Funding you earn now, next payment 12:00 UTC−0.0091%/8h= −9.9% APRpaid last 24h −0.016%
Price spread now: Bybit against Phemex−0.467%7-day average −0.201% · you buy dearer than you sell
to open and closeno order booka leg has no order-book sample
Funding, last 7 days−0.538%−$54 on $10k
+Price spread, last 4 days (all we have)+0.190%+$19 · spread now −0.467%, 7d avg −0.201%
=Both sides work against this trade now: funding costs −$3 a day on $10k at the current rate, and Bybit is 0.266% cheaper against Phemex than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of −0.201%). Swap the legs.
| Leg | Exchange | Price | Funding /8h | Each payment | Next in | OI | Vol 24h | Max lev |
|---|---|---|---|---|---|---|---|---|
| Long | Phemex XBRUSDT | 94.200 | 0 | get 0.0000% / 4h | 1h 47m | $1.2M | $80K | 100x |
| Short | Bybit BZUSDT | 93.760 | −0.0091 | pay 0.0091% / 8h | 5h 47m | $10.7M | $16.9M | 100x |
Phemex XBRUSDT
Bybit BZUSDTFunding history
latest
Range statsloading…
Price spread between the two exchanges
Bybit against Phemex. Falling: the short leg gains. Rising: it loses.latest
Price spreadloading…
Funding on every exchange
click an exchange to add or hide itlatest
How often the price spread is this wide · share of time at each level, last 7D show
Profit calculator
- Funding earned
- −$19.06
- Price spread: −0.467% → −0.201%
- −$26.6
- Slippage, 4 orders
- no order book: not counted
- Fee Phemex: 6 bp × 2 orders
- −$12
- Fee Bybit: 5.5 bp × 2 orders
- −$11
- Net
- −$68.66
- Costs to cover
- 0.230%
- Break-even
- never at this rate
Slippage unknown: Phemex: live order book, 3 min ago; Bybit: live order book, 4 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 Phemex live order book, 3 min ago | 6.36 bp | doesn't fit | doesn't fit | doesn't fit | doesn't fit |
| Sell Bybit live order book, 4 min ago | 1.07 bp | 10.0 bp −$10 | 13.0 bp −$130 | 92.9 bp −$9,291 | doesn't fit |
BZ on 31 exchanges
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 | |
|---|---|---|---|---|---|---|---|---|
| Hotstuff BRENTOIL-PERP | −0.1600% | 1h | 94.290 | +0.096% | $32K | — | 20x | as long as short |
| Deribit BRENTOIL_USDC-PERPETUAL | −0.0602% | 1h | 93.770 | −0.456% | $39K | $379K | 15x | as long as short |
| Kraken Futures PF_BRENTOILUSD | −0.0343% | 1h | 93.798 | −0.426% | $96K | $266K | 20x | as long as short |
| RISEx BZ/USDC | −0.0302% | 1h | 93.914 | −0.304% | $2.2M | $2.1M | 20x | as long as short |
| Injective BRENT/USDC PERP | −0.0220% | 1h | 94.836 | +0.675% | $8K | $7K | 30x | as long as short |
| Bybit BZUSDTshort | −0.0091% | 8h | 93.760 | −0.467% | $10.7M | $16.9M | 100x | |
| Coinbase International BRENTOIL-PERP-INTX | −0.0080% | 1h | 93.840 | −0.382% | $245K | $1.0M | 15x | as long as short |
| GRVT BZ_USDT_Perp | −0.0076% | 4h | 93.947 | −0.268% | $13K | $299K | 25x | as long as short |
| Binance BZUSDT | −0.0035% | 4h | 93.800 | −0.425% | $144.7M | $469.5M | 100x | as long as short |
