Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0707%/8h= +77.4% APRpaid last 24h +0.088%

Price spread now: GMX against Phemex−0.037%7-day average −0.200% · you buy dearer than you sell

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

Long on Phemex Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.207%−$21 on $10k

Price spread, last 4 days (all we have)−0.303%−$30 · spread now −0.037%, 7d avg −0.200%

Together, before fees−0.510%−$51 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$21 a day on $10k at the current rate, and GMX is 0.164% dearer against Phemex than usual: you sell high and buy low: +$16 more if the spread goes back to its 7-day average of −0.200%. Mind the row above: over the last 4 days funding on this pair cost −0.207%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.207% in total (about -21.3% 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	Phemex XBRUSDT	95.590	0	get 0.0000% / 4h	2h 55m	$1.2M	$80K	100x
Short	GMX BRENTOIL/USD [ETH-USDC]	95.555	L +0.0185% / S −0.0707%	get 0.0088% / 1h	55m 06s	$33K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.037%Rate

Funding earned: $148.43
Price spread: −0.037% → −0.200%: $16.38
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: $140.81
Costs to cover: 0.240%
Break-even: 0.4 days

Slippage unknown: Phemex: live order book, 3 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 Phemex live order book, 3 min ago	0.52 bp	doesn't fit	doesn't fit	doesn't fit	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
Kraken Futures PF_BRENTOILUSD	−0.0338%	1h	95.554	−0.038%	$81K	$205K	20x	as long as short
RISEx BZ/USDC	−0.0289%	1h	95.505	−0.089%	$2.4M	$1.8M	20x	as long as short
GRVT BZ_USDT_Perp	−0.0154%	4h	95.254	−0.352%	$13K	$318K	25x	as long as short
Ondo Perps BRENT-USD.P	−0.0110%	1h	95.340	−0.262%	$3.0M	$1.0M	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	95.320	−0.282%	$276K	$593K	15x	as long as short
Bybit BZUSDT	−0.0039%	8h	95.580	−0.010%	$10.1M	$14.7M	100x	as long as short
BloFin BZ-USDT	−0.0005%	4h	95.470	−0.126%	$1.5M	$102K	50x	as long as short
Aster BZUSDT	0.0000%	4h	95.550	−0.041%	$329K	$703K	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.600	+0.010%	$146.7M	$395.2M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	95.590	0.000%	$16.1M	$23.3M	50x	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	95.530	−0.063%	$9.2M	$11.0M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	95.600	+0.010%	$28.2M	$23.1M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.346	−0.255%	$9.2M	$6.5M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.600	+0.010%	$4K	$2.1M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	95.600	+0.010%	$98K	$269K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.380	−0.220%	$273K	$263K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	95.590	long leg	$1.2M	$80K	100x
edgeX BZUSDC	+0.0007%	4h	95.295	−0.308%	$219K	$230K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	95.654	+0.067%	—	—	—	as long as short
Vest BZ-PERP	+0.0012%	1h	99.100	+3.672%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0026%	8h	95.398	−0.201%	$1K	$2K	5x	as long as short
Lighter BRENTOIL	+0.0032%	1h	95.590	0.000%	$3.5M	$4.6M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.604	+0.015%	$754K	$2.7M	10x	as long as short
Hotstuff BRENTOIL-PERP	+0.0032%	1h	95.480	−0.115%	$33K	—	20x	as long as short
Injective BRENT/USDC PERP	+0.0033%	1h	96.342	+0.787%	$8K	$7K	30x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0045%	1h	95.447	−0.150%	$1.6M	$386K	20x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.621	+0.032%	$153.0M	$129.4M	20x	as long as short
Aftermath Perps BRENTUSD	+0.0057%	1h	95.380	−0.219%	$7K	$39K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.600	+0.010%	$3.4M	$1.1M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.220	−0.387%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]short	L +0.0185% / S −0.0707%	1h	95.555	−0.037%	$33K	—	111x