Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.012%

Price spread now: HTX against Lighter−0.031%7-day average −0.096% · you buy dearer than you sell

Net, funding: paid 7d − costs−$28as in the Funding arb table

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

costs, in and out, $10k−$190.191% of the position

Long on Lighter Short on HTX

What this pair did over the last

the charts below follow

Funding, last 7 days−0.088%−$9 on $10k

Price spread, last 4 days (all we have)−0.156%−$16 · spread now −0.031%, 7d avg −0.096%

Together, before fees−0.245%+ Points / potential airdropLighter: Season 3 · farm board−$24 on $10k · with fees, hour by hour

The price spread pays, funding is against you. HTX is 0.065% dearer against Lighter than usual: you sell high and buy low (spread −0.031% now, against its 7-day average of −0.096%): +$7 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 6.8 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BRENTOIL	97.040	0.0032	pay 0.0004% / 1h	10m 38s	$3.2M	$4.8M	20x
Short	HTX BRENTOIL-USDT	97.010	0	get 0.0000% / 4h	10m 38s	$278K	$268K	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

HTX 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 HTXbpOrdersPrice spread, now −0.031%Rate

Funding earned: −$6.72
Price spread: −0.031% → −0.096%: $6.5
Slippage, 4 orders: −$7.15
Fee Lighter: 0 bp × 2 orders: $0
Fee HTX: 6 bp × 2 orders: −$12
Net: −$19.36
Costs to cover: 0.191%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; HTX: live order book, 46 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	0.51 bp	0.5 bp −$1	1.9 bp −$19	7.5 bp −$751	doesn't fit
Sell HTX live order book, 46 min ago	1.54 bp	8.6 bp −$9	9.6 bp −$96	doesn't fit	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	96.433	−0.626%	$8K	$7K	30x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0096%	1h	97.240	+0.206%	$234K	$436K	15x	as long as short
BloFin BZ-USDT	−0.0013%	4h	97.010	−0.031%	$1.5M	$92K	50x	as long as short
Aster BZUSDT	0.0000%	4h	97.060	+0.021%	$338K	$954K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.029	−0.011%	$147.0M	$369.5M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.020	−0.021%	$10.4M	$12.9M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.020	−0.021%	$16.0M	$20.3M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.016	−0.025%	$2.2M	$1.4M	20x	as long as short
Gate BZ_USDT	0.0000%	8h	96.980	−0.062%	$9.2M	$12.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.020	−0.021%	$27.7M	$16.5M	100x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni BZ	0.0000%	4h	97.017	−0.024%	$9.4M	$6.8M	—	as long as short
GRVT BZ_USDT_Perp	0.0000%	4h	97.140	+0.103%	$29K	$346K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.060	+0.021%	$4K	$2.5M	20x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	0.0000%	1h	97.020	−0.021%	$103K	$235K	15x	as long as short
HTX BRENTOIL-USDTshort	0.0000%	4h	97.010	−0.031%	$278K	$268K	75x
Phemex XBRUSDT	0.0000%	4h	97.290	+0.258%	$1.2M	$84K	100x	as long as short
edgeX BZUSDC	+0.0005%	4h	97.138	+0.101%	$223K	$228K	20x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.576	+0.553%	—	—	—	as long as short
Vest BZ-PERP	+0.0031%	1h	101.08	+4.163%	—	$735K	10x	as long as short
Lighter BRENTOILlong	+0.0032%	1h	97.040	long leg	$3.2M	$4.8M	20x
Extended XBR-USD	+0.0032%	1h	97.026	−0.015%	$680K	$4.3M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.026	−0.015%	$3K	$336	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.054	+0.014%	$153.1M	$127.1M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.089	+0.050%	$1.6M	$491K	20x	as long as short
Ondo Perps BRENT-USD.P	+0.0050%	1h	96.990	−0.052%	$3.1M	$1.1M	15x	as long as short
Hotstuff BRENTOIL-PERP	+0.0088%	1h	97.090	+0.052%	$33K	—	20x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.070	+0.031%	$3.8M	$870K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.170	+0.134%	$25K	$274K	50x	as long as short
Aftermath Perps BRENTUSD	+0.0126%	1h	97.119	+0.082%	$7K	$43K	5x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0142%	1h	97.061	+0.021%	$84K	$206K	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0212% / S −0.0149%	1h	97.025	−0.015%	$126K	—	111x	as long as short