Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC+0.0075%/8h= +8.2% APRpaid last 24h +0.012%

Price spread now: Lighter against Bybit−0.147%7-day average +0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$3as in the Funding arb table

Net, price: spread back to 7d avg − costs−$34as in the Price arb table

costs, in and out, $10k−$180.182% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.156%+$16 on $10k

Price spread, last 7 days+0.171%+$17 · spread now −0.147%, 7d avg +0.010%

Together, before fees+0.327%+ Points / potential airdropLighter: Season 3 · farm board+$33 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.157% cheaper against Bybit than usual: you would sell low and buy high (spread −0.147% now, against its 7-day average of +0.010%). If the spread goes back, that is −$16 on $10k: about 7.0 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit BZUSDT	95.360	−0.0043	get 0.0043% / 8h	6h 56m	$10.1M	$14.7M	100x
Short	Lighter BRENTOIL	95.220	0.0032	get 0.0004% / 1h	56m 21s	$3.5M	$4.6M	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 −0.147%Rate

Funding earned: $15.66
Price spread: −0.147% → +0.010%: −$15.7
Slippage, 4 orders: −$7.2
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$18.25
Costs to cover: 0.182%
Break-even: 15.2 days

Slippage from Bybit: live order book, 2 min ago; Lighter: live order book, 7 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, 2 min ago	0.52 bp	8.5 bp −$9	10.3 bp −$103	doesn't fit	doesn't fit
Sell Lighter live order book, 7 min ago	0.53 bp	0.5 bp −$1	2.1 bp −$21	9.2 bp −$921	doesn't fit

BZ on 31 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 BRENTOIL_USDC-PERPETUAL	−0.0380%	1h	95.260	−0.105%	$98K	$268K	15x	as long as short
Kraken Futures PF_BRENTOILUSD	−0.0339%	1h	95.263	−0.102%	$81K	$204K	20x	as long as short
RISEx BZ/USDC	−0.0289%	1h	95.234	−0.132%	$2.3M	$1.8M	20x	as long as short
GRVT BZ_USDT_Perp	−0.0132%	4h	95.210	−0.157%	$14K	$328K	25x	as long as short
Ondo Perps BRENT-USD.P	−0.0110%	1h	95.060	−0.315%	$3.0M	$1.0M	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	95.240	−0.126%	$276K	$590K	15x	as long as short
Bybit BZUSDTlong	−0.0043%	8h	95.360	long leg	$10.1M	$14.7M	100x
BloFin BZ-USDT	−0.0025%	4h	95.220	−0.147%	$1.5M	$102K	50x	as long as short
Aster BZUSDT	0.0000%	4h	95.345	−0.015%	$328K	$703K	50x	as long as short
Binance BZUSDT	0.0000%	4h	95.371	+0.011%	$146.4M	$394.1M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX BZ-USDT-SWAP	0.0000%	4h	95.340	−0.021%	$16.0M	$23.1M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	95.300	−0.063%	$9.1M	$10.9M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	95.340	−0.021%	$27.8M	$22.8M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.237	−0.129%	$9.2M	$6.4M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	95.270	−0.094%	$4K	$2.1M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.380	+0.021%	$273K	$263K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	95.550	+0.199%	$1.2M	$80K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	95.654	+0.308%	—	—	—	as long as short
Vest BZ-PERP	+0.0012%	1h	98.970	+3.786%	—	$735K	10x	as long as short
edgeX BZUSDC	+0.0012%	4h	95.168	−0.201%	$219K	$230K	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0024%	1h	95.298	−0.065%	$1.6M	$386K	20x	as long as short
Paradex BZ-USD-PERP	+0.0026%	8h	95.189	−0.179%	$2K	$1K	5x	as long as short
Lighter BRENTOILshort	+0.0032%	1h	95.220	−0.147%	$3.5M	$4.6M	20x
Extended XBR-USD	+0.0032%	1h	95.277	−0.087%	$747K	$2.7M	10x	as long as short
Hotstuff BRENTOIL-PERP	+0.0032%	1h	95.300	−0.063%	$33K	—	20x	as long as short
Injective BRENT/USDC PERP	+0.0033%	1h	96.342	+1.030%	$8K	$7K	30x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	95.408	+0.050%	$153.3M	$128.4M	20x	as long as short
Aftermath Perps BRENTUSD	+0.0056%	1h	95.367	+0.007%	$7K	$39K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	95.370	+0.010%	$3.4M	$1.1M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	95.320	−0.042%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0184% / S −0.0707%	1h	95.345	−0.016%	$33K	—	111x	as long as short