Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC+0.0120%/8h= +13.1% APRpaid last 24h +0.001%

Price spread now: Bybit against Lighter+0.022%7-day average +0.092% · you sell dearer than you buy

Net, funding: paid 7d − costs−$167as in the Funding arb table

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$130.132% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.537%−$154 on $10k

Price spread, last 7 days+0.004%$0 · spread now +0.022%, 7d avg +0.092%

Together, before fees−1.533%+ Points / potential airdropLighter: Season 3 · farm board−$153 on $10k · with fees, hour by hour

Funding pays, the price is against you. Bybit is 0.071% cheaper against Lighter than usual: you would sell low and buy high (spread +0.022% now, against its 7-day average of +0.092%). If the spread goes back, that is −$7 on $10k: about 47 hours of funding at the current rate (+$4 a day). Mind the row above: over the last 7 days funding on this pair cost −1.537%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter WTI	92.090	−0.0120	get 0.0015% / 1h	39m 48s	$11.2M	$10.9M	20x
Short	Bybit CLUSDT	92.110	0	get 0.0000% / 8h	39m 48s	$25.5M	$94.8M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.022%Rate

Funding earned: $25.2
Price spread: +0.022% → +0.092%: −$7.08
Slippage, 4 orders: −$2.2
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $4.92
Costs to cover: 0.132%
Break-even: 5.6 days

Slippage from Lighter: live order book, 4 min ago; Bybit: 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 Lighter live order book, 4 min ago	0.11 bp	1.0 bp −$1	1.8 bp −$18	9.2 bp −$916	40.2 bp −$20.1K
Sell Bybit live order book, 4 min ago	0.54 bp	6.0 bp −$6	7.7 bp −$77	17.0 bp −$1,705	110.5 bp −$55.2K

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	−0.0450%	1h	92.141	+0.056%	$274K	$1.2M	25x	as long as short
GRVT CL_USDT_Perp	−0.0310%	4h	92.070	−0.022%	$58K	$702K	25x	as long as short
Aster CLUSD1	−0.0235%	4h	92.100	+0.011%	$24.0M	$77.5M	20x	as long as short
Nado WTI-PERP	−0.0172%	1h	92.133	+0.047%	$924K	$740K	10x	as long as short
Binance CLUSDT	−0.0159%	4h	92.100	+0.011%	$245.4M	$1.10B	100x	as long as short
Variational Omni CL	−0.0138%	4h	92.053	−0.040%	$13.4M	$12.4M	—	as long as short
Lighter WTIlong	−0.0120%	1h	92.090	long leg	$11.2M	$10.9M	20x
Ondo Perps WTI-USD.P	−0.0114%	1h	92.080	−0.011%	$3.5M	$6.4M	20x	as long as short
Paradex CL-USD-PERP	−0.0104%	8h	92.055	−0.038%	$15K	$367	5x	as long as short
tradeXYZ xyz:CL	−0.0092%	1h	92.107	+0.018%	$187.1M	$274.7M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit WTIOIL_USDC-PERPETUAL	−0.0076%	1h	92.100	+0.011%	$96K	$189K	15x	as long as short
Bullet WTIOIL-USD	−0.0060%	1h	92.085	−0.005%	$18K	$241K	10x	as long as short
QFEX CL-USD	−0.0054%	1h	92.050	−0.043%	$2.4M	$2.6M	10x	as long as short
Gate CL_USDT	−0.0026%	8h	92.020	−0.076%	$21.3M	$57.6M	100x	as long as short
Pacifica CL	−0.0020%	1h	92.097	+0.008%	$332K	$576K	10x	as long as short
dYdX WTI-USD	0.0000%	1h	92.108	+0.019%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	92.110	+0.022%	$25.5M	$94.8M	150x
OKX CL-USDT-SWAP	0.0000%	4h	92.100	+0.011%	$43.1M	$112.8M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.184	+0.102%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.080	−0.011%	$42.0M	$51.7M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.120	+0.033%	$37K	$101K	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	0.0000%	1h	92.030	−0.065%	$399K	$966K	15x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.647	−0.481%	$4K	—	150x	as long as short
Extended WTI-USD	+0.0016%	1h	92.120	+0.033%	$2.0M	$27.5M	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0039%	1h	92.078	−0.013%	$1.6M	$1.4M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.130	+0.043%	$721K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.120	+0.033%	—	$308K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.085	−0.005%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0059%	4h	92.037	−0.057%	$529K	$336K	30x	as long as short
Aftermath Perps WTIUSD	+0.0086%	1h	92.085	−0.005%	$1K	$29K	5x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.097	+0.008%	$7.3M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.150	+0.065%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.062	−0.030%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	92.085	−0.005%	$76K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.28	+9.974%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.080	−0.011%	$4.0M	$1.4M	50x	as long as short