Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0052%/8h= +5.7% APRpaid last 24h +0.006%

Price spread now: Aftermath Perps against Phemex−0.047%7-day average — · you buy dearer than you sell

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

Long on Phemex Short on Aftermath Perps

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Aftermath Perps is 0.047% cheaper against Phemex than usual: you would sell low and buy high (spread −0.047% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$5 on $10k: about 3.0 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XBRUSDT	97.540	0	get 0.0000% / 4h	2h 46m	$1.2M	$83K	100x
Short	Aftermath Perps BRENTUSD	97.494	0.0052	get 0.0007% / 1h	46m 12s	$7K	$42K	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aftermath Perps against Phemex. 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 PhemexbpFee Aftermath PerpsbpOrdersPrice spread, now −0.047%Rate

Funding earned: $10.94
Price spread: −0.047% → 0.000%: −$4.75
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Aftermath Perps: 4.5 bp × 2 orders: −$9
Net: −$14.81
Costs to cover: 0.210%
Break-even: 16.5 days

Slippage unknown: Phemex: live order book, 1 min ago; Aftermath Perps: 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 Phemex live order book, 1 min ago	1.54 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Aftermath Perps no order-book sample	—	—	—	—	—

Aftermath Perps: 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	96.684	−0.878%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.460	−0.082%	$237K	$436K	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.519	−0.022%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.517	−0.024%	$147.6M	$364.5M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.520	−0.021%	$10.4M	$12.5M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.530	−0.010%	$16.1M	$20.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.485	−0.056%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.480	−0.062%	$9.2M	$11.6M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.500	−0.041%	$28.0M	$16.6M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.498	−0.043%	$9.3M	$6.9M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT BZ_USDT_Perp	0.0000%	4h	97.497	−0.044%	$26K	$315K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.540	0.000%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.520	−0.021%	$101K	$249K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.460	−0.082%	$280K	$253K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	97.540	long leg	$1.2M	$83K	100x
edgeX BZUSDC	+0.0001%	4h	97.457	−0.085%	$224K	$228K	20x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0009%	1h	97.520	−0.020%	$82K	$208K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.053	+0.526%	—	—	—	as long as short
Vest BZ-PERP	+0.0020%	1h	101.57	+4.132%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.510	−0.031%	$3.2M	$4.6M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.517	−0.023%	$680K	$3.8M	10x	as long as short
BloFin BZ-USDT	+0.0040%	4h	97.540	0.000%	$1.5M	$97K	50x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.507	−0.034%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.529	−0.011%	$153.8M	$125.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.535	−0.005%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.460	−0.082%	$3.1M	$1.0M	15x	as long as short
Aftermath Perps BRENTUSDshort	+0.0052%	1h	97.494	−0.047%	$7K	$42K	5x
Hotstuff BRENTOIL-PERP	+0.0056%	1h	97.530	−0.010%	$34K	—	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.580	+0.041%	$3.8M	$837K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.520	−0.021%	$26K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0296% / S −0.2217%	1h	97.515	−0.026%	$115K	—	111x	as long as short