Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.012%

Price spread now: Bybit against Lighter−0.010%7-day average −0.010% · you buy dearer than you sell

Net, funding: paid 7d − costs−$34as in the Funding arb table

Net, price: spread back to 7d avg − costs−$18as in the Price arb table

costs, in and out, $10k−$180.181% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.157%−$16 on $10k

Price spread, last 7 days+0.018%+$2 · spread now −0.010%, 7d avg −0.010%

Together, before fees−0.138%+ Points / potential airdropLighter: Season 3 · farm board−$14 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.010%, 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	97.220	0.0032	pay 0.0004% / 1h	4m 07s	$3.3M	$4.8M	20x
Short	Bybit BZUSDT	97.210	0	get 0.0000% / 8h	5h 04m	$10.3M	$13.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.010%Rate

Funding earned: −$6.72
Price spread: −0.010% → −0.010%: −$0.04
Slippage, 4 orders: −$7.12
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$24.88
Costs to cover: 0.181%
Break-even: never at this rate

Slippage from Lighter: live order book, 4 min ago; Bybit: live order book, 4 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, 4 min ago	0.51 bp	1.1 bp −$1	1.6 bp −$16	7.7 bp −$769	doesn't fit
Sell Bybit live order book, 4 min ago	0.51 bp	6.9 bp −$7	10.9 bp −$109	93.2 bp −$9,318	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	96.141	−1.110%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0104%	1h	96.990	−0.237%	$234K	$433K	15x	as long as short
Hotstuff BRENTOIL-PERP	−0.0080%	1h	97.190	−0.031%	$33K	—	20x	as long as short
BloFin BZ-USDT	−0.0040%	4h	97.080	−0.144%	$1.5M	$91K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.229	+0.009%	$338K	$969K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.239	+0.019%	$147.1M	$372.8M	100x	as long as short
Bybit BZUSDTshort	0.0000%	8h	97.210	−0.010%	$10.3M	$13.1M	100x
OKX BZ-USDT-SWAP	0.0000%	4h	97.220	0.000%	$16.0M	$20.4M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.190	−0.031%	$2.3M	$1.3M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	97.170	−0.051%	$9.2M	$12.4M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget BZUSDT	0.0000%	4h	97.240	+0.021%	$27.5M	$16.4M	100x	as long as short
Variational Omni BZ	0.0000%	4h	97.086	−0.138%	$9.4M	$7.0M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	96.972	−0.255%	$37K	$343K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.210	−0.010%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.250	+0.031%	$104K	$248K	15x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.000	−0.226%	$278K	$268K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.220	0.000%	$1.2M	$86K	100x	as long as short
edgeX BZUSDC	+0.0009%	4h	97.042	−0.184%	$222K	$227K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.779	+0.575%	—	—	—	as long as short
Lighter BRENTOILlong	+0.0032%	1h	97.220	long leg	$3.3M	$4.8M	20x
Extended XBR-USD	+0.0032%	1h	97.235	+0.016%	$675K	$4.6M	10x	as long as short
Vest BZ-PERP	+0.0039%	1h	101.24	+4.135%	—	$735K	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.173	−0.049%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.229	+0.009%	$152.4M	$125.1M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.287	+0.069%	$1.6M	$444K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	97.090	−0.134%	$3.1M	$1.1M	15x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.250	+0.031%	$3.8M	$871K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.020	−0.206%	$25K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0116%	1h	97.061	−0.164%	$7K	$43K	5x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0187% / S +0.0023%	1h	97.235	+0.015%	$126K	—	111x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0298%	1h	97.237	+0.017%	$84K	$218K	20x	as long as short