| edgeX BZUSDC | −0.0023% | 4h | 93.931 | −0.286% | $216K | $231K | 20x | as long as short |
Hotstuff BRENTOIL-PERP
Deribit BRENTOIL_USDC-PERPETUAL
Kraken Futures PF_BRENTOILUSD
RISEx BZ/USDC
Injective BRENT/USDC PERP
Coinbase International BRENTOIL-PERP-INTX
GRVT BZ_USDT_Perp
Binance BZUSDT
edgeX BZUSDCShow all 31 exchanges
| Exchange | Funding /8h | Every | Price | Price vs long leg | OI | Vol 24h | Max lev | |
|---|---|---|---|---|---|---|---|---|
| Aster BZUSDT | 0.0000% | 4h | 93.824 | −0.399% | $322K | $819K | 50x | as long as short |
| OKX BZ-USDT-SWAP | 0.0000% | 4h | 93.770 | −0.456% | $15.7M | $28.5M | 50x | as long as short |
| Gate BZ_USDT | 0.0000% | 8h | 93.790 | −0.435% | $8.8M | $12.7M | 100x | as long as short |
| Bitget BZUSDT | 0.0000% | 4h | 93.830 | −0.393% | $27.7M | $30.1M | 100x | as long as short |
| Variational Omni BZ | 0.0000% | 4h | 93.891 | −0.328% | $9.0M | $6.6M | — | as long as short |
| SunX BRENTOIL-USDT | 0.0000% | 4h | 93.940 | −0.276% | $4K | $1.7M | 20x | as long as short |
| HTX BRENTOIL-USDT | 0.0000% | 4h | 93.910 | −0.308% | $267K | $265K | 75x | as long as short |
| Phemex XBRUSDTlong | 0.0000% | 4h | 94.200 | long leg | $1.2M | $80K | 100x | |
| gTrade (Gains Network) BRENT/USD | L +0.0011% / S −0.0011% | 1h | 94.280 | +0.085% | — | — | — | as long as short |
| tradeXYZ xyz:BRENTOIL | +0.0015% | 1h | 93.864 | −0.357% | $128.9M | $183.6M | 20x | as long as short |
| Vest BZ-PERP | +0.0018% | 1h | 97.520 | +3.524% | — | $736K | 10x | as long as short |
| Lighter BRENTOIL | +0.0024% | 1h | 93.790 | −0.435% | $3.4M | $5.6M | 20x | as long as short |
| Paradex BZ-USD-PERP | +0.0027% | 8h | 93.870 | −0.350% | $1K | $2K | 5x | as long as short |
| Aftermath Perps BRENTUSD | +0.0029% | 1h | 94.047 | −0.163% | $7K | $38K | 5x | as long as short |
| BloFin BZ-USDT | +0.0032% | 4h | 93.850 | −0.372% | $1.5M | $110K | 50x | as long as short |
| Extended XBR-USD | +0.0032% | 1h | 93.852 | −0.369% | $757K | $3.8M | 10x | as long as short |
| Polymarket Perps BRENTOIL-USD | +0.0050% | 1h | 93.864 | −0.357% | $1.5M | $487K | 20x | as long as short |
| Ondo Perps BRENT-USD.P | +0.0050% | 1h | 93.890 | −0.329% | $3.0M | $1.1M | 15x | as long as short |
| KuCoin BZUSDTM | +0.0100% | 4h | 93.780 | −0.446% | $3.5M | $1.2M | 50x | as long as short |
| ApeX Omni BZUSDT | +0.0100% | 1h | 93.860 | −0.361% | $25K | $274K | 50x | as long as short |
| GMX BRENTOIL/USD [ETH-USDC] | L +0.0184% / S −0.0707% | 1h | 93.815 | −0.409% | $32K | — | 111x | as long as short |
Aster BZUSDT
OKX BZ-USDT-SWAP
Gate BZ_USDT
Bitget BZUSDT
Variational Omni BZ
SunX BRENTOIL-USDT
HTX BRENTOIL-USDT
gTrade (Gains Network) BRENT/USD
tradeXYZ xyz:BRENTOIL
Vest BZ-PERP
Lighter BRENTOIL
Paradex BZ-USD-PERP
Aftermath Perps BRENTUSD
BloFin BZ-USDT
Extended XBR-USD
Polymarket Perps BRENTOIL-USD
Ondo Perps BRENT-USD.P
KuCoin BZUSDTM
ApeX Omni BZUSDT
GMX BRENTOIL/USD [ETH-USDC]