Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0167%/8h= −18.2% APRpaid last 24h −0.066%

Price spread now: Lighter against BloFin+0.115%60s7-day average −0.130% · you sell dearer than you buy

Net, funding: paid 7d − costs+$64as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$160.162% of the position

Long on BloFin Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.798%+$80 on $10k

Price spread, last 4 days (all we have)+0.341%+$34 · spread now +0.115%, 7d avg −0.130%

Together, before fees+1.139%+ Points / potential airdropLighter: Season 3 · farm board+$114 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.245% dearer against BloFin than usual: you sell high and buy low (spread +0.115% now, against its 7-day average of −0.130%): +$24 on $10k if it goes back. Holding the pair costs −$5 a day in funding at the current rate, which eats that in about 4.9 days. Mind the row above: over the last 7 days funding on this pair paid +0.798%, so the current rate has only just turned against you. The two prices were read 60 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin CL-USDT	90.800	0.0199	pay 0.0099% / 4h	2h 54m	$4.0M	$1.0M	50x
Short	Lighter WTI	90.904	0.0032	get 0.0004% / 1h	54m 04s	$11.1M	$9.0M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against BloFin. 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 BloFinbpFee LighterbpOrdersPrice spread, now +0.115%Rate

Funding earned: −$34.97
Price spread: +0.115% → −0.130%: $24.47
Slippage, 4 orders: −$4.23
Fee BloFin: 6 bp × 2 orders: −$12
Fee Lighter: 0 bp × 2 orders: $0
Net: −$26.72
Costs to cover: 0.162%
Break-even: from the start

Slippage from BloFin: live order book, 9 min ago; Lighter: live order book, 4 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 BloFin live order book, 9 min ago	0.55 bp	7.7 bp −$8	9.1 bp −$91	16.7 bp −$1,669	doesn't fit
Sell Lighter live order book, 4 min ago	0.05 bp	1.2 bp −$1	1.6 bp −$16	7.2 bp −$723	32.1 bp −$16.1K

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
Kraken Futures PF_WTIOILUSD	−0.0363%	1h	90.985	+0.204%	$268K	$1.0M	25x	as long as short
ApeX Omni CLUSDT	−0.0289%	1h	90.470	−0.363%	$53K	$266K	50x	as long as short
Aster CLUSD1	−0.0194%	4h	90.960	+0.176%	$24.7M	$61.7M	20x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0190%	1h	90.910	+0.121%	$182K	$416K	15x	as long as short
Binance CLUSDT	−0.0116%	4h	90.947	+0.162%	$246.1M	$1.05B	100x	as long as short
Bitget CLUSDT	−0.0096%	4h	90.926	+0.139%	$40.9M	$46.3M	100x	as long as short
Variational Omni CL	−0.0091%	4h	90.607	−0.212%	$13.0M	$11.0M	—	as long as short
Gate CL_USDT	−0.0069%	8h	90.890	+0.099%	$23.0M	$50.9M	100x	as long as short
Nado WTI-PERP	−0.0060%	1h	90.969	+0.186%	$939K	$634K	10x	as long as short
edgeX CLUSDC	−0.0045%	4h	90.565	−0.259%	$518K	$357K	30x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT CL_USDT_Perp	−0.0040%	4h	90.480	−0.352%	$70K	$617K	25x	as long as short
OKX CL-USDT-SWAP	−0.0036%	4h	90.930	+0.143%	$41.0M	$112.4M	50x	as long as short
Aftermath Perps WTIUSD	−0.0035%	1h	90.667	−0.146%	$1K	$27K	5x	as long as short
QFEX CL-USD	−0.0023%	1h	90.890	+0.099%	$2.2M	$2.9M	10x	as long as short
tradeXYZ xyz:CL	−0.0014%	1h	90.937	+0.151%	$177.1M	$206.4M	20x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.952	−0.934%	$1K	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	90.874	+0.081%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	90.970	+0.187%	$26.4M	$92.2M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	90.967	+0.184%	$2.9M	$3.0M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	90.919	+0.131%	$18K	$238K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0008%	1h	90.590	−0.231%	$408K	$1.0M	15x	as long as short
Phoenix WTIOIL	+0.0009%	1h	90.620	−0.198%	$36K	$37K	20x	as long as short
Paradex CL-USD-PERP	+0.0018%	8h	90.836	+0.040%	$15K	$367	5x	as long as short
Lighter WTIshort	+0.0032%	1h	90.904	+0.115%	$11.1M	$9.0M	20x
Extended WTI-USD	+0.0032%	1h	90.950	+0.165%	$1.6M	$13.7M	10x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	102.13	+12.482%	$19K	$5K	30x	as long as short
StandX CL-USD	+0.0040%	1h	90.530	−0.297%	$704K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	90.850	+0.055%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	90.903	+0.113%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	90.943	+0.157%	$2.0M	$81K	20x	as long as short
Ondo Perps WTI-USD.P	+0.0050%	1h	90.880	+0.088%	$3.5M	$5.2M	20x	as long as short
Pacifica CL	+0.0100%	1h	90.899	+0.109%	$335K	$573K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	90.952	+0.167%	$6.9M	$2.8M	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	90.980	+0.199%	$4K	—	10x	as long as short
BloFin CL-USDTlong	+0.0199%	4h	90.800	long leg	$4.0M	$1.0M	50x
GMX WTIOIL/USD [ETH-USDC]	L +0.0255% / S −0.0185%	1h	90.825	+0.028%	$84K	—	111x	as long as short