Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0275%/8h= +30.1% APRpaid last 24h −0.008%

Price spread now: Lighter against BloFin+0.073%60s7-day average +0.068% · you sell dearer than you buy

Net, funding: paid 7d − costs−$5as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$160.155% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.102%+$10 on $10k

Price spread, last 3 days (all we have)+0.018%+$2 · spread now +0.073%, 7d avg +0.068%

Together, before fees+0.121%+ Points / potential airdropLighter: Season 3 · farm board+$12 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.068%, so right now this pair is about funding alone: +$8 a day on $10k at the current rate. The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.102% in total (about 5.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin BZ-USDT	96.150	0.0029	pay 0.0015% / 4h	20m 05s	$1.5M	$96K	50x
Short	Lighter BRENTOIL	96.220	0.0304	get 0.0038% / 1h	20m 05s	$3.3M	$4.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now +0.073%Rate

Funding earned: $57.68
Price spread: +0.073% → +0.068%: $0.49
Slippage, 4 orders: −$3.51
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: $42.65
Costs to cover: 0.155%
Break-even: 1.8 days

Slippage from BloFin: live order book, 3 min ago; Lighter: live order book, 2 min ago.

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 BloFin live order book, 3 min ago	0.52 bp	6.9 bp −$7	10.2 bp −$102	21.6 bp −$2,159	doesn't fit
Sell Lighter live order book, 2 min ago	1.04 bp	1.0 bp −$1	2.1 bp −$21	8.4 bp −$837	doesn't fit

BZ on 30 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
GMX BRENTOIL/USD [ETH-USDC]	L −0.0848% / S +0.0467%	1h	96.205	+0.057%	$120K	—	111x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	95.348	−0.834%	$8K	$7K	30x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0166%	1h	96.220	+0.073%	$103K	$275K	15x	as long as short
Hotstuff BRENTOIL-PERP	−0.0088%	1h	96.250	+0.104%	$33K	—	20x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0040%	1h	96.070	−0.083%	$232K	$565K	15x	as long as short
RISEx BZ/USDC	−0.0020%	1h	96.179	+0.030%	$2.2M	$1.3M	20x	as long as short
Aster BZUSDT	0.0000%	4h	96.210	+0.062%	$334K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.200	+0.052%	$145.8M	$454.8M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.220	+0.073%	$10.5M	$16.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.190	+0.042%	$15.8M	$26.6M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BZ_USDT	0.0000%	8h	96.180	+0.031%	$9.2M	$16.4M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.180	+0.031%	$27.6M	$20.5M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.172	+0.023%	$9.3M	$7.7M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.220	+0.073%	$34K	$375K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.220	+0.073%	$4K	$2.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.150	0.000%	$306K	$249K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.360	+0.218%	$1.2M	$94K	100x	as long as short
edgeX BZUSDC	+0.0013%	4h	96.203	+0.055%	$220K	$233K	20x	as long as short
Paradex BZ-USD-PERP	+0.0026%	8h	96.173	+0.024%	$3K	$521	5x	as long as short
BloFin BZ-USDTlong	+0.0029%	4h	96.150	long leg	$1.5M	$96K	50x
Vest BZ-PERP	+0.0046%	1h	99.780	+3.775%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.243	+0.097%	$151.1M	$144.0M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.257	+0.111%	$1.5M	$527K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0073%	1h	96.270	+0.125%	$6K	$44K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.130	−0.021%	$3.8M	$988K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.170	+0.021%	$25K	$271K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0113%	1h	96.255	+0.109%	$83K	$234K	20x	as long as short
Lighter BRENTOILshort	+0.0304%	1h	96.220	+0.073%	$3.3M	$4.3M	20x
Ondo Perps BRENT-USD.P	+0.0392%	1h	96.160	+0.010%	$3.1M	$1.1M	15x	as long as short
Extended XBR-USD	+0.0592%	1h	96.113	−0.038%	$670K	$5.2M	10x	as long as short