Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0206%/8h= −22.5% APRpaid last 24h +0.024%

Price spread now: Phemex against GMX−0.005%7-day average +0.217% · you buy dearer than you sell

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

Long on GMX Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.438%+$44 on $10k

Price spread, last 3 days (all we have)+0.342%+$34 · spread now −0.005%, 7d avg +0.217%

Together, before fees+0.780%+$78 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Phemex is 0.222% cheaper against GMX than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.217%). Swap the legs. Mind the row above: over the last 3 days funding on this pair paid +0.438%, 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]	96.785	L +0.0206% / S +0.0101%	pay 0.0026% / 1h	35m 55s	$126K	—	111x
Short	Phemex XBRUSDT	96.780	0	get 0.0000% / 4h	2h 35m	$1.2M	$85K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.005%Rate

Funding earned: −$43.22
Price spread: −0.005% → +0.217%: −$22.24
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$89.46
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Phemex: live order book, 2 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 Phemex live order book, 2 min ago	1.03 bp	doesn't fit	doesn't fit	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	96.070	−0.739%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.650	−0.139%	$234K	$421K	15x	as long as short
BloFin BZ-USDT	−0.0052%	4h	96.760	−0.026%	$1.5M	$90K	50x	as long as short
Aster BZUSDT	0.0000%	4h	96.796	+0.011%	$336K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.776	−0.009%	$146.2M	$387.7M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.770	−0.015%	$10.3M	$14.3M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.780	−0.005%	$15.9M	$22.7M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.766	−0.019%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.740	−0.046%	$9.2M	$12.7M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.770	−0.015%	$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	96.770	−0.015%	$9.3M	$7.2M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.738	−0.048%	$24K	$341K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.790	+0.005%	$4K	$2.6M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.740	−0.046%	$277K	$269K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	96.780	−0.005%	$1.2M	$85K	100x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.309	+0.542%	—	—	—	as long as short
edgeX BZUSDC	+0.0013%	4h	96.740	−0.047%	$222K	$232K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.800	+0.015%	$3.3M	$4.4M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.780	−0.005%	$673K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.80	+4.148%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0048%	8h	96.766	−0.020%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.803	+0.019%	$151.6M	$129.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.840	+0.057%	$1.5M	$486K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.750	−0.036%	$3.1M	$1.1M	15x	as long as short
Hotstuff BRENTOIL-PERP	+0.0056%	1h	96.810	+0.026%	$33K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	+0.0060%	1h	96.830	+0.046%	$103K	$271K	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.850	+0.067%	$3.8M	$892K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.740	−0.046%	$25K	$273K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0206% / S +0.0101%	1h	96.785	long leg	$126K	—	111x
Kraken Futures PF_BRENTOILUSD	+0.0253%	1h	96.809	+0.025%	$83K	$218K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0267%	1h	96.832	+0.049%	$7K	$45K	5x	as long as short