Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.001%

Price spread now: Polymarket Perps against Phemex+0.004%46s7-day average −0.123% · you sell dearer than you buy

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

Long on Phemex Short on Polymarket Perps

What this pair did over the last

the charts below follow

Funding, last 7 days−0.032%−$3 on $10k

Price spread, last 4 days (all we have)−0.189%−$19 · spread now +0.004%, 7d avg −0.123%

Together, before fees−0.220%−$22 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Polymarket Perps is 0.127% dearer against Phemex than usual: you sell high and buy low: +$13 more if the spread goes back to its 7-day average of −0.123%. The two prices were read 46 seconds apart, so part of this spread may be the market moving, not a spread.

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 45m	$1.2M	$83K	100x
Short	Polymarket Perps BRENTOIL-USD	97.544	0.0050	get 0.0006% / 1h	45m 22s	$1.6M	$463K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Polymarket 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 Polymarket PerpsbpOrdersPrice spread, now +0.004%Rate

Funding earned: $10.5
Price spread: +0.004% → −0.123%: $12.66
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Polymarket Perps: 4 bp × 2 orders: −$8
Net: $3.16
Costs to cover: 0.200%
Break-even: 4.9 days

Slippage unknown: Phemex: live order book, 2 min ago; Polymarket Perps: live order book, 3 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, 2 min ago	1.54 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Polymarket Perps live order book, 3 min ago	2.72 bp	7.0 bp −$7	8.1 bp −$81	18.2 bp −$1,824	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
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	97.525	−0.015%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.520	−0.021%	$147.6M	$363.6M	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	97.494	−0.048%	$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	97.510	−0.031%	$28.0M	$16.5M	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	97.509	−0.032%	$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
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	98.062	+0.535%	—	—	—	as long as short
edgeX BZUSDC	+0.0012%	4h	97.490	−0.051%	$224K	$229K	20x	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	97.518	−0.022%	$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	97.513	−0.028%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.536	−0.004%	$153.8M	$125.4M	20x	as long as short
Polymarket Perps BRENTOIL-USDshort	+0.0050%	1h	97.544	+0.004%	$1.6M	$463K	20x
Aftermath Perps BRENTUSD	+0.0050%	1h	97.497	−0.045%	$7K	$42K	5x	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
KuCoin BZUSDTM	+0.0100%	4h	97.570	+0.031%	$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
Hotstuff BRENTOIL-PERP	+0.0104%	1h	97.530	−0.010%	$34K	—	20x	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