Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.012%

Price spread now: SunX against Lighter+0.010%7-day average −0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$58as in the Funding arb table

Net, price: spread back to 7d avg − costs−$45as in the Price arb table

costs, in and out, $10k−$500.497% of the position

Long on Lighter Short on SunX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.080%−$8 on $10k

Price spread, last 4 days (all we have)−0.057%−$6 · spread now +0.010%, 7d avg −0.035%

Together, before fees−0.138%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. SunX is 0.046% dearer against Lighter than usual: you sell high and buy low (spread +0.010% now, against its 7-day average of −0.035%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BRENTOIL	97.430	0.0032	pay 0.0004% / 1h	6m 03s	$3.3M	$4.0M	20x
Short	SunX BRENTOIL-USDT	97.440	0	get 0.0000% / 4h	6m 03s	$4K	$2.4M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SunX 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 SunXbpOrdersPrice spread, now +0.010%Rate

Funding earned: −$6.72
Price spread: +0.010% → −0.035%: $4.55
Slippage, 4 orders: −$41.74
Fee Lighter: 0 bp × 2 orders: $0
Fee SunX: 4 bp × 2 orders: −$8
Net: −$51.9
Costs to cover: 0.497%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; SunX: 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, 7 min ago	0.51 bp	0.5 bp −$1	0.7 bp −$7	8.9 bp −$889	doesn't fit
Sell SunX live order book, 11 min ago	18.02 bp	26.7 bp −$27	35.2 bp −$352	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	96.342	−1.117%	$8K	$7K	30x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0161%	1h	97.400	−0.031%	$100K	$256K	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.480	+0.051%	$237K	$402K	15x	as long as short
Ondo Perps BRENT-USD.P	−0.0014%	1h	97.370	−0.062%	$3.1M	$1.0M	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.451	+0.021%	$339K	$860K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.403	−0.028%	$148.3M	$351.2M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.390	−0.041%	$10.3M	$13.3M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.370	−0.062%	$16.1M	$19.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.409	−0.022%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.350	−0.082%	$9.2M	$11.2M	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	97.410	−0.021%	$27.9M	$18.5M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.183	−0.254%	$9.4M	$6.1M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.187	−0.249%	$14K	$332K	25x	as long as short
SunX BRENTOIL-USDTshort	0.0000%	4h	97.440	+0.010%	$4K	$2.4M	20x
HTX BRENTOIL-USDT	0.0000%	4h	97.430	0.000%	$280K	$254K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.420	−0.010%	$1.2M	$86K	100x	as long as short
Vest BZ-PERP	+0.0010%	1h	101.47	+4.147%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.986	+0.571%	—	—	—	as long as short
edgeX BZUSDC	+0.0020%	4h	97.166	−0.271%	$223K	$228K	20x	as long as short
Lighter BRENTOILlong	+0.0032%	1h	97.430	long leg	$3.3M	$4.0M	20x
Extended XBR-USD	+0.0032%	1h	97.444	+0.014%	$743K	$2.9M	10x	as long as short
BloFin BZ-USDT	+0.0048%	4h	97.430	0.000%	$1.5M	$99K	50x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.447	+0.018%	$2K	$1K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.440	+0.010%	$155.6M	$115.2M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.459	+0.030%	$1.6M	$395K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0080%	1h	97.330	−0.103%	$7K	$40K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.390	−0.041%	$3.8M	$801K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.230	−0.205%	$25K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0113%	1h	97.418	−0.012%	$82K	$200K	20x	as long as short
Hotstuff BRENTOIL-PERP	+0.0176%	1h	97.500	+0.072%	$34K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0329% / S −0.2771%	1h	97.395	−0.036%	$116K	—	111x	as long as short