Funding arb · Price arb /

BZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 20:00 UTC0.0000%/8hnext payment +$0.00 per $10,000 · paid last 24h −0.004%

Price spread now: Variational Omni against Phemex−0.027%7-day average −0.249% · you buy dearer than you sell

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

Long on Phemex Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.316%−$32 on $10k

Price spread, last 3 days (all we have)−0.288%−$29 · spread now −0.027%, 7d avg −0.249%

Together, before fees−0.604%+ Points / potential airdropVariational Omni: Active · farm board−$60 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Variational Omni is 0.222% dearer against Phemex than usual: you sell high and buy low, +$22 on $10k if it goes back to its 7-day average of −0.249%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phemex XBRUSDT	96.130	0	get 0.0000% / 4h	4m 55s	$1.2M	$99K	100x
Short	Variational Omni BZ	96.105	0	get 0.0000% / 4h	4m 55s	$9.5M	$11.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.027%Rate

Funding earned: $0
Price spread: −0.027% → −0.249%: $22.22
Slippage, 4 orders: no order book: not counted
Fee Phemex: 6 bp × 2 orders: −$12
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $10.22
Costs to cover: 0.120%
Break-even: from the start

Slippage unknown: Phemex: live order book, 2 min ago; Variational Omni: RFQ quote, 4 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	10.91 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 4 min ago	2.63 bp	doesn't fit	3.9 bp −$39	15.0 bp −$1,498	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	95.342	−0.820%	$10K	$4K	30x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L −0.0191% / S +0.0326%	1h	96.135	+0.005%	$109K	—	111x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	95.990	−0.146%	$230K	$839K	15x	as long as short
Hotstuff BRENTOIL-PERP	−0.0008%	1h	96.150	+0.021%	$33K	—	20x	as long as short
Aster BZUSDT	0.0000%	4h	96.153	+0.024%	$333K	$1.7M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.150	+0.021%	$145.3M	$477.5M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.150	+0.021%	$10.4M	$16.7M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.140	+0.010%	$15.8M	$30.3M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.127	−0.003%	$2.2M	$1.2M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.100	−0.031%	$9.1M	$18.9M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	96.160	+0.031%	$27.7M	$23.1M	100x	as long as short
Variational Omni BZshort	0.0000%	4h	96.105	−0.027%	$9.5M	$11.7M	—
GRVT BZ_USDT_Perp	0.0000%	4h	96.109	−0.021%	$35K	$408K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.150	+0.021%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.160	+0.031%	$103K	$280K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.110	−0.021%	$319K	$233K	75x	as long as short
Phemex XBRUSDTlong	0.0000%	4h	96.130	long leg	$1.2M	$99K	100x
BloFin BZ-USDT	+0.0001%	4h	96.110	−0.021%	$1.5M	$96K	50x	as long as short
Ondo Perps BRENT-USD.P	+0.0011%	1h	96.110	−0.021%	$3.1M	$1.1M	15x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	96.879	+0.779%	—	—	—	as long as short
edgeX BZUSDC	+0.0017%	4h	96.083	−0.049%	$220K	$234K	20x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0028%	1h	96.127	−0.003%	$81K	$262K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	96.160	+0.031%	$3.3M	$4.4M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	96.190	+0.063%	$671K	$5.2M	10x	as long as short
Aftermath Perps BRENTUSD	+0.0044%	1h	96.128	−0.002%	$6K	$48K	5x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.23	+4.265%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0049%	8h	96.148	+0.019%	$3K	$473	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.185	+0.057%	$149.0M	$144.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.186	+0.058%	$1.5M	$552K	20x	as long as short
KuCoin BZUSDTM	+0.0070%	4h	96.190	+0.062%	$3.7M	$986K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.090	−0.042%	$25K	$270K	50x	as long as short