Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.008%

Price spread now: Extended against Lighter+0.011%7-day average +0.071% · you sell dearer than you buy

Net, funding: paid 7d − costs−$108as in the Funding arb table

Net, price: spread back to 7d avg − costs−$17as in the Price arb table

costs, in and out, $10k−$110.111% of the position

Long on Lighter Short on Extended

What this pair did over the last

the charts below follow

Funding, last 7 days−0.964%−$96 on $10k

Price spread, last 7 days−0.016%−$2 · spread now +0.011%, 7d avg +0.071%

Together, before fees−0.980%+ Points / potential airdropLighter: Season 3 · Extended: Active · farm board−$98 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Extended is 0.061% cheaper against Lighter than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of +0.071%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter WTI	93.640	0.0032	pay 0.0004% / 1h	52m 07s	$11.3M	$9.6M	20x
Short	Extended WTI-USD	93.650	0.0032	get 0.0004% / 1h	52m 07s	$2.0M	$16.2M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Extended 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 ExtendedbpOrdersPrice spread, now +0.011%Rate

Funding earned: $0
Price spread: +0.011% → +0.071%: −$6.06
Slippage, 4 orders: −$6.1
Fee Lighter: 0 bp × 2 orders: $0
Fee Extended: 2.5 bp × 2 orders: −$5
Net: −$17.16
Costs to cover: 0.111%
Break-even: never at this rate

Slippage from Lighter: live order book, 6 min ago; Extended: live order book, 2 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, 6 min ago	0.43 bp	0.7 bp −$1	1.0 bp −$10	8.5 bp −$853	36.1 bp −$18.1K
Sell Extended live order book, 2 min ago	0.05 bp	2.6 bp −$3	3.5 bp −$35	18.2 bp −$1,815	doesn't fit

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	−0.0284%	1h	93.610	−0.032%	$197K	$380K	15x	as long as short
Aster CLUSD1	−0.0269%	4h	93.672	+0.034%	$24.5M	$64.7M	20x	as long as short
GRVT CL_USDT_Perp	−0.0258%	4h	93.501	−0.148%	$58K	$629K	25x	as long as short
Binance CLUSDT	−0.0156%	4h	93.651	+0.012%	$246.7M	$928.4M	100x	as long as short
Variational Omni CL	−0.0153%	4h	93.499	−0.151%	$13.4M	$10.8M	—	as long as short
Aftermath Perps WTIUSD	−0.0149%	1h	93.573	−0.072%	$2K	$26K	5x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0137%	1h	93.640	+0.001%	$286K	$953K	25x	as long as short
Bitget CLUSDT	−0.0110%	4h	93.628	−0.013%	$42.2M	$42.6M	100x	as long as short
Gate CL_USDT	−0.0090%	8h	93.560	−0.085%	$22.2M	$48.3M	100x	as long as short
edgeX CLUSDC	−0.0069%	4h	93.509	−0.140%	$526K	$305K	30x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps WTI-USD.P	−0.0040%	1h	93.630	−0.011%	$3.5M	$5.4M	20x	as long as short
Nado WTI-PERP	−0.0029%	1h	93.678	+0.041%	$969K	$628K	10x	as long as short
tradeXYZ xyz:CL	−0.0026%	1h	93.636	−0.004%	$185.2M	$210.6M	20x	as long as short
OKX CL-USDT-SWAP	−0.0024%	4h	93.650	+0.011%	$42.7M	$101.9M	50x	as long as short
QFEX CL-USD	−0.0023%	1h	93.620	−0.021%	$2.3M	$2.5M	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0008%	1h	93.500	−0.150%	$404K	$931K	15x	as long as short
dYdX WTI-USD	0.0000%	1h	93.620	−0.021%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.666	+0.028%	$27.2M	$79.4M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.688	+0.051%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.660	+0.021%	$38K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.641	+0.001%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.168	−0.504%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0027%	8h	93.617	−0.024%	$16K	$367	5x	as long as short
Lighter WTIlong	+0.0032%	1h	93.640	long leg	$11.3M	$9.6M	20x
Extended WTI-USDshort	+0.0032%	1h	93.650	+0.011%	$2.0M	$16.2M	10x
StandX CL-USD	+0.0040%	1h	93.590	−0.053%	$741K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.630	−0.011%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.625	−0.016%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.638	−0.002%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.640	0.000%	$333K	$577K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.662	+0.023%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.560	−0.085%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.607	−0.035%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0212%	4h	93.600	−0.043%	$4.0M	$980K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.74	+9.722%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0244% / S −0.0177%	1h	93.645	+0.005%	$84K	—	111x	as long as short