Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.012%

Price spread now: Lighter against Bybit+0.021%7-day average +0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$190.194% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.156%+$16 on $10k

Price spread, last 7 days+0.004%$0 · spread now +0.021%, 7d avg +0.010%

Together, before fees+0.160%+ Points / potential airdropLighter: Season 3 · farm board+$16 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.010%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BZUSDT	97.220	0	get 0.0000% / 8h	7h 34m	$10.3M	$13.3M	100x
Short	Lighter BRENTOIL	97.240	0.0032	get 0.0004% / 1h	34m 40s	$3.3M	$4.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now +0.021%Rate

Funding earned: $6.72
Price spread: +0.021% → +0.010%: $1.04
Slippage, 4 orders: −$8.38
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$11.63
Costs to cover: 0.194%
Break-even: 19.1 days

Slippage from Bybit: live order book, 4 min ago; Lighter: live order book, 3 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 Bybit live order book, 4 min ago	1.03 bp	9.2 bp −$9	12.0 bp −$120	85.4 bp −$8,535	doesn't fit
Sell Lighter live order book, 3 min ago	0.51 bp	1.4 bp −$1	2.4 bp −$24	10.8 bp −$1,085	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	97.310	+0.093%	$100K	$262K	15x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	96.342	−0.903%	$8K	$7K	30x	as long as short
Ondo Perps BRENT-USD.P	−0.0076%	1h	97.130	−0.093%	$3.1M	$1.0M	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.480	+0.267%	$237K	$401K	15x	as long as short
RISEx BZ/USDC	−0.0039%	1h	97.268	+0.049%	$2.4M	$1.8M	20x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0002%	1h	97.324	+0.107%	$82K	$197K	20x	as long as short
Aster BZUSDT	0.0000%	4h	97.280	+0.062%	$338K	$735K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.221	+0.001%	$148.6M	$352.9M	100x	as long as short
Bybit BZUSDTlong	0.0000%	8h	97.220	long leg	$10.3M	$13.3M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	97.190	−0.031%	$16.1M	$19.8M	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	97.190	−0.031%	$9.2M	$10.4M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.230	+0.010%	$28.0M	$18.7M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.329	+0.112%	$9.4M	$6.1M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.354	+0.138%	$13K	$331K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.330	+0.113%	$4K	$2.4M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.360	+0.144%	$279K	$251K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.360	+0.144%	$1.2M	$83K	100x	as long as short
Hotstuff BRENTOIL-PERP	+0.0008%	1h	97.420	+0.206%	$34K	—	20x	as long as short
Vest BZ-PERP	+0.0009%	1h	101.24	+4.135%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.872	+0.671%	—	—	—	as long as short
edgeX BZUSDC	+0.0020%	4h	97.354	+0.138%	$223K	$229K	20x	as long as short
Lighter BRENTOILshort	+0.0032%	1h	97.240	+0.021%	$3.3M	$4.2M	20x
Extended XBR-USD	+0.0032%	1h	97.277	+0.059%	$753K	$2.7M	10x	as long as short
Paradex BZ-USD-PERP	+0.0047%	8h	97.247	+0.028%	$2K	$1K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.271	+0.052%	$155.4M	$115.7M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.320	+0.103%	$1.6M	$344K	20x	as long as short
BloFin BZ-USDT	+0.0057%	4h	97.310	+0.093%	$1.5M	$100K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0071%	1h	97.383	+0.167%	$7K	$39K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.240	+0.021%	$3.8M	$799K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.380	+0.165%	$26K	$273K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0328% / S −0.2771%	1h	97.255	+0.036%	$115K	—	111x	as long as short