Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h −0.004%

Price spread now: Lighter against Phemex−0.345%7-day average −0.149% · you buy dearer than you sell

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

Long on Phemex Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days−0.383%−$38 on $10k

Price spread, last 4 days (all we have)+0.214%+$21 · spread now −0.345%, 7d avg −0.149%

Together, before fees−0.169%+ Points / potential airdropLighter: Season 3 · farm board−$17 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.196% cheaper against Phemex than usual: you would sell low and buy high (spread −0.345% now, against its 7-day average of −0.149%). If the spread goes back, that is −$20 on $10k: about 20 days of funding at the current rate (+$1 a day). Mind the row above: over the last 7 days funding on this pair cost −0.383%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XBRUSDT	95.550	0	get 0.0000% / 4h	2h 56m	$1.2M	$80K	100x
Short	Lighter BRENTOIL	95.220	0.0032	get 0.0004% / 1h	56m 22s	$3.5M	$4.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter 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 LighterbpOrdersPrice spread, now −0.345%Rate

Funding earned: $6.72
Price spread: −0.345% → −0.149%: −$19.61
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$24.89
Costs to cover: 0.120%
Break-even: 32.9 days

Slippage unknown: Phemex: live order book, 1 min ago; Lighter: live order book, 6 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, 1 min ago	0.52 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Lighter live order book, 6 min ago	0.53 bp	0.5 bp −$1	2.1 bp −$21	9.2 bp −$921	doesn't fit

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	−0.304%	$98K	$268K	15x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0339%	1h	95.263	−0.301%	$81K	$204K	20x	as long as short
RISEx BZ/USDC	−0.0289%	1h	95.234	−0.330%	$2.3M	$1.8M	20x	as long as short
GRVT BZ_USDT_Perp	−0.0132%	4h	95.210	−0.356%	$14K	$328K	25x	as long as short
Ondo Perps BRENT-USD.P	−0.0110%	1h	95.060	−0.513%	$3.0M	$1.0M	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	95.240	−0.324%	$276K	$590K	15x	as long as short
Bybit BZUSDT	−0.0043%	8h	95.360	−0.199%	$10.1M	$14.7M	100x	as long as short
BloFin BZ-USDT	−0.0025%	4h	95.220	−0.345%	$1.5M	$102K	50x	as long as short
Aster BZUSDT	0.0000%	4h	95.345	−0.214%	$328K	$703K	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.371	−0.188%	$146.4M	$394.1M	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-SWAP	0.0000%	4h	95.340	−0.220%	$16.0M	$23.1M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	95.300	−0.262%	$9.1M	$10.9M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	95.340	−0.220%	$27.8M	$22.8M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.237	−0.327%	$9.2M	$6.4M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.270	−0.293%	$4K	$2.1M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.380	−0.178%	$273K	$263K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	95.550	long leg	$1.2M	$80K	100x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	95.654	+0.108%	—	—	—	as long as short
Vest BZ-PERP	+0.0012%	1h	98.970	+3.579%	—	$735K	10x	as long as short
edgeX BZUSDC	+0.0012%	4h	95.168	−0.400%	$219K	$230K	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0024%	1h	95.298	−0.264%	$1.6M	$386K	20x	as long as short
Paradex BZ-USD-PERP	+0.0026%	8h	95.189	−0.378%	$2K	$1K	5x	as long as short
Lighter BRENTOILshort	+0.0032%	1h	95.220	−0.345%	$3.5M	$4.6M	20x
Extended XBR-USD	+0.0032%	1h	95.277	−0.286%	$747K	$2.7M	10x	as long as short
Hotstuff BRENTOIL-PERP	+0.0032%	1h	95.300	−0.262%	$33K	—	20x	as long as short
Injective BRENT/USDC PERP	+0.0033%	1h	96.342	+0.829%	$8K	$7K	30x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.408	−0.149%	$153.3M	$128.4M	20x	as long as short
Aftermath Perps BRENTUSD	+0.0056%	1h	95.367	−0.192%	$7K	$39K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.370	−0.188%	$3.4M	$1.1M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.320	−0.241%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0184% / S −0.0707%	1h	95.345	−0.215%	$33K	—	111x	as long as short