −$16.25
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$125.87
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Coinbase International: live order book, 56 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 Coinbase International live order book, 56 min ago	1.03 bp	6.0 bp −$6	8.2 bp −$82	doesn't fit	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	96.817	−1.000%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTXshort	−0.0088%	1h	97.530	−0.271%	$235K	$416K	15x
Hotstuff BRENTOIL-PERP	−0.0008%	1h	97.810	+0.015%	$34K	—	20x	as long as short
Aster BZUSDT	0.0000%	4h	97.809	+0.014%	$340K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.803	+0.008%	$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%	$16.2M	$20.0M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.759	−0.037%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.750	−0.046%	$9.3M	$10.8M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.800	+0.005%	$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	97.658	−0.140%	$9.4M	$6.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.670	−0.128%	$34K	$307K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.810	+0.015%	$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	−0.026%	$281K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.770	−0.026%	$1.2M	$80K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.338	+0.555%	—	—	—	as long as short
Vest BZ-PERP	+0.0013%	1h	101.88	+4.177%	—	$735K	10x	as long as short
BloFin BZ-USDT	+0.0015%	4h	97.800	+0.005%	$1.5M	$98K	50x	as long as short
edgeX BZUSDC	+0.0020%	4h	97.655	−0.143%	$225K	$227K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.800	+0.005%	$3.3M	$4.0M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.801	+0.007%	$678K	$3.5M	10x	as long as short
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	97.834	+0.040%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.730	−0.066%	$3.1M	$996K	15x	as long as short
Aftermath Perps BRENTUSD	+0.0078%	1h	97.728	−0.069%	$7K	$41K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.810	+0.015%	$3.8M	$830K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.740	−0.056%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0158%	1h	97.795	0.000%	$82K	$208K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0329% / S −0.2771%	1h	97.795	long leg	$116K	—	111x