Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC+0.0175%/8h= +19.2% APRpaid last 24h +0.024%

Price spread now: Lighter against Variational Omni+0.104%7-day average −0.084% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Variational Omni Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+1.125%+$113 on $10k

Price spread, last 7 days−0.133%−$13 · spread now +0.104%, 7d avg −0.084%

Together, before fees+0.992%+ Points / potential airdropVariational Omni: Active · Lighter: Season 3 · farm board+$99 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$5 a day on $10k at the current rate, and Lighter is 0.189% dearer against Variational Omni than usual: you sell high and buy low: +$19 more if the spread goes back to its 7-day average of −0.084%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Variational Omni CL	93.119	−0.0167	get 0.0084% / 4h	3h 18m	$13.3M	$10.9M	—
Short	Lighter WTI	93.216	0.0008	get 0.0001% / 1h	18m 32s	$11.2M	$10.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Variational Omni. 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 Variational OmnibpFee LighterbpOrdersPrice spread, now +0.104%Rate

Funding earned: $36.84
Price spread: +0.104% → −0.084%: $18.86
Slippage, 4 orders: no order book: not counted
Fee Variational Omni: 0 bp × 2 orders: $0
Fee Lighter: 0 bp × 2 orders: $0
Net: $55.7
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Variational Omni: RFQ quote, 1 min ago; Lighter: live order book, 5 min ago. Net counts fees only.

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 Variational Omni RFQ quote, 1 min ago	2.27 bp	doesn't fit	2.3 bp −$23	6.7 bp −$670	doesn't fit
Sell Lighter live order book, 5 min ago	0.16 bp	0.2 bp $0	0.7 bp −$7	5.2 bp −$520	27.7 bp −$13.9K

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	−0.0608%	1h	93.130	+0.012%	$199K	$370K	15x	as long as short
GRVT CL_USDT_Perp	−0.0326%	4h	93.123	+0.004%	$54K	$645K	25x	as long as short
Aster CLUSD1	−0.0278%	4h	93.230	+0.120%	$24.3M	$66.0M	20x	as long as short
Binance CLUSDT	−0.0185%	4h	93.201	+0.088%	$246.0M	$940.3M	100x	as long as short
Variational Omni CLlong	−0.0167%	4h	93.119	long leg	$13.3M	$10.9M	—
Ondo Perps WTI-USD.P	−0.0133%	1h	93.140	+0.023%	$3.5M	$5.4M	20x	as long as short
Bitget CLUSDT	−0.0132%	4h	93.201	+0.088%	$42.0M	$43.2M	100x	as long as short
Aftermath Perps WTIUSD	−0.0127%	1h	93.197	+0.084%	$2K	$27K	5x	as long as short
Nado WTI-PERP	−0.0119%	1h	93.279	+0.172%	$965K	$630K	10x	as long as short
Gate CL_USDT	−0.0066%	8h	93.150	+0.034%	$21.3M	$51.5M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_WTIOILUSD	−0.0061%	1h	93.163	+0.047%	$280K	$957K	25x	as long as short
OKX CL-USDT-SWAP	−0.0060%	4h	93.210	+0.098%	$42.6M	$102.8M	50x	as long as short
tradeXYZ xyz:CL	−0.0054%	1h	93.212	+0.100%	$184.5M	$217.6M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	93.160	+0.044%	$403K	$929K	15x	as long as short
QFEX CL-USD	−0.0033%	1h	93.190	+0.077%	$2.3M	$1.9M	10x	as long as short
Paradex CL-USD-PERP	−0.0027%	8h	93.198	+0.085%	$16K	$367	5x	as long as short
edgeX CLUSDC	−0.0025%	4h	93.146	+0.029%	$524K	$306K	30x	as long as short
Phoenix WTIOIL	−0.0009%	1h	93.210	+0.098%	$37K	$41K	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.255	+0.146%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.220	+0.109%	$26.8M	$80.5M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.273	+0.165%	$3.1M	$2.9M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.208	+0.095%	$19K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.787	−0.356%	$5K	—	150x	as long as short
KuCoin CLUSDTM	+0.0004%	4h	93.223	+0.112%	$7.1M	$2.4M	50x	as long as short
Lighter WTIshort	+0.0008%	1h	93.216	+0.104%	$11.2M	$10.3M	20x
Extended WTI-USD	+0.0016%	1h	93.270	+0.162%	$2.0M	$18.7M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.140	+0.023%	$736K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.220	+0.109%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.214	+0.102%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.158	+0.042%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.217	+0.105%	$331K	$579K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.220	+0.109%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.122	+0.004%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0183%	4h	93.140	+0.023%	$4.0M	$999K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.51	+10.085%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0223% / S −0.0151%	1h	93.155	+0.039%	$81K	—	111x	as long as short