Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0032%/8h= +3.5% APRpaid last 24h +0.012%

Price spread now: Lighter against GRVT+0.013%48s7-day average +0.053% · you sell dearer than you buy

Net, funding: paid 7d − costs−$7as 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−$150.147% of the position

Long on GRVT Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.078%+$8 on $10k

Price spread, last 4 days (all we have)−0.040%−$4 · spread now +0.013%, 7d avg +0.053%

Together, before fees+0.038%+ Points / potential airdropGRVT: Active · Lighter: Season 3 · farm board+$4 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.040% cheaper against GRVT than usual: you would sell low and buy high (spread +0.013% now, against its 7-day average of +0.053%). If the spread goes back, that is −$4 on $10k: about 4.1 days of funding at the current rate (+$1 a day). The two prices were read 48 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	GRVT BZ_USDT_Perp	97.497	0	get 0.0000% / 4h	2h 50m	$26K	$315K	25x
Short	Lighter BRENTOIL	97.510	0.0032	get 0.0004% / 1h	50m 42s	$3.2M	$4.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against GRVT. 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 GRVTbpFee LighterbpOrdersPrice spread, now +0.013%Rate

Funding earned: $6.72
Price spread: +0.013% → +0.053%: −$3.98
Slippage, 4 orders: −$5.66
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$11.92
Costs to cover: 0.147%
Break-even: 19.4 days

Slippage from GRVT: live order book, 62 min ago; Lighter: live order book, 7 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 GRVT live order book, 62 min ago	0.51 bp	5.9 bp −$6	9.9 bp −$99	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	0.51 bp	0.5 bp −$1	1.4 bp −$14	7.9 bp −$791	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	96.684	−0.834%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.460	−0.038%	$237K	$443K	15x	as long as short
BloFin BZ-USDT	−0.0030%	4h	97.510	+0.013%	$1.5M	$97K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.499	+0.002%	$339K	$930K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.510	+0.013%	$147.5M	$364.7M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.490	−0.007%	$10.4M	$12.6M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.520	+0.024%	$16.1M	$20.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.475	−0.022%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.470	−0.028%	$9.2M	$11.6M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.510	+0.013%	$28.0M	$16.6M	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	97.488	−0.009%	$9.3M	$6.9M	—	as long as short
GRVT BZ_USDT_Perplong	0.0000%	4h	97.497	long leg	$26K	$315K	25x
SunX BRENTOIL-USDT	0.0000%	4h	97.520	+0.024%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.520	+0.024%	$101K	$249K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.430	−0.069%	$280K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.510	+0.013%	$1.2M	$83K	100x	as long as short
edgeX BZUSDC	+0.0002%	4h	97.457	−0.042%	$224K	$228K	20x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0009%	1h	97.506	+0.010%	$82K	$208K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.049	+0.566%	—	—	—	as long as short
Vest BZ-PERP	+0.0020%	1h	101.57	+4.177%	—	$735K	10x	as long as short
Lighter BRENTOILshort	+0.0032%	1h	97.510	+0.013%	$3.2M	$4.6M	20x
Extended XBR-USD	+0.0032%	1h	97.516	+0.020%	$680K	$3.9M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.493	−0.004%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.520	+0.024%	$153.8M	$125.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.524	+0.028%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.450	−0.048%	$3.1M	$1.0M	15x	as long as short
Aftermath Perps BRENTUSD	+0.0061%	1h	97.478	−0.019%	$7K	$42K	5x	as long as short
Hotstuff BRENTOIL-PERP	+0.0064%	1h	97.520	+0.024%	$34K	—	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.550	+0.054%	$3.8M	$837K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.500	+0.003%	$26K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0291% / S −0.2106%	1h	97.495	−0.002%	$115K	—	111x	as long as short