Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0181%/8h= −19.8% APRpaid last 24h +0.006%

Price spread now: OKX against GMX+0.005%7-day average −0.001% · you sell dearer than you buy

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

Long on GMX Short on OKX

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.060%+$6 on $10k

Price spread, last 3 days (all we have)+0.047%+$5 · spread now +0.005%, 7d avg −0.001%

Together, before fees+0.107%+$11 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.001%, so right now this pair is about funding alone: −$5 a day on $10k at the current rate. Mind the row above: over the last 3 days funding on this pair paid +0.060%, 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	GMX BRENTOIL/USD [ETH-USDC]	96.955	L +0.0181% / S +0.0060%	pay 0.0023% / 1h	47m 59s	$126K	—	111x
Short	OKX BZ-USDT-SWAP	96.960	0	get 0.0000% / 4h	1h 47m	$15.9M	$20.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.005%Rate

Funding earned: −$37.95
Price spread: +0.005% → −0.001%: $0.64
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee OKX: 5 bp × 2 orders: −$10
Net: −$59.31
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; OKX: 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 GMX no order-book sample	—	—	—	—	—
Sell OKX live order book, 1 min ago	0.52 bp	5.8 bp −$6	10.2 bp −$102	25.8 bp −$2,585	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 30 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	96.207	−0.771%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0104%	1h	96.810	−0.150%	$234K	$425K	15x	as long as short
Hotstuff BRENTOIL-PERP	−0.0040%	1h	96.970	+0.015%	$33K	—	20x	as long as short
Aster BZUSDT	0.0000%	4h	96.945	−0.010%	$337K	$998K	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.954	−0.001%	$146.6M	$375.2M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.950	−0.005%	$10.3M	$13.4M	100x	as long as short
OKX BZ-USDT-SWAPshort	0.0000%	4h	96.960	+0.005%	$15.9M	$20.7M	50x
RISEx BZ/USDC	0.0000%	1h	96.949	−0.006%	$2.3M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.920	−0.036%	$9.2M	$12.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.950	−0.005%	$27.4M	$16.4M	100x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni BZ	0.0000%	4h	97.006	+0.053%	$9.4M	$7.1M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.011	+0.058%	$37K	$343K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.970	+0.015%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.960	+0.005%	$104K	$239K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.920	−0.036%	$278K	$269K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.960	+0.005%	$1.2M	$84K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.493	+0.555%	—	—	—	as long as short
edgeX BZUSDC	+0.0015%	4h	96.887	−0.070%	$222K	$227K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.960	+0.005%	$3.3M	$4.5M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.968	+0.014%	$676K	$4.9M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	101.00	+4.172%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0049%	8h	96.949	−0.006%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.975	+0.021%	$151.9M	$125.6M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.015	+0.062%	$1.5M	$446K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.870	−0.088%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.030	+0.077%	$3.8M	$875K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.970	+0.015%	$25K	$273K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0181% / S +0.0060%	1h	96.955	long leg	$126K	—	111x
Aftermath Perps BRENTUSD	+0.0197%	1h	96.969	+0.015%	$7K	$44K	5x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0298%	1h	96.985	+0.031%	$84K	$218K	20x	as long as short