Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0008%/8h= +0.9% APRpaid last 24h 0.000%

Price spread now: Bybit against Lighter+0.051%7-day average +0.093% · you sell dearer than you buy

Net, funding: paid 7d − costs−$151as in the Funding arb table

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

costs, in and out, $10k−$140.141% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.364%−$136 on $10k

Price spread, last 7 days−0.065%−$6 · spread now +0.051%, 7d avg +0.093%

Together, before fees−1.429%+ Points / potential airdropLighter: Season 3 · farm board−$143 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.041% cheaper against Lighter than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.093%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter WTI	89.935	−0.0008	get 0.0001% / 1h	11m 08s	$10.5M	$11.4M	20x
Short	Bybit CLUSDT	89.981	0	get 0.0000% / 8h	4h 11m	$29.4M	$114.5M	150x

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 +0.051%Rate

Funding earned: $1.68
Price spread: +0.051% → +0.093%: −$4.14
Slippage, 4 orders: −$3.13
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$16.59
Costs to cover: 0.141%
Break-even: 76.1 days

Slippage from Lighter: live order book, 5 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, 5 min ago	0.33 bp	0.3 bp $0	1.2 bp −$12	7.5 bp −$752	43.1 bp −$21.6K
Sell Bybit live order book, 1 min ago	0.56 bp	6.4 bp −$6	9.4 bp −$94	23.8 bp −$2,384	151.1 bp −$75.6K

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
Kraken Futures PF_WTIOILUSD	−0.0231%	1h	89.969	+0.038%	$309K	$2.2M	25x	as long as short
GRVT CL_USDT_Perp	−0.0140%	4h	90.056	+0.134%	$67K	$662K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0107%	1h	89.930	−0.006%	$3.4M	$6.9M	20x	as long as short
Aftermath Perps WTIUSD	−0.0106%	1h	90.040	+0.117%	$1K	$26K	5x	as long as short
Bitget CLUSDT	−0.0098%	4h	89.948	+0.014%	$40.8M	$60.8M	100x	as long as short
tradeXYZ xyz:CL	−0.0084%	1h	89.947	+0.013%	$169.8M	$259.0M	20x	as long as short
Aster CLUSD1	−0.0072%	4h	90.000	+0.072%	$24.4M	$74.9M	20x	as long as short
Extended WTI-USD	−0.0072%	1h	89.950	+0.017%	$1.2M	$14.3M	10x	as long as short
Gate CL_USDT	−0.0059%	8h	89.910	−0.028%	$24.1M	$58.4M	100x	as long as short
Nado WTI-PERP	−0.0057%	1h	90.018	+0.092%	$888K	$708K	10x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CLUSDT	−0.0039%	4h	89.972	+0.041%	$246.2M	$1.26B	100x	as long as short
edgeX CLUSDC	−0.0032%	4h	90.005	+0.077%	$503K	$355K	30x	as long as short
Variational Omni CL	−0.0027%	4h	90.049	+0.127%	$12.6M	$11.4M	—	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0024%	1h	89.910	−0.028%	$442K	$1.9M	15x	as long as short
QFEX CL-USD	−0.0017%	1h	89.960	+0.028%	$2.3M	$3.2M	10x	as long as short
OKX CL-USDT-SWAP	−0.0011%	4h	89.970	+0.039%	$40.3M	$142.3M	50x	as long as short
Phoenix WTIOIL	−0.0009%	1h	89.980	+0.050%	$33K	$38K	20x	as long as short
Lighter WTIlong	−0.0008%	1h	89.935	long leg	$10.5M	$11.4M	20x
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.552	−0.426%	$609	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	90.026	+0.101%	$9K	$4K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	89.981	+0.051%	$29.4M	$114.5M	150x
RISEx CL/USDC	0.0000%	1h	90.058	+0.137%	$2.8M	$3.1M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	89.951	+0.018%	$18K	$231K	10x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	0.0000%	1h	89.950	+0.017%	$38K	$626K	15x	as long as short
Paradex CL-USD-PERP	+0.0016%	8h	89.953	+0.020%	$15K	$458	5x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	90.137	+0.225%	$16K	$5K	30x	as long as short
StandX CL-USD	+0.0040%	1h	90.100	+0.183%	$695K	$2.7M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	89.970	+0.039%	—	$320K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	89.969	+0.038%	$1.7M	$1.6M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	89.950	+0.017%	$2.0M	$92K	20x	as long as short
Pacifica CL	+0.0100%	1h	89.970	+0.039%	$313K	$766K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	89.961	+0.029%	$6.8M	$3.3M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	90.150	+0.239%	$52K	$267K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	89.925	−0.011%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0134% / S +0.0045%	1h	89.965	+0.033%	$71K	—	111x	as long as short
BloFin CL-USDT	+0.0225%	4h	89.980	+0.050%	$3.9M	$1.0M	50x	as long as short