Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h +0.005%

Price spread now: Phemex against Lighter−0.134%7-day average +0.159% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Lighter Short on Phemex

What this pair did over the last

the charts below follow

Funding, last 7 days+0.384%+$38 on $10k

Price spread, last 3 days (all we have)+0.409%+$41 · spread now −0.134%, 7d avg +0.159%

Together, before fees+0.793%+ Points / potential airdropLighter: Season 3 · farm board+$79 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phemex is 0.293% cheaper against Lighter than usual: you would sell low and buy high (−$29 if the spread goes back to its 7-day average of +0.159%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.384%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BRENTOIL	96.870	0.0032	pay 0.0004% / 1h	33m 48s	$3.3M	$4.4M	20x
Short	Phemex XBRUSDT	96.740	0	get 0.0000% / 4h	2h 33m	$1.2M	$84K	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phemex 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 PhemexbpOrdersPrice spread, now −0.134%Rate

Funding earned: −$6.72
Price spread: −0.134% → +0.159%: −$29.34
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Phemex: 6 bp × 2 orders: −$12
Net: −$48.06
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Lighter: live order book, 4 min ago; Phemex: live order book, 4 min ago. Net counts fees only.

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, 4 min ago	1.03 bp	1.0 bp −$1	2.7 bp −$27	9.0 bp −$902	doesn't fit
Sell Phemex live order book, 4 min ago	1.03 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

BZ on 30 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	96.070	−0.826%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0136%	1h	96.650	−0.227%	$234K	$421K	15x	as long as short
Hotstuff BRENTOIL-PERP	−0.0064%	1h	96.770	−0.103%	$33K	—	20x	as long as short
Aster BZUSDT	0.0000%	4h	96.766	−0.107%	$336K	$1.2M	50x	as long as short
Binance BZUSDT	0.0000%	4h	96.830	−0.041%	$146.3M	$387.3M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	96.820	−0.052%	$10.3M	$14.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	96.830	−0.041%	$15.9M	$22.5M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	96.748	−0.126%	$2.2M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.780	−0.093%	$9.2M	$12.7M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	96.850	−0.021%	$27.6M	$16.5M	100x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni BZ	0.0000%	4h	96.770	−0.103%	$9.3M	$7.2M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.738	−0.136%	$24K	$341K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	96.760	−0.114%	$4K	$2.6M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	96.770	−0.103%	$103K	$271K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	96.740	−0.134%	$277K	$269K	75x	as long as short
Phemex XBRUSDTshort	0.0000%	4h	96.740	−0.134%	$1.2M	$84K	100x
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.265	+0.407%	—	—	—	as long as short
edgeX BZUSDC	+0.0013%	4h	96.740	−0.135%	$222K	$232K	20x	as long as short
Lighter BRENTOILlong	+0.0032%	1h	96.870	long leg	$3.3M	$4.4M	20x
Extended XBR-USD	+0.0032%	1h	96.757	−0.116%	$673K	$5.2M	10x	as long as short
Vest BZ-PERP	+0.0046%	1h	100.77	+4.026%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0048%	8h	96.753	−0.121%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	96.848	−0.023%	$151.7M	$129.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	96.812	−0.060%	$1.5M	$486K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.700	−0.175%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	96.810	−0.062%	$3.8M	$891K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	96.800	−0.072%	$25K	$272K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0206% / S +0.0099%	1h	96.735	−0.139%	$126K	—	111x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0253%	1h	96.769	−0.104%	$83K	$218K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0265%	1h	96.809	−0.063%	$7K	$44K	5x	as long as short