Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0128%/8h= −14.0% APRpaid last 24h −0.001%

Price spread now: Lighter against Bybit−0.020%7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs+$140as in the Funding arb table

Net, price: spread back to 7d avg − costs−$6as in the Price arb table

costs, in and out, $10k−$140.137% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+1.537%+$154 on $10k

Price spread, last 7 days−0.006%−$1 · spread now −0.020%, 7d avg −0.092%

Together, before fees+1.531%+ Points / potential airdropLighter: Season 3 · farm board+$153 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.073% dearer against Bybit than usual: you sell high and buy low (spread −0.020% now, against its 7-day average of −0.092%): +$7 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 46 hours. Mind the row above: over the last 7 days funding on this pair paid +1.537%, 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	Bybit CLUSDT	92.096	0	get 0.0000% / 8h	43m 01s	$25.5M	$94.9M	150x
Short	Lighter WTI	92.078	−0.0128	pay 0.0016% / 1h	43m 01s	$11.2M	$10.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now −0.020%Rate

Funding earned: −$26.88
Price spread: −0.020% → −0.092%: $7.29
Slippage, 4 orders: −$2.68
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$33.27
Costs to cover: 0.137%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; Lighter: live order book, 5 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 Bybit live order book, 1 min ago	0.54 bp	6.0 bp −$6	7.7 bp −$77	16.1 bp −$1,613	103.1 bp −$51.6K
Sell Lighter live order book, 5 min ago	0.05 bp	0.1 bp $0	1.3 bp −$13	8.2 bp −$819	35.7 bp −$17.8K

CL on 36 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
Kraken Futures PF_WTIOILUSD	−0.0450%	1h	92.112	+0.017%	$275K	$1.2M	25x	as long as short
GRVT CL_USDT_Perp	−0.0304%	4h	92.024	−0.078%	$58K	$702K	25x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0293%	1h	92.100	+0.004%	$96K	$189K	15x	as long as short
Aster CLUSD1	−0.0227%	4h	92.098	+0.002%	$24.0M	$77.6M	20x	as long as short
Nado WTI-PERP	−0.0178%	1h	92.133	+0.040%	$924K	$741K	10x	as long as short
Binance CLUSDT	−0.0149%	4h	92.081	−0.017%	$245.3M	$1.10B	100x	as long as short
Lighter WTIshort	−0.0128%	1h	92.078	−0.020%	$11.2M	$10.9M	20x
Ondo Perps WTI-USD.P	−0.0128%	1h	92.000	−0.104%	$3.5M	$6.4M	20x	as long as short
Variational Omni CL	−0.0123%	4h	91.994	−0.111%	$13.4M	$12.7M	—	as long as short
tradeXYZ xyz:CL	−0.0110%	1h	92.103	+0.008%	$185.8M	$275.8M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Paradex CL-USD-PERP	−0.0108%	8h	92.042	−0.058%	$15K	$367	5x	as long as short
Bullet WTIOIL-USD	−0.0077%	1h	92.083	−0.014%	$18K	$241K	10x	as long as short
QFEX CL-USD	−0.0054%	1h	92.060	−0.039%	$2.4M	$2.6M	10x	as long as short
Gate CL_USDT	−0.0024%	8h	92.020	−0.083%	$21.3M	$57.5M	100x	as long as short
Pacifica CL	−0.0020%	1h	92.082	−0.015%	$332K	$576K	10x	as long as short
dYdX WTI-USD	0.0000%	1h	92.108	+0.013%	$8K	$3K	5x	as long as short
Bybit CLUSDTlong	0.0000%	8h	92.096	long leg	$25.5M	$94.9M	150x
OKX CL-USDT-SWAP	0.0000%	4h	92.090	−0.007%	$43.0M	$113.0M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.200	+0.113%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.077	−0.021%	$41.9M	$51.8M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.070	−0.028%	$37K	$101K	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	0.0000%	1h	92.030	−0.072%	$399K	$984K	15x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.669	−0.464%	$4K	—	150x	as long as short
Extended WTI-USD	+0.0008%	1h	92.140	+0.048%	$2.0M	$27.5M	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0025%	1h	92.080	−0.017%	$1.6M	$1.4M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.070	−0.028%	$724K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.140	+0.048%	—	$308K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.085	−0.012%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0059%	4h	92.037	−0.064%	$529K	$336K	30x	as long as short
Aftermath Perps WTIUSD	+0.0068%	1h	92.079	−0.019%	$2K	$29K	5x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.078	−0.020%	$7.3M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.150	+0.059%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.053	−0.047%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	92.085	−0.012%	$76K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.28	+9.967%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.070	−0.028%	$4.0M	$1.4M	50x	as long as short