Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.012%

Price spread now: GRVT against Lighter−0.086%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

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

costs, in and out, $10k−$150.146% of the position

Long on Lighter Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 7 days−0.076%−$8 on $10k

Price spread, last 3 days (all we have)+0.085%+$9 · spread now −0.086%, 7d avg −0.051%

Together, before fees+0.010%+ Points / potential airdropLighter: Season 3 · GRVT: Active · farm board+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and GRVT is 0.035% cheaper against Lighter than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of −0.051%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BRENTOIL	96.450	0.0032	pay 0.0004% / 1h	34m 46s	$3.4M	$4.3M	20x
Short	GRVT BZ_USDT_Perp	96.367	0	get 0.0000% / 4h	3h 34m	$24K	$375K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.086%Rate

Funding earned: −$6.72
Price spread: −0.086% → −0.051%: −$3.49
Slippage, 4 orders: −$5.61
Fee Lighter: 0 bp × 2 orders: $0
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$24.82
Costs to cover: 0.146%
Break-even: never at this rate

Slippage from Lighter: live order book, 3 min ago; GRVT: live order book, 38 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, 3 min ago	0.52 bp	0.5 bp −$1	1.4 bp −$14	7.7 bp −$766	doesn't fit
Sell GRVT live order book, 38 min ago	0.52 bp	6.8 bp −$7	9.9 bp −$99	doesn't fit	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	95.669	−0.810%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.070	−0.394%	$232K	$468K	15x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L −0.0099% / S +0.0137%	1h	96.475	+0.026%	$33K	—	111x	as long as short
BloFin BZ-USDT	−0.0013%	4h	96.470	+0.021%	$1.5M	$95K	50x	as long as short
Aster BZUSDT	0.0000%	4h	96.449	−0.001%	$335K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.462	+0.013%	$145.6M	$428.1M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.450	0.000%	$10.4M	$16.0M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.440	−0.010%	$15.9M	$25.3M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.472	+0.023%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.410	−0.041%	$9.2M	$14.3M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	96.460	+0.010%	$27.6M	$19.8M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.460	+0.010%	$9.3M	$7.5M	—	as long as short
GRVT BZ_USDT_Perpshort	0.0000%	4h	96.367	−0.086%	$24K	$375K	25x
SunX BRENTOIL-USDT	0.0000%	4h	96.490	+0.041%	$4K	$2.6M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.500	+0.052%	$103K	$271K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.440	−0.010%	$307K	$229K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.470	+0.021%	$1.2M	$94K	100x	as long as short
edgeX BZUSDC	+0.0007%	4h	96.402	−0.050%	$221K	$233K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	96.999	+0.569%	—	—	—	as long as short
Hotstuff BRENTOIL-PERP	+0.0016%	1h	96.500	+0.052%	$33K	—	20x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0020%	1h	96.495	+0.046%	$83K	$235K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0022%	1h	96.420	−0.031%	$3.1M	$1.1M	15x	as long as short
Lighter BRENTOILlong	+0.0032%	1h	96.450	long leg	$3.4M	$4.3M	20x
Extended XBR-USD	+0.0032%	1h	96.456	+0.007%	$746K	$5.4M	10x	as long as short
Paradex BZ-USD-PERP	+0.0041%	8h	96.475	+0.026%	$3K	$521	5x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.55	+4.251%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.482	+0.033%	$151.5M	$142.3M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.531	+0.084%	$1.5M	$511K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.490	+0.041%	$3.8M	$987K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.480	+0.031%	$25K	$272K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0462%	1h	96.450	0.000%	$7K	$45K	5x	as long as short