Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h −0.001%

Price spread now: tradeXYZ against Phemex+0.116%7-day average −0.136% · you sell dearer than you buy

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

Long on Phemex Short on tradeXYZ

What this pair did over the last

the charts below follow

Funding, last 7 days−0.332%−$33 on $10k

Price spread, last 4 days (all we have)−0.202%−$20 · spread now +0.116%, 7d avg −0.136%

Together, before fees−0.534%+ Points / potential airdroptradeXYZ: Active · farm board−$53 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 tradeXYZ is 0.252% dearer against Phemex than usual: you sell high and buy low: +$25 more if the spread goes back to its 7-day average of −0.136%. Mind the row above: over the last 7 days funding on this pair cost −0.332%, 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	96.930	0	get 0.0000% / 4h	1h 23m	$1.2M	$85K	100x
Short	tradeXYZ xyz:BRENTOIL	97.042	0.0050	get 0.0006% / 1h	23m 25s	$152.0M	$125.1M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

tradeXYZ 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 tradeXYZbpOrdersPrice spread, now +0.116%Rate

Funding earned: $10.5
Price spread: +0.116% → −0.136%: $25.16
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee tradeXYZ: 9 bp × 2 orders: −$18
Net: $5.66
Costs to cover: 0.300%
Break-even: 3.2 days

Slippage unknown: Phemex: live order book, 4 min ago; tradeXYZ: live order book, 5 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, 4 min ago	6.70 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell tradeXYZ live order book, 5 min ago	0.21 bp	9.6 bp −$10	10.1 bp −$101	doesn't fit	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	96.164	−0.790%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0104%	1h	96.900	−0.031%	$233K	$431K	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.022	+0.095%	$337K	$984K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.020	+0.093%	$146.9M	$373.3M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.990	+0.062%	$10.3M	$13.2M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.000	+0.072%	$16.0M	$20.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.001	+0.074%	$2.3M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.960	+0.031%	$9.2M	$12.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.020	+0.093%	$27.4M	$16.3M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.955	+0.026%	$9.3M	$7.1M	—	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	96.959	+0.030%	$37K	$343K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.930	0.000%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.950	+0.021%	$103K	$244K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.870	−0.062%	$278K	$268K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	96.930	long leg	$1.2M	$85K	100x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.479	+0.566%	—	—	—	as long as short
edgeX BZUSDC	+0.0019%	4h	96.958	+0.028%	$222K	$227K	20x	as long as short
BloFin BZ-USDT	+0.0024%	4h	96.980	+0.052%	$1.5M	$86K	50x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.030	+0.103%	$3.3M	$4.7M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.028	+0.101%	$676K	$4.7M	10x	as long as short
Vest BZ-PERP	+0.0042%	1h	101.05	+4.250%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.013	+0.085%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOILshort	+0.0050%	1h	97.042	+0.116%	$152.0M	$125.1M	20x
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.067	+0.141%	$1.5M	$444K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.930	0.000%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.040	+0.113%	$3.8M	$870K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.980	+0.052%	$25K	$274K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0144%	1h	97.040	+0.113%	$33K	—	20x	as long as short
Aftermath Perps BRENTUSD	+0.0162%	1h	96.951	+0.022%	$7K	$43K	5x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0183% / S +0.0040%	1h	96.935	+0.005%	$126K	—	111x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0298%	1h	96.940	+0.010%	$83K	$218K	20x	as long as short