Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0018%/8h= +2.0% APRpaid last 24h +0.010%

Price spread now: Lighter against edgeX+0.011%49s7-day average +0.080% · you sell dearer than you buy

Net, funding: paid 7d − costs−$27as 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−$300.298% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.026%+$3 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now +0.011%, 7d avg +0.080%

Together, before fees−0.002%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board$0 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.069% cheaper against edgeX than usual: you would sell low and buy high (spread +0.011% now, against its 7-day average of +0.080%). If the spread goes back, that is −$7 on $10k: about 13 days of funding at the current rate (+$1 a day). The two prices were read 49 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	edgeX BZUSDC	96.979	0.0014	pay 0.0007% / 4h	1h 08m	$222K	$227K	20x
Short	Lighter BRENTOIL	96.990	0.0032	get 0.0004% / 1h	8m 41s	$3.3M	$4.7M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now +0.011%Rate

Funding earned: $3.77
Price spread: +0.011% → +0.080%: −$6.89
Slippage, 4 orders: −$20.8
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$32.93
Costs to cover: 0.298%
Break-even: 68.2 days

Slippage from edgeX: live order book, 53 min ago; Lighter: live order book, 4 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 edgeX live order book, 53 min ago	9.81 bp	14.3 bp −$14	15.1 bp −$151	56.3 bp −$5,629	doesn't fit
Sell Lighter live order book, 4 min ago	0.51 bp	0.5 bp −$1	0.7 bp −$7	8.8 bp −$877	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	96.141	−0.864%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0104%	1h	96.990	+0.011%	$234K	$433K	15x	as long as short
BloFin BZ-USDT	−0.0002%	4h	97.030	+0.053%	$1.5M	$91K	50x	as long as short
Aster BZUSDT	0.0000%	4h	96.973	−0.007%	$337K	$984K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.000	+0.022%	$146.7M	$372.4M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.970	−0.009%	$10.3M	$13.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.980	+0.001%	$16.0M	$20.4M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.974	−0.005%	$2.3M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.940	−0.040%	$9.2M	$12.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.980	+0.001%	$27.4M	$16.3M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni BZ	0.0000%	4h	96.976	−0.003%	$9.4M	$7.1M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.994	+0.015%	$37K	$343K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.000	+0.022%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.990	+0.011%	$103K	$248K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.970	−0.009%	$278K	$268K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.990	+0.011%	$1.2M	$86K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.536	+0.574%	—	—	—	as long as short
edgeX BZUSDClong	+0.0014%	4h	96.979	long leg	$222K	$227K	20x
Lighter BRENTOILshort	+0.0032%	1h	96.990	+0.011%	$3.3M	$4.7M	20x
Extended XBR-USD	+0.0032%	1h	96.999	+0.021%	$675K	$4.7M	10x	as long as short
Vest BZ-PERP	+0.0040%	1h	101.06	+4.208%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	96.987	+0.008%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.002	+0.024%	$151.9M	$124.9M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.044	+0.067%	$1.5M	$444K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.950	−0.030%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.030	+0.053%	$3.8M	$872K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.010	+0.032%	$25K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0129%	1h	97.001	+0.022%	$7K	$43K	5x	as long as short
Hotstuff BRENTOIL-PERP	+0.0136%	1h	97.010	+0.032%	$33K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0185% / S +0.0027%	1h	96.985	+0.006%	$126K	—	111x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0298%	1h	96.987	+0.008%	$84K	$218K	20x	as long as short