Funding arb · Price arb /

BZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0329%/8h= −36.0% APRpaid last 24h +0.002%

Price spread now: Variational Omni against GMX−0.003%50s7-day average −0.025% · you buy dearer than you sell

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

Long on GMX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.102%+$10 on $10k

Price spread, last 4 days (all we have)+0.026%+$3 · spread now −0.003%, 7d avg −0.025%

Together, before fees+0.128%+ Points / potential airdropVariational Omni: Active · farm board+$13 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.021% dearer against GMX than usual: you sell high and buy low (spread −0.003% now, against its 7-day average of −0.025%): +$2 on $10k if it goes back. Holding the pair costs −$10 a day in funding at the current rate, which eats that in about 5 hours. Mind the row above: over the last 3 days funding on this pair paid +0.102%, so the current rate has only just turned against you. The two prices were read 50 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 0.102% in total (about 10.7% 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]	97.405	L +0.0329% / S −0.2771%	pay 0.0041% / 1h	4m 38s	$116K	—	111x
Short	Variational Omni BZ	97.402	0	get 0.0000% / 4h	4m 38s	$9.5M	$6.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.003%Rate

Funding earned: −$69.01
Price spread: −0.003% → −0.025%: $2.14
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$78.87
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Variational Omni: RFQ quote, 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 Variational Omni RFQ quote, 5 min ago	2.62 bp	doesn't fit	4.4 bp −$44	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	96.342	−1.091%	$8K	$7K	30x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0160%	1h	97.410	+0.005%	$100K	$256K	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.480	+0.077%	$237K	$402K	15x	as long as short
BloFin BZ-USDT	−0.0035%	4h	97.360	−0.046%	$1.5M	$99K	50x	as long as short
Ondo Perps BRENT-USD.P	−0.0016%	1h	97.350	−0.056%	$3.1M	$1.0M	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.391	−0.014%	$339K	$860K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.346	−0.061%	$148.2M	$351.2M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.330	−0.077%	$10.3M	$13.3M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.310	−0.098%	$16.1M	$19.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.319	−0.089%	$2.4M	$1.7M	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BZ_USDT	0.0000%	8h	97.300	−0.108%	$9.2M	$11.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.370	−0.036%	$27.9M	$18.5M	100x	as long as short
Variational Omni BZshort	0.0000%	4h	97.402	−0.003%	$9.5M	$6.1M	—
GRVT BZ_USDT_Perp	0.0000%	4h	97.430	+0.026%	$14K	$332K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.400	−0.005%	$4K	$2.4M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.430	+0.026%	$280K	$254K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.410	+0.005%	$1.2M	$86K	100x	as long as short
edgeX BZUSDC	+0.0003%	4h	97.432	+0.028%	$224K	$229K	20x	as long as short
Vest BZ-PERP	+0.0010%	1h	101.40	+4.101%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.975	+0.585%	—	—	—	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.370	−0.036%	$3.3M	$4.0M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.380	−0.026%	$743K	$2.9M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.367	−0.039%	$2K	$1K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.390	−0.015%	$155.5M	$115.3M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.433	+0.029%	$1.6M	$395K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0078%	1h	97.332	−0.075%	$7K	$40K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.390	−0.015%	$3.8M	$800K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.450	+0.046%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0113%	1h	97.414	+0.009%	$82K	$200K	20x	as long as short
Hotstuff BRENTOIL-PERP	+0.0168%	1h	97.440	+0.036%	$34K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]long	L +0.0329% / S −0.2771%	1h	97.405	long leg	$116K	—	111x