Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC−0.0050%/8h= −5.5% APRpaid last 24h +0.001%

Price spread now: Phemex against tradeXYZ−0.097%7-day average +0.128% · you buy dearer than you sell

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

Long on tradeXYZ Short on Phemex

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)+0.183%+$18 · spread now −0.097%, 7d avg +0.128%

Together, before fees+0.515%+ Points / potential airdroptradeXYZ: Active · farm board+$51 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Phemex is 0.224% cheaper against tradeXYZ than usual: you would sell low and buy high (−$22 if the spread goes back to its 7-day average of +0.128%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.332%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	tradeXYZ xyz:BRENTOIL	97.344	0.0050	pay 0.0006% / 1h	33m 55s	$155.5M	$115.8M	20x
Short	Phemex XBRUSDT	97.250	0	get 0.0000% / 4h	3h 33m	$1.2M	$83K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against tradeXYZ. 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 tradeXYZbpFee PhemexbpOrdersPrice spread, now −0.097%Rate

Funding earned: −$10.5
Price spread: −0.097% → +0.128%: −$22.42
Slippage, 4 orders: no order book: not counted
Fee tradeXYZ: 9 bp × 2 orders: −$18
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$62.92
Costs to cover: 0.300%
Break-even: never at this rate

Slippage unknown: tradeXYZ: live order book, 5 min ago; Phemex: live order book, 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 tradeXYZ live order book, 5 min ago	0.05 bp	9.1 bp −$9	10.1 bp −$101	doesn't fit	doesn't fit
Sell Phemex live order book, 4 min ago	0.51 bp	doesn't fit	doesn't fit	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
Deribit BRENTOIL_USDC-PERPETUAL	−0.0264%	1h	97.150	−0.199%	$100K	$263K	15x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	96.342	−1.029%	$8K	$7K	30x	as long as short
Ondo Perps BRENT-USD.P	−0.0076%	1h	97.130	−0.220%	$3.1M	$1.0M	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.080	−0.271%	$236K	$405K	15x	as long as short
RISEx BZ/USDC	−0.0039%	1h	97.228	−0.119%	$2.4M	$1.8M	20x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0002%	1h	97.206	−0.142%	$82K	$197K	20x	as long as short
Aster BZUSDT	0.0000%	4h	97.280	−0.066%	$338K	$735K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.280	−0.066%	$148.7M	$355.3M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.280	−0.066%	$10.3M	$13.4M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.300	−0.045%	$16.2M	$20.0M	50x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BZ_USDT	0.0000%	8h	97.210	−0.138%	$9.2M	$10.5M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.300	−0.045%	$28.0M	$18.9M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.329	−0.015%	$9.4M	$6.1M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.354	+0.010%	$13K	$331K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.190	−0.158%	$4K	$2.4M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.270	−0.076%	$279K	$251K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	97.250	−0.097%	$1.2M	$83K	100x
Hotstuff BRENTOIL-PERP	+0.0008%	1h	97.420	+0.078%	$34K	—	20x	as long as short
Vest BZ-PERP	+0.0008%	1h	101.21	+3.971%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.872	+0.542%	—	—	—	as long as short
edgeX BZUSDC	+0.0020%	4h	97.354	+0.010%	$223K	$229K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.190	−0.158%	$3.3M	$4.2M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.289	−0.056%	$751K	$2.7M	10x	as long as short
Paradex BZ-USD-PERP	+0.0047%	8h	97.247	−0.099%	$2K	$1K	5x	as long as short
tradeXYZ xyz:BRENTOILlong	+0.0050%	1h	97.344	long leg	$155.5M	$115.8M	20x
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.250	−0.097%	$1.6M	$344K	20x	as long as short
BloFin BZ-USDT	+0.0057%	4h	97.310	−0.035%	$1.5M	$100K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0072%	1h	97.379	+0.036%	$7K	$39K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.240	−0.107%	$3.8M	$799K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.380	+0.037%	$26K	$273K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0328% / S −0.2771%	1h	97.225	−0.122%	$115K	—	111x	as long as short