BZ

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0374%/8h= +40.9% APRnext payment +$0.47 per $10,000 · paid last 24h +0.007%

Price spread now: Lighter against Kraken Futures−0.165%7-day average +0.039% · you buy dearer than you sell

Net, funding: paid 7d − costs+$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$66as in the Price arb table

costs, in and out, $10k−$460.458% of the position

Long on Kraken Futures Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+0.899%+$90 on $10k

Price spread, last 4 days (all we have)+0.338%+$34 · spread now −0.165%, 7d avg +0.039%

Together, before fees+1.237%+ Points / potential airdropLighter: Season 3 · farm board+$124 on $10k · with fees, hour by hour

Funding pays, the price is against you. Lighter is 0.205% cheaper against Kraken Futures than usual: you would sell low and buy high (spread −0.165% now, against its 7-day average of +0.039%). If the spread goes back, that is −$20 on $10k: about 44 hours of funding at the current rate (+$11 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_BRENTOILUSD	94.186	−0.0342	get 0.0043% / 1h	43m 23s	$100K	$270K	20x
Short	Lighter BRENTOIL	94.030	0.0032	get 0.0004% / 1h	43m 23s	$3.4M	$5.6M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Kraken Futures. 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 Kraken FuturesbpFee LighterbpOrdersPrice spread, now −0.165%Rate

Funding earned: $78.5
Price spread: −0.165% → +0.039%: −$20.46
Slippage, 4 orders: −$35.85
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Lighter: 0 bp × 2 orders: $0
Net: $12.19
Costs to cover: 0.458%
Break-even: 5.9 days

Slippage from Kraken Futures: live order book, 2 min ago; Lighter: live order book, 8 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 Kraken Futures live order book, 2 min ago	6.59 bp	20.1 bp −$20	33.2 bp −$332	doesn't fit	doesn't fit
Sell Lighter live order book, 8 min ago	1.07 bp	1.1 bp −$1	2.0 bp −$20	10.8 bp −$1,076	doesn't fit

BZ on 31 exchanges

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
Hotstuff BRENTOIL-PERP	−0.1600%	1h	94.080	−0.112%	$32K	—	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0493%	1h	94.130	−0.059%	$34K	$383K	15x	as long as short
Kraken Futures PF_BRENTOILUSDlong	−0.0342%	1h	94.186	long leg	$100K	$270K	20x
RISEx BZ/USDC	−0.0302%	1h	94.034	−0.161%	$2.2M	$2.1M	20x	as long as short
Injective BRENT/USDC PERP	−0.0220%	1h	94.836	+0.690%	$8K	$7K	30x	as long as short
Bybit BZUSDT	−0.0092%	8h	94.070	−0.123%	$10.7M	$16.9M	100x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0080%	1h	93.840	−0.367%	$245K	$1.0M	15x	as long as short
GRVT BZ_USDT_Perp	−0.0078%	4h	93.835	−0.373%	$13K	$299K	25x	as long as short
Binance BZUSDT	−0.0036%	4h	94.070	−0.123%	$145.1M	$470.9M	100x	as long as short
edgeX BZUSDC	−0.0028%	4h	94.137	−0.052%	$216K	$232K	20x	as long as short

Show all 31 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster BZUSDT	0.0000%	4h	94.120	−0.070%	$323K	$812K	50x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	94.080	−0.112%	$15.8M	$28.3M	50x	as long as short
Gate BZ_USDT	0.0000%	8h	94.030	−0.165%	$8.8M	$12.8M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	94.080	−0.112%	$27.5M	$30.0M	100x	as long as short
Variational Omni BZ	0.0000%	4h	93.961	−0.239%	$9.0M	$6.7M	—	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	94.190	+0.005%	$4K	$1.7M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	94.180	−0.006%	$267K	$265K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	94.310	+0.132%	$1.2M	$80K	100x	as long as short
BloFin BZ-USDT	0.0000%	4h	94.200	+0.015%	$1.5M	$114K	50x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	94.666	+0.510%	—	—	—	as long as short
Vest BZ-PERP	+0.0018%	1h	97.780	+3.816%	—	$736K	10x	as long as short
Aftermath Perps BRENTUSD	+0.0023%	1h	94.135	−0.054%	$7K	$37K	5x	as long as short
Paradex BZ-USD-PERP	+0.0027%	8h	94.035	−0.161%	$2K	$2K	5x	as long as short
Lighter BRENTOILshort	+0.0032%	1h	94.030	−0.165%	$3.4M	$5.6M	20x
Extended XBR-USD	+0.0032%	1h	94.099	−0.093%	$763K	$3.8M	10x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0043%	1h	94.090	−0.102%	$132.8M	$187.4M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	94.089	−0.103%	$1.5M	$487K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	94.040	−0.155%	$3.0M	$1.2M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	94.050	−0.144%	$3.5M	$1.2M	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	94.170	−0.017%	$25K	$274K	50x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0184% / S −0.0707%	1h	94.125	−0.064%	$32K	—	111x	as long as short