Funding arb · Price arb /

BZ

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.015%

Price spread now: Aster against Lighter−0.003%7-day average −0.008% · you buy dearer than you sell

Net, funding: paid 7d − costs−$18as in the Funding arb table

Net, price: spread back to 7d avg − costs−$13as in the Price arb table

costs, in and out, $10k−$130.131% of the position

Long on Lighter Short on Aster

What this pair did over the last

the charts below follow

Funding, last 7 days−0.051%−$5 on $10k

Price spread, last 7 days+0.037%+$4 · spread now −0.003%, 7d avg −0.008%

Together, before fees−0.014%+ Points / potential airdropLighter: Season 3 · Aster: Stage 5 · farm board−$1 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.008%, so right now this pair is about funding alone: −$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BRENTOIL	97.750	0.0032	pay 0.0004% / 1h	22m 50s	$3.3M	$4.1M	20x
Short	Aster BZUSDT	97.747	0	get 0.0000% / 4h	1h 22m	$340K	$930K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Aster 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 AsterbpOrdersPrice spread, now −0.003%Rate

Funding earned: −$6.72
Price spread: −0.003% → −0.008%: $0.54
Slippage, 4 orders: −$5.11
Fee Lighter: 0 bp × 2 orders: $0
Fee Aster: 4 bp × 2 orders: −$8
Net: −$19.29
Costs to cover: 0.131%
Break-even: never at this rate

Slippage from Lighter: live order book, 5 min ago; Aster: live order book, 25 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, 5 min ago	0.51 bp	0.5 bp −$1	0.6 bp −$6	8.1 bp −$807	doesn't fit
Sell Aster live order book, 25 min ago	2.05 bp	6.0 bp −$6	11.5 bp −$115	95.9 bp −$9,589	doesn't fit

BZ on 31 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
Injective BRENT/USDC PERP	−0.0220%	1h	97.018	−0.749%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0088%	1h	97.810	+0.061%	$236K	$417K	15x	as long as short
Aster BZUSDTshort	0.0000%	4h	97.747	−0.003%	$340K	$930K	50x
Binance BZUSDT	0.0000%	4h	97.750	0.000%	$147.9M	$349.0M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.730	−0.020%	$10.4M	$13.1M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.740	−0.010%	$16.1M	$19.7M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.752	+0.002%	$2.4M	$1.7M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.700	−0.051%	$9.3M	$11.0M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.740	−0.010%	$27.9M	$17.4M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.748	−0.002%	$9.4M	$6.9M	—	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT BZ_USDT_Perp	0.0000%	4h	97.798	+0.049%	$24K	$305K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.810	+0.061%	$4K	$2.4M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.760	+0.010%	$100K	$252K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.730	−0.020%	$280K	$253K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.950	+0.205%	$1.2M	$86K	100x	as long as short
edgeX BZUSDC	+0.0001%	4h	97.760	+0.010%	$225K	$227K	20x	as long as short
Vest BZ-PERP	+0.0009%	1h	101.91	+4.256%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	98.347	+0.611%	—	—	—	as long as short
Lighter BRENTOILlong	+0.0032%	1h	97.750	long leg	$3.3M	$4.1M	20x
Extended XBR-USD	+0.0032%	1h	97.747	−0.003%	$682K	$3.3M	10x	as long as short
Hotstuff BRENTOIL-PERP	+0.0032%	1h	97.790	+0.041%	$34K	—	20x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.787	+0.038%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.762	+0.012%	$155.2M	$115.6M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.827	+0.079%	$1.6M	$463K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.720	−0.031%	$3.1M	$1.0M	15x	as long as short
BloFin BZ-USDT	+0.0058%	4h	97.740	−0.010%	$1.5M	$97K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0085%	1h	97.776	+0.027%	$7K	$41K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.760	+0.010%	$3.8M	$808K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.790	+0.041%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0158%	1h	97.782	+0.033%	$82K	$206K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0329% / S −0.2771%	1h	97.795	+0.046%	$116K	—	111x	as long as short