Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 19:00 UTC−0.0120%/8hnext payment −$0.15 per $10,000 · paid last 24h −0.030%

Price spread now: Coinbase International against Lighter+0.364%7-day average −0.172% · you sell dearer than you buy

Net, funding: paid 7d − costs−$43as in the Funding arb table

Net, price: spread back to 7d avg − costs+$38as in the Price arb table

costs, in and out, $10k−$160.161% of the position

Long on Lighter Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.266%−$27 on $10k

Price spread, last 3 days (all we have)−0.432%−$43 · spread now +0.364%, 7d avg −0.172%

Together, before fees−0.698%+ Points / potential airdropLighter: Season 3 · farm board−$70 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.536% dearer against Lighter than usual: you sell high and buy low (spread +0.364% now, against its 7-day average of −0.172%): +$54 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 15 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BRENTOIL	96.050	0.0032	pay 0.0004% / 1h	21m 20s	$3.3M	$4.4M	20x
Short	Coinbase International BRENTOIL-PERP-INTX	96.400	−0.0088	pay 0.0011% / 1h	21m 20s	$231K	$842K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.364%Rate

Funding earned: −$25.2
Price spread: +0.364% → −0.172%: $53.64
Slippage, 4 orders: −$6.14
Fee Lighter: 0 bp × 2 orders: $0
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $12.31
Costs to cover: 0.161%
Break-even: from the start

Slippage from Lighter: live order book, 10 min ago; Coinbase International: live order book, 11 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, 10 min ago	0.52 bp	0.5 bp −$1	0.8 bp −$8	12.4 bp −$1,243	doesn't fit
Sell Coinbase International live order book, 11 min ago	1.04 bp	6.0 bp −$6	7.3 bp −$73	doesn't fit	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
Injective BRENT/USDC PERP	−0.0220%	1h	95.676	−0.389%	$10K	$4K	30x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L −0.0122% / S +0.0314%	1h	96.015	−0.036%	$109K	—	111x	as long as short
Coinbase International BRENTOIL-PERP-INTXshort	−0.0088%	1h	96.400	+0.364%	$231K	$842K	15x
BloFin BZ-USDT	−0.0011%	4h	96.050	0.000%	$1.5M	$96K	50x	as long as short
Aster BZUSDT	0.0000%	4h	96.075	+0.026%	$332K	$1.7M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.010	−0.042%	$145.0M	$476.5M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.010	−0.042%	$10.4M	$16.7M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.010	−0.042%	$15.8M	$30.3M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.026	−0.025%	$2.2M	$1.2M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	95.990	−0.062%	$9.1M	$18.9M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	96.020	−0.031%	$27.7M	$23.0M	100x	as long as short
Variational Omni BZ	0.0000%	4h	95.975	−0.079%	$9.5M	$11.7M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.070	+0.021%	$37K	$406K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.070	+0.021%	$4K	$2.7M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.080	+0.031%	$103K	$280K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	95.960	−0.094%	$318K	$233K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	96.270	+0.229%	$1.2M	$101K	100x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	96.759	+0.738%	—	—	—	as long as short
edgeX BZUSDC	+0.0017%	4h	96.052	+0.002%	$220K	$234K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0024%	1h	96.000	−0.052%	$3.1M	$1.1M	15x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0028%	1h	96.075	+0.026%	$81K	$265K	20x	as long as short
Lighter BRENTOILlong	+0.0032%	1h	96.050	long leg	$3.3M	$4.4M	20x
Extended XBR-USD	+0.0032%	1h	96.053	+0.004%	$672K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.12	+4.237%	—	$664K	10x	as long as short
Paradex BZ-USD-PERP	+0.0049%	8h	96.050	0.000%	$3K	$473	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.063	+0.014%	$149.3M	$144.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.090	+0.042%	$1.5M	$552K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0059%	1h	96.119	+0.072%	$6K	$48K	5x	as long as short
KuCoin BZUSDTM	+0.0074%	4h	95.990	−0.062%	$3.7M	$967K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.010	−0.042%	$25K	$271K	50x	as long as short
Hotstuff BRENTOIL-PERP	+0.0208%	1h	96.080	+0.031%	$33K	—	20x	as long as short