Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0123%/8h= −13.4% APRpaid last 24h −0.033%

Price spread now: Binance against Lighter+0.021%7-day average +0.116% · you sell dearer than you buy

Net, funding: paid 7d − costs−$130as in the Funding arb table

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$120.121% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−1.175%−$118 on $10k

Price spread, last 7 days+0.034%+$3 · spread now +0.021%, 7d avg +0.116%

Together, before fees−1.141%+ Points / potential airdropLighter: Season 3 · farm board−$114 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Binance is 0.095% cheaper against Lighter than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of +0.116%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter WTI	90.921	0.0008	pay 0.0001% / 1h	20m 18s	$11.1M	$9.5M	20x
Short	Binance CLUSDT	90.940	−0.0115	pay 0.0057% / 4h	2h 20m	$246.4M	$1.09B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now +0.021%Rate

Funding earned: −$25.79
Price spread: +0.021% → +0.116%: −$9.53
Slippage, 4 orders: −$2.06
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$47.39
Costs to cover: 0.121%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Binance: live order book, 2 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	0.05 bp	0.3 bp $0	1.2 bp −$12	8.5 bp −$851	34.5 bp −$17.3K
Sell Binance live order book, 2 min ago	0.55 bp	5.6 bp −$6	6.0 bp −$60	8.2 bp −$819	25.5 bp −$12.8K

CL on 36 exchanges

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 WTIOIL_USDC-PERPETUAL	−0.0410%	1h	90.900	−0.023%	$182K	$435K	15x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0364%	1h	90.924	+0.004%	$305K	$1.3M	25x	as long as short
Aster CLUSD1	−0.0173%	4h	90.979	+0.064%	$24.7M	$65.3M	20x	as long as short
Binance CLUSDTshort	−0.0115%	4h	90.940	+0.021%	$246.4M	$1.09B	100x
Bitget CLUSDT	−0.0108%	4h	90.905	−0.018%	$41.3M	$48.6M	100x	as long as short
edgeX CLUSDC	−0.0097%	4h	91.058	+0.151%	$509K	$378K	30x	as long as short
Extended WTI-USD	−0.0096%	1h	90.950	+0.032%	$1.4M	$14.0M	10x	as long as short
Variational Omni CL	−0.0084%	4h	90.906	−0.016%	$12.9M	$11.1M	—	as long as short
Nado WTI-PERP	−0.0083%	1h	90.978	+0.063%	$914K	$652K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0067%	1h	90.850	−0.078%	$3.4M	$5.7M	20x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CL_USDT	−0.0065%	8h	90.870	−0.056%	$23.1M	$53.5M	100x	as long as short
tradeXYZ xyz:CL	−0.0063%	1h	90.916	−0.005%	$176.9M	$208.8M	20x	as long as short
GRVT CL_USDT_Perp	−0.0042%	4h	91.038	+0.128%	$69K	$626K	25x	as long as short
Aftermath Perps WTIUSD	−0.0031%	1h	91.018	+0.106%	$2K	$27K	5x	as long as short
QFEX CL-USD	−0.0023%	1h	90.940	+0.021%	$2.2M	$3.0M	10x	as long as short
OKX CL-USDT-SWAP	−0.0021%	4h	90.930	+0.010%	$40.5M	$117.5M	50x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	90.534	−0.426%	$1K	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	90.969	+0.053%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	90.953	+0.035%	$27.0M	$95.5M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	90.976	+0.061%	$2.9M	$3.0M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	90.931	+0.011%	$17K	$238K	10x	as long as short
Lighter WTIlong	+0.0008%	1h	90.921	long leg	$11.1M	$9.5M	20x
Coinbase International WTIOIL-PERP-INTX	+0.0008%	1h	90.910	−0.012%	$409K	$1.1M	15x	as long as short
Paradex CL-USD-PERP	+0.0012%	8h	90.886	−0.038%	$15K	$367	5x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	100.27	+10.280%	$19K	$5K	30x	as long as short
StandX CL-USD	+0.0040%	1h	90.970	+0.054%	$708K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	90.930	+0.010%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	90.907	−0.015%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	90.931	+0.011%	$2.0M	$81K	20x	as long as short
Phoenix WTIOIL	+0.0053%	1h	90.920	−0.001%	$36K	$37K	20x	as long as short
Pacifica CL	+0.0100%	1h	90.917	−0.005%	$303K	$649K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	90.960	+0.043%	$6.8M	$2.8M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	90.870	−0.056%	$53K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	90.902	−0.021%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0216%	4h	90.930	+0.010%	$3.9M	$1.0M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0250% / S −0.0172%	1h	90.925	+0.004%	$81K	—	111x	as long as short