Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0010%/8h= −1.1% APRpaid last 24h +0.023%

Price spread now: Phemex against Vest−3.991%7-day average −2.989% · you buy dearer than you sell

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

Long on Vest Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.412%+$41 on $10k

Price spread, last 4 days (all we have)+0.773%+$77 · spread now −3.991%, 7d avg −2.989%

Together, before fees+1.185%+ Points / potential airdropVest: Active · farm board+$119 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Phemex is 1.002% cheaper against Vest than usual: you would sell low and buy high (−$100 if the spread goes back to its 7-day average of −2.989%). Swap the legs. Mind the row above: over the last 4 days funding on this pair paid +0.412%, 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	Vest BZ-PERP	101.47	0.0010	pay 0.0001% / 1h	5m 44s	—	$735K	10x
Short	Phemex XBRUSDT	97.420	0	get 0.0000% / 4h	5m 44s	$1.2M	$86K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex against Vest. 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 VestbpFee PhemexbpOrdersPrice spread, now −3.991%Rate

Funding earned: −$2.02
Price spread: −3.991% → −2.989%: −$100.2
Slippage, 4 orders: no order book: not counted
Fee Vest: 1 bp × 2 orders: −$2
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$116.22
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Vest: no order-book sample; Phemex: live order book, 2 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 Vest no order-book sample	—	—	—	—	—
Sell Phemex live order book, 2 min ago	2.57 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

Vest: 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 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	96.342	−5.054%	$8K	$7K	30x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0161%	1h	97.400	−4.011%	$100K	$256K	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.480	−3.932%	$237K	$402K	15x	as long as short
Ondo Perps BRENT-USD.P	−0.0014%	1h	97.370	−4.041%	$3.1M	$1.0M	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.451	−3.961%	$339K	$860K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.405	−4.006%	$148.3M	$351.3M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.380	−4.031%	$10.3M	$13.3M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.360	−4.050%	$16.1M	$19.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.409	−4.003%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.350	−4.060%	$9.2M	$11.2M	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	97.410	−4.001%	$27.9M	$18.5M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.402	−4.009%	$9.5M	$6.1M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.187	−4.221%	$14K	$332K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.440	−3.972%	$4K	$2.4M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.430	−3.981%	$280K	$254K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	97.420	−3.991%	$1.2M	$86K	100x
Vest BZ-PERPlong	+0.0010%	1h	101.47	long leg	—	$735K	10x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.986	−3.433%	—	—	—	as long as short
edgeX BZUSDC	+0.0020%	4h	97.166	−4.242%	$223K	$228K	20x	as long as short
Lighter BRENTOIL	+0.0032%	1h	97.430	−3.981%	$3.3M	$4.0M	20x	as long as short
Extended XBR-USD	+0.0032%	1h	97.444	−3.968%	$743K	$2.9M	10x	as long as short
BloFin BZ-USDT	+0.0048%	4h	97.430	−3.981%	$1.5M	$99K	50x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.447	−3.964%	$2K	$1K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.430	−3.981%	$155.6M	$115.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.459	−3.953%	$1.6M	$395K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0080%	1h	97.330	−4.080%	$7K	$40K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.390	−4.021%	$3.8M	$801K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.230	−4.179%	$25K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0113%	1h	97.418	−3.993%	$82K	$200K	20x	as long as short
Hotstuff BRENTOIL-PERP	+0.0176%	1h	97.500	−3.912%	$34K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0329% / S −0.2771%	1h	97.395	−4.016%	$116K	—	111x	as long as short