Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0707%/8h= +77.4% APRpaid last 24h +0.104%

Price spread now: GMX against OKX−0.005%282s7-day average +0.001% · you buy dearer than you sell

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

Long on OKX Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.170%+$17 on $10k

Price spread, last 4 days (all we have)−0.192%−$19 · spread now −0.005%, 7d avg +0.001%

Together, before fees−0.022%−$2 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: +$21 a day on $10k at the current rate. The two prices were read 282 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 4 days it paid 0.170% in total (about 17.5% 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	OKX BZ-USDT-SWAP	95.250	0	get 0.0000% / 4h	2h 56m	$15.9M	$23.0M	50x
Short	GMX BRENTOIL/USD [ETH-USDC]	95.245	L +0.0184% / S −0.0707%	get 0.0088% / 1h	56m 35s	$33K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX against OKX. 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 OKXbpFee GMXbpOrdersPrice spread, now −0.005%Rate

Funding earned: $148.43
Price spread: −0.005% → +0.001%: −$0.63
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee GMX: 6 bp × 2 orders: −$12
Net: $125.8
Costs to cover: 0.220%
Break-even: 1.1 days

Slippage unknown: OKX: live order book, 2 min ago; GMX: no order-book sample. 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 OKX live order book, 2 min ago	0.52 bp	7.1 bp −$7	11.7 bp −$117	174.4 bp −$17.4K	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

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
Deribit BRENTOIL_USDC-PERPETUAL	−0.0380%	1h	95.260	+0.010%	$98K	$268K	15x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0339%	1h	95.263	+0.013%	$81K	$204K	20x	as long as short
RISEx BZ/USDC	−0.0289%	1h	95.234	−0.016%	$2.3M	$1.8M	20x	as long as short
GRVT BZ_USDT_Perp	−0.0132%	4h	95.210	−0.042%	$14K	$328K	25x	as long as short
Ondo Perps BRENT-USD.P	−0.0110%	1h	95.060	−0.199%	$3.0M	$1.0M	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	95.240	−0.010%	$276K	$590K	15x	as long as short
Bybit BZUSDT	−0.0043%	8h	95.230	−0.021%	$10.1M	$14.7M	100x	as long as short
BloFin BZ-USDT	−0.0025%	4h	95.220	−0.031%	$1.5M	$102K	50x	as long as short
Aster BZUSDT	0.0000%	4h	95.255	+0.006%	$328K	$703K	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.310	+0.063%	$146.3M	$393.9M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BZ-USDT-SWAPlong	0.0000%	4h	95.250	long leg	$15.9M	$23.0M	50x
Gate BZ_USDT	0.0000%	8h	95.200	−0.052%	$9.1M	$10.9M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	95.240	−0.010%	$27.8M	$22.6M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.237	−0.013%	$9.2M	$6.4M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.270	+0.021%	$4K	$2.1M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.380	+0.136%	$273K	$263K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	95.550	+0.315%	$1.2M	$80K	100x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0004%	1h	95.249	−0.001%	$1.6M	$386K	20x	as long as short
Vest BZ-PERP	+0.0011%	1h	98.950	+3.885%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	95.654	+0.424%	—	—	—	as long as short
edgeX BZUSDC	+0.0012%	4h	95.168	−0.086%	$219K	$230K	20x	as long as short
Paradex BZ-USD-PERP	+0.0026%	8h	95.189	−0.064%	$2K	$1K	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	95.220	−0.031%	$3.5M	$4.6M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.277	+0.028%	$747K	$2.7M	10x	as long as short
Hotstuff BRENTOIL-PERP	+0.0032%	1h	95.300	+0.052%	$33K	—	20x	as long as short
Injective BRENT/USDC PERP	+0.0033%	1h	96.342	+1.146%	$8K	$7K	30x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.255	+0.005%	$153.0M	$128.3M	20x	as long as short
Aftermath Perps BRENTUSD	+0.0050%	1h	95.388	+0.145%	$7K	$39K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.250	0.000%	$3.4M	$1.1M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.320	+0.073%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]short	L +0.0184% / S −0.0707%	1h	95.245	−0.005%	$33K	—	111x