Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0059%/8h= −6.5% APRpaid last 24h −0.001%

Price spread now: OKX against Lighter−0.002%7-day average +0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$128as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$120.123% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.162%−$116 on $10k

Price spread, last 7 days+0.040%+$4 · spread now −0.002%, 7d avg +0.108%

Together, before fees−1.121%+ Points / potential airdropLighter: Season 3 · farm board−$112 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and OKX is 0.110% cheaper against Lighter than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.108%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter WTI	93.042	0	get 0.0000% / 1h	20m 36s	$11.2M	$10.6M	20x
Short	OKX CL-USDT-SWAP	93.040	−0.0059	pay 0.0030% / 4h	20m 36s	$42.6M	$102.7M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$12.4
Price spread: −0.002% → +0.108%: −$11.03
Slippage, 4 orders: −$2.29
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$35.73
Costs to cover: 0.123%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 min ago; OKX: live order book, 3 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, 8 min ago	0.38 bp	0.7 bp −$1	0.8 bp −$8	7.3 bp −$732	28.8 bp −$14.4K
Sell OKX live order book, 3 min ago	0.54 bp	5.5 bp −$6	7.1 bp −$71	13.9 bp −$1,388	111.6 bp −$55.8K

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
Deribit WTIOIL_USDC-PERPETUAL	−0.0395%	1h	93.000	−0.045%	$198K	$370K	15x	as long as short
Aster CLUSD1	−0.0263%	4h	93.050	+0.009%	$24.0M	$66.9M	20x	as long as short
GRVT CL_USDT_Perp	−0.0242%	4h	93.067	+0.027%	$64K	$648K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0196%	1h	93.059	+0.019%	$274K	$872K	25x	as long as short
Binance CLUSDT	−0.0186%	4h	93.050	+0.009%	$244.8M	$947.3M	100x	as long as short
Variational Omni CL	−0.0178%	4h	93.048	+0.006%	$13.5M	$10.9M	—	as long as short
Bitget CLUSDT	−0.0112%	4h	93.033	−0.010%	$41.9M	$43.7M	100x	as long as short
tradeXYZ xyz:CL	−0.0108%	1h	93.035	−0.008%	$184.6M	$214.3M	20x	as long as short
Aftermath Perps WTIUSD	−0.0096%	1h	93.084	+0.045%	$2K	$27K	5x	as long as short
Ondo Perps WTI-USD.P	−0.0092%	1h	93.010	−0.034%	$3.5M	$5.4M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX CL-USDT-SWAPshort	−0.0059%	4h	93.040	−0.002%	$42.6M	$102.7M	50x
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	−0.314%	$402K	$944K	15x	as long as short
Gate CL_USDT	−0.0047%	8h	92.990	−0.056%	$20.8M	$51.9M	100x	as long as short
QFEX CL-USD	−0.0043%	1h	93.030	−0.013%	$2.4M	$1.7M	10x	as long as short
Nado WTI-PERP	−0.0029%	1h	93.095	+0.056%	$962K	$649K	10x	as long as short
edgeX CLUSDC	−0.0026%	4h	93.074	+0.034%	$530K	$300K	30x	as long as short
KuCoin CLUSDTM	−0.0022%	4h	93.038	−0.004%	$7.1M	$2.4M	50x	as long as short
Lighter WTIlong	0.0000%	1h	93.042	long leg	$11.2M	$10.6M	20x
dYdX WTI-USD	0.0000%	1h	93.113	+0.077%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.050	+0.009%	$26.7M	$80.3M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.111	+0.074%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.090	+0.052%	$37K	$42K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.042	0.000%	$19K	$242K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.582	−0.494%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0014%	8h	93.028	−0.015%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0024%	1h	93.070	+0.030%	$2.0M	$20.6M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.040	−0.002%	$735K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.060	+0.019%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.045	+0.003%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.025	−0.018%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0068%	1h	93.045	+0.003%	$330K	$622K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.060	+0.019%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.010	−0.034%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0180%	4h	93.080	+0.041%	$4.0M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0215% / S −0.0142%	1h	93.025	−0.018%	$81K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.19	+9.828%	$19K	$11K	30x	as long as short