Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0063%/8h= −6.9% APRpaid last 24h −0.003%

Price spread now: OKX against Lighter−0.002%7-day average +0.108% · you buy dearer than you sell

Net, funding: paid 7d − costs−$129as in the Funding arb table

Net, price: spread back to 7d avg − costs−$23as in the Price arb table

costs, in and out, $10k−$120.123% of the position

Long on Lighter Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.164%−$116 on $10k

Price spread, last 7 days+0.047%+$5 · spread now −0.002%, 7d avg +0.108%

Together, before fees−1.117%+ Points / potential airdropLighter: Season 3 · farm board−$112 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and OKX is 0.110% cheaper against Lighter than usual: you would sell low and buy high (−$11 if the spread goes back to its 7-day average of +0.108%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter WTI	93.302	0.0032	pay 0.0004% / 1h	41m 14s	$11.2M	$10.3M	20x
Short	OKX CL-USDT-SWAP	93.300	−0.0031	pay 0.0016% / 4h	3h 41m	$42.7M	$103.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.002%Rate

Funding earned: −$13.24
Price spread: −0.002% → +0.108%: −$11
Slippage, 4 orders: −$2.34
Fee Lighter: 0 bp × 2 orders: $0
Fee OKX: 5 bp × 2 orders: −$10
Net: −$36.58
Costs to cover: 0.123%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; OKX: live order book, 3 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	0.54 bp	0.5 bp −$1	0.6 bp −$6	8.5 bp −$846	32.2 bp −$16.1K
Sell OKX live order book, 3 min ago	0.54 bp	5.5 bp −$6	7.1 bp −$71	14.5 bp −$1,452	117.5 bp −$58.7K

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	−0.0607%	1h	93.260	−0.045%	$199K	$370K	15x	as long as short
Aster CLUSD1	−0.0263%	4h	93.340	+0.041%	$24.2M	$66.6M	20x	as long as short
GRVT CL_USDT_Perp	−0.0226%	4h	93.196	−0.114%	$54K	$645K	25x	as long as short
Binance CLUSDT	−0.0173%	4h	93.311	+0.009%	$245.6M	$940.7M	100x	as long as short
Variational Omni CL	−0.0160%	4h	93.169	−0.143%	$13.4M	$10.8M	—	as long as short
Nado WTI-PERP	−0.0130%	1h	93.321	+0.020%	$965K	$636K	10x	as long as short
Bitget CLUSDT	−0.0122%	4h	93.283	−0.020%	$42.0M	$43.3M	100x	as long as short
Ondo Perps WTI-USD.P	−0.0118%	1h	93.230	−0.077%	$3.5M	$5.3M	20x	as long as short
Aftermath Perps WTIUSD	−0.0112%	1h	93.222	−0.086%	$2K	$27K	5x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0061%	1h	93.305	+0.004%	$277K	$960K	25x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CL_USDT	−0.0052%	8h	93.240	−0.066%	$21.1M	$51.0M	100x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	93.190	−0.120%	$401K	$927K	15x	as long as short
QFEX CL-USD	−0.0033%	1h	93.260	−0.045%	$2.3M	$1.8M	10x	as long as short
OKX CL-USDT-SWAPshort	−0.0031%	4h	93.300	−0.002%	$42.7M	$103.0M	50x
edgeX CLUSDC	−0.0017%	4h	93.238	−0.069%	$524K	$305K	30x	as long as short
Phoenix WTIOIL	−0.0009%	1h	93.300	−0.002%	$37K	$41K	20x	as long as short
KuCoin CLUSDTM	−0.0008%	4h	93.302	0.000%	$7.1M	$2.4M	50x	as long as short
tradeXYZ xyz:CL	−0.0004%	1h	93.299	−0.003%	$184.8M	$219.0M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.272	−0.032%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.320	+0.019%	$27.0M	$80.6M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.356	+0.058%	$3.1M	$2.9M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.293	−0.010%	$19K	$242K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.848	−0.487%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0017%	8h	93.268	−0.036%	$16K	$367	5x	as long as short
Lighter WTIlong	+0.0032%	1h	93.302	long leg	$11.2M	$10.3M	20x
Extended WTI-USD	+0.0032%	1h	93.330	+0.030%	$2.0M	$19.4M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.180	−0.131%	$737K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.280	−0.024%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.286	−0.017%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.305	+0.003%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.276	−0.028%	$331K	$597K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.290	−0.013%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.248	−0.058%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0207%	4h	93.270	−0.034%	$4.0M	$1.0M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0220% / S −0.0148%	1h	93.285	−0.018%	$81K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.17	+9.500%	$19K	$11K	30x	as long as short