Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0034%/8h= +3.7% APRpaid last 24h +0.005%

Price spread now: Lighter against edgeX−0.140%79s7-day average −0.129% · you buy dearer than you sell

Net, funding: paid 7d − costs+$101as 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−$280.283% of the position

Long on edgeX Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+1.297%+$130 on $10k

Price spread, last 4 days (all we have)+0.151%+$15 · spread now −0.140%, 7d avg −0.129%

Together, before fees+1.448%+ Points / potential airdropedgeX: Active · Lighter: Season 3 · farm board+$145 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.129%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. The two prices were read 79 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	edgeX CLUSDC	93.256	−0.0042	get 0.0021% / 4h	2m 09s	$525K	$324K	30x
Short	Lighter WTI	93.126	−0.0008	pay 0.0001% / 1h	2m 09s	$11.2M	$9.2M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against edgeX. 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 edgeXbpFee LighterbpOrdersPrice spread, now −0.140%Rate

Funding earned: $7.16
Price spread: −0.140% → −0.129%: −$1.05
Slippage, 4 orders: −$19.31
Fee edgeX: 4.5 bp × 2 orders: −$9
Fee Lighter: 0 bp × 2 orders: $0
Net: −$22.2
Costs to cover: 0.283%
Break-even: 28.7 days

Slippage from edgeX: live order book, 36 min ago; Lighter: live order book, 6 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 edgeX live order book, 36 min ago	9.39 bp	13.9 bp −$14	14.8 bp −$148	22.6 bp −$2,256	doesn't fit
Sell Lighter live order book, 6 min ago	0.05 bp	0.1 bp $0	0.1 bp −$1	7.3 bp −$732	28.1 bp −$14.1K

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
Deribit WTIOIL_USDC-PERPETUAL	−0.0287%	1h	93.070	−0.200%	$188K	$405K	15x	as long as short
Aster CLUSD1	−0.0250%	4h	93.172	−0.090%	$24.8M	$62.3M	20x	as long as short
GRVT CL_USDT_Perp	−0.0218%	4h	93.231	−0.028%	$75K	$634K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0210%	1h	93.121	−0.146%	$273K	$928K	25x	as long as short
Gate CL_USDT	−0.0139%	8h	93.020	−0.254%	$23.2M	$50.8M	100x	as long as short
Binance CLUSDT	−0.0139%	4h	93.146	−0.119%	$246.6M	$925.9M	100x	as long as short
Variational Omni CL	−0.0130%	4h	93.192	−0.069%	$13.6M	$10.8M	—	as long as short
Nado WTI-PERP	−0.0108%	1h	93.143	−0.121%	$953K	$613K	10x	as long as short
Bitget CLUSDT	−0.0098%	4h	93.133	−0.132%	$42.2M	$41.5M	100x	as long as short
Aftermath Perps WTIUSD	−0.0083%	1h	93.137	−0.128%	$1K	$26K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX CL-USDT-SWAP	−0.0065%	4h	93.130	−0.136%	$42.6M	$103.3M	50x	as long as short
edgeX CLUSDClong	−0.0042%	4h	93.256	long leg	$525K	$324K	30x
QFEX CL-USD	−0.0038%	1h	93.110	−0.157%	$2.3M	$2.4M	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0016%	1h	93.100	−0.168%	$403K	$806K	15x	as long as short
tradeXYZ xyz:CL	−0.0015%	1h	93.105	−0.162%	$184.5M	$196.7M	20x	as long as short
Lighter WTIshort	−0.0008%	1h	93.126	−0.140%	$11.2M	$9.2M	20x
Ondo Perps WTI-USD.P	−0.0002%	1h	93.080	−0.189%	$3.6M	$5.3M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.133	−0.132%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.150	−0.114%	$27.1M	$79.9M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.133	−0.133%	$3.0M	$2.8M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.140	−0.125%	$37K	$40K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.086	−0.183%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.704	−0.592%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0012%	8h	93.087	−0.182%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	93.120	−0.146%	$1.7M	$14.9M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.130	−0.136%	$734K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.090	−0.178%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.096	−0.172%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.120	−0.146%	$2.1M	$62K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.105	−0.162%	$347K	$589K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.160	−0.103%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.290	+0.036%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.080	−0.190%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0171%	4h	93.100	−0.168%	$4.0M	$1.0M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.13	+9.520%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0261% / S −0.0179%	1h	93.135	−0.130%	$90K	—	111x	as long as short