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: Bybit against Lighter0.000%7-day average −0.010% · you sell dearer than you buy

Net, funding: paid 7d − costs−$34as in the Funding arb table

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

costs, in and out, $10k−$190.186% of the position

Long on Lighter Short on Bybit

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−0.025%−$2 · spread now 0.000%, 7d avg −0.010%

Together, before fees−0.180%+ Points / potential airdropLighter: Season 3 · farm board−$18 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	Lighter BRENTOIL	97.300	0.0032	pay 0.0004% / 1h	46m 57s	$3.3M	$4.1M	20x
Short	Bybit BZUSDT	97.300	0	get 0.0000% / 8h	7h 46m	$10.3M	$13.3M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Lighter. 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 LighterbpFee BybitbpOrdersPrice spread, now 0.000%Rate

Funding earned: −$6.72
Price spread: 0.000% → −0.010%: $1.02
Slippage, 4 orders: −$7.63
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$24.33
Costs to cover: 0.186%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Bybit: live order book, 1 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 Lighter live order book, 6 min ago	1.03 bp	1.0 bp −$1	1.9 bp −$19	8.6 bp −$856	doesn't fit
Sell Bybit live order book, 1 min ago	0.51 bp	7.6 bp −$8	11.3 bp −$113	74.2 bp −$7,417	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	97.290	−0.010%	$100K	$259K	15x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	96.342	−0.985%	$8K	$7K	30x	as long as short
Ondo Perps BRENT-USD.P	−0.0078%	1h	97.230	−0.072%	$3.1M	$990K	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.480	+0.185%	$237K	$402K	15x	as long as short
RISEx BZ/USDC	−0.0039%	1h	97.283	−0.018%	$2.4M	$1.7M	20x	as long as short
GRVT BZ_USDT_Perp	−0.0034%	4h	97.302	+0.002%	$14K	$332K	25x	as long as short
Hotstuff BRENTOIL-PERP	−0.0024%	1h	97.320	+0.021%	$34K	—	20x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0002%	1h	97.311	+0.011%	$82K	$200K	20x	as long as short
Aster BZUSDT	0.0000%	4h	97.335	+0.036%	$338K	$860K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.307	+0.007%	$148.7M	$352.6M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit BZUSDTshort	0.0000%	8h	97.300	0.000%	$10.3M	$13.3M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	97.350	+0.051%	$16.1M	$19.8M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	97.260	−0.041%	$9.2M	$10.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.310	+0.010%	$27.9M	$18.7M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.269	−0.032%	$9.4M	$6.2M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.300	0.000%	$4K	$2.4M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.270	−0.031%	$279K	$251K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.440	+0.144%	$1.2M	$85K	100x	as long as short
edgeX BZUSDC	+0.0009%	4h	97.270	−0.031%	$223K	$229K	20x	as long as short
Vest BZ-PERP	+0.0010%	1h	101.27	+4.080%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.852	+0.567%	—	—	—	as long as short
BloFin BZ-USDT	+0.0028%	4h	97.270	−0.031%	$1.5M	$99K	50x	as long as short
Lighter BRENTOILlong	+0.0032%	1h	97.300	long leg	$3.3M	$4.1M	20x
Extended XBR-USD	+0.0032%	1h	97.342	+0.043%	$747K	$2.8M	10x	as long as short
Paradex BZ-USD-PERP	+0.0049%	8h	97.316	+0.017%	$2K	$1K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.340	+0.041%	$155.3M	$115.8M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.310	+0.010%	$1.6M	$370K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0076%	1h	97.329	+0.030%	$7K	$40K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.290	−0.010%	$3.8M	$798K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.330	+0.031%	$26K	$273K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0328% / S −0.2771%	1h	97.295	−0.005%	$115K	—	111x	as long as short