Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0015%/8h= +1.7% APRpaid last 24h −0.001%

Price spread now: Ondo Perps against Phemex−0.168%7-day average −0.251% · you buy dearer than you sell

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

Long on Phemex Short on Ondo Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.341%−$34 on $10k

Price spread, last 4 days (all we have)−0.035%−$3 · spread now −0.168%, 7d avg −0.251%

Together, before fees−0.376%+ Points / potential airdropOndo Perps: Active · farm board−$38 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays $0 a day on $10k at the current rate, and Ondo Perps is 0.083% dearer against Phemex than usual: you sell high and buy low: +$8 more if the spread goes back to its 7-day average of −0.251%. Mind the row above: over the last 7 days funding on this pair cost −0.341%, 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	95.430	0	get 0.0000% / 4h	2h 15m	$1.2M	$81K	100x
Short	Ondo Perps BRENT-USD.P	95.270	0.0015	get 0.0002% / 1h	15m 12s	$3.1M	$1.1M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Ondo Perps against Phemex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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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 Ondo PerpsbpOrdersPrice spread, now −0.168%Rate

Funding earned: $3.19
Price spread: −0.168% → −0.251%: $8.32
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Net: −$5.49
Costs to cover: 0.170%
Break-even: 19.0 days

Slippage unknown: Phemex: live order book, 1 min ago; Ondo 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	0.52 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Ondo Perps no order-book sample	—	—	—	—	—

Ondo 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 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
Deribit BRENTOIL_USDC-PERPETUAL	−0.0379%	1h	95.370	−0.063%	$61K	$309K	15x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0339%	1h	95.374	−0.059%	$94K	$245K	20x	as long as short
RISEx BZ/USDC	−0.0289%	1h	95.313	−0.123%	$2.3M	$1.9M	20x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	95.420	−0.010%	$270K	$647K	15x	as long as short
GRVT BZ_USDT_Perp	−0.0042%	4h	95.421	−0.010%	$14K	$312K	25x	as long as short
Bybit BZUSDT	−0.0009%	8h	95.400	−0.031%	$10.0M	$15.4M	100x	as long as short
Aster BZUSDT	0.0000%	4h	95.391	−0.041%	$329K	$700K	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.380	−0.053%	$146.6M	$418.8M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	95.350	−0.084%	$16.2M	$24.8M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	95.340	−0.094%	$9.1M	$12.6M	100x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	95.360	−0.073%	$27.9M	$25.8M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.295	−0.142%	$9.2M	$6.5M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.340	−0.094%	$4K	$1.8M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.390	−0.042%	$273K	$260K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	95.430	long leg	$1.2M	$81K	100x
edgeX BZUSDC	+0.0009%	4h	95.400	−0.032%	$219K	$232K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	95.810	+0.398%	—	—	—	as long as short
Ondo Perps BRENT-USD.Pshort	+0.0015%	1h	95.270	−0.168%	$3.1M	$1.1M	15x
Vest BZ-PERP	+0.0019%	1h	99.000	+3.741%	—	$735K	10x	as long as short
Lighter BRENTOIL	+0.0032%	1h	95.380	−0.052%	$3.5M	$5.5M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	95.426	−0.004%	$692K	$3.2M	10x	as long as short
Injective BRENT/USDC PERP	+0.0033%	1h	94.836	−0.622%	$8K	$7K	30x	as long as short
Paradex BZ-USD-PERP	+0.0041%	8h	95.308	−0.128%	$1K	$2K	5x	as long as short
Aftermath Perps BRENTUSD	+0.0043%	1h	95.455	+0.026%	$7K	$38K	5x	as long as short
BloFin BZ-USDT	+0.0047%	4h	95.340	−0.094%	$1.6M	$109K	50x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.395	−0.037%	$146.0M	$140.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	95.315	−0.121%	$1.6M	$391K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.460	+0.031%	$3.4M	$1.1M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.450	+0.021%	$25K	$274K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0144%	1h	95.310	−0.126%	$33K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0184% / S −0.0707%	1h	95.305	−0.131%	$33K	—	111x	as long as short