Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.051%

Price spread now: Phemex against Lighter−0.010%7-day average +0.163% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.410%+$41 on $10k

Price spread, last 3 days (all we have)+0.277%+$28 · spread now −0.010%, 7d avg +0.163%

Together, before fees+0.688%+ Points / potential airdropLighter: Season 3 · farm board+$69 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 Phemex is 0.173% cheaper against Lighter than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.163%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.410%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BRENTOIL	96.040	0.0032	pay 0.0004% / 1h	8m 29s	$3.3M	$4.3M	20x
Short	Phemex XBRUSDT	96.030	0	get 0.0000% / 4h	1h 08m	$1.2M	$97K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$6.72
Price spread: −0.010% → +0.163%: −$17.33
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$36.05
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 4 min ago; Phemex: live order book, 4 min ago. Net counts fees only.

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, 4 min ago	0.52 bp	0.5 bp −$1	1.4 bp −$14	5.6 bp −$565	doesn't fit
Sell Phemex live order book, 4 min ago	7.28 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

BZ on 30 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
GMX BRENTOIL/USD [ETH-USDC]	L −0.0848% / S +0.0467%	1h	96.015	−0.026%	$120K	—	111x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	95.249	−0.824%	$8K	$7K	30x	as long as short
RISEx BZ/USDC	−0.0075%	1h	96.007	−0.034%	$2.2M	$1.3M	20x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0016%	1h	96.050	+0.010%	$232K	$625K	15x	as long as short
Hotstuff BRENTOIL-PERP	−0.0008%	1h	96.040	0.000%	$33K	—	20x	as long as short
Aster BZUSDT	0.0000%	4h	96.019	−0.022%	$334K	$1.5M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.020	−0.021%	$145.6M	$472.6M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.030	−0.010%	$10.3M	$15.9M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	95.990	−0.052%	$15.8M	$27.0M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	95.980	−0.062%	$9.2M	$18.0M	100x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	96.010	−0.031%	$27.4M	$21.2M	100x	as long as short
Variational Omni BZ	0.0000%	4h	96.032	−0.008%	$9.2M	$8.2M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	95.940	−0.104%	$34K	$388K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.040	0.000%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.040	0.000%	$102K	$279K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.980	−0.062%	$305K	$253K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	96.030	−0.010%	$1.2M	$97K	100x
Aftermath Perps BRENTUSD	+0.0013%	1h	96.055	+0.016%	$6K	$45K	5x	as long as short
edgeX BZUSDC	+0.0013%	4h	96.028	−0.012%	$220K	$233K	20x	as long as short
Paradex BZ-USD-PERP	+0.0021%	8h	96.014	−0.027%	$3K	$521	5x	as long as short
Lighter BRENTOILlong	+0.0032%	1h	96.040	long leg	$3.3M	$4.3M	20x
Extended XBR-USD	+0.0032%	1h	95.957	−0.087%	$670K	$5.2M	10x	as long as short
BloFin BZ-USDT	+0.0039%	4h	96.040	0.000%	$1.5M	$95K	50x	as long as short
Ondo Perps BRENT-USD.P	+0.0042%	1h	96.010	−0.031%	$3.0M	$1.1M	15x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.38	+4.519%	—	$735K	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.040	0.000%	$147.8M	$145.5M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.080	+0.042%	$1.5M	$529K	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.040	0.000%	$3.7M	$996K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.060	+0.021%	$25K	$270K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0555%	1h	96.057	+0.018%	$81K	$235K	20x	as long as short