Funding arb · Price arb /

BZ

RWAall BZ markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h −0.012%

Price spread now: Variational Omni against Lighter+0.033%7-day average −0.020% · you sell dearer than you buy

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

Long on Lighter Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.037%+$4 on $10k

Price spread, last 7 days−0.022%−$2 · spread now +0.033%, 7d avg −0.020%

Together, before fees+0.014%+ Points / potential airdropLighter: Season 3 · Variational Omni: Active · farm board+$1 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Variational Omni is 0.052% dearer against Lighter than usual: you sell high and buy low (spread +0.033% now, against its 7-day average of −0.020%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 5.5 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter BRENTOIL	97.370	0.0032	pay 0.0004% / 1h	4m 36s	$3.3M	$4.0M	20x
Short	Variational Omni BZ	97.402	0	get 0.0000% / 4h	4m 36s	$9.5M	$6.1M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.033%Rate

Funding earned: −$6.72
Price spread: +0.033% → −0.020%: $5.23
Slippage, 4 orders: no order book: not counted
Fee Lighter: 0 bp × 2 orders: $0
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$1.49
Costs to cover: 0.000%
Break-even: from the start

Slippage unknown: Lighter: live order book, 3 min ago; Variational Omni: RFQ quote, 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 Lighter live order book, 3 min ago	0.51 bp	0.5 bp −$1	1.2 bp −$12	7.9 bp −$786	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	2.62 bp	doesn't fit	4.4 bp −$44	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	96.342	−1.056%	$8K	$7K	30x	as long as short
Deribit BRENTOIL_USDC-PERPETUAL	−0.0160%	1h	97.410	+0.041%	$100K	$256K	15x	as long as short
Coinbase International BRENTOIL-PERP-INTX	−0.0056%	1h	97.480	+0.113%	$237K	$402K	15x	as long as short
BloFin BZ-USDT	−0.0035%	4h	97.360	−0.010%	$1.5M	$99K	50x	as long as short
Ondo Perps BRENT-USD.P	−0.0016%	1h	97.350	−0.021%	$3.1M	$1.0M	15x	as long as short
Aster BZUSDT	0.0000%	4h	97.391	+0.022%	$339K	$860K	50x	as long as short
Binance BZUSDT	0.0000%	4h	97.346	−0.025%	$148.2M	$351.2M	100x	as long as short
Bybit BZUSDT	0.0000%	8h	97.330	−0.041%	$10.3M	$13.3M	100x	as long as short
OKX BZ-USDT-SWAP	0.0000%	4h	97.310	−0.062%	$16.1M	$19.6M	50x	as long as short
RISEx BZ/USDC	0.0000%	1h	97.319	−0.053%	$2.4M	$1.7M	20x	as long as short

Show all 31 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate BZ_USDT	0.0000%	8h	97.300	−0.072%	$9.2M	$11.3M	100x	as long as short
Bitget BZUSDT	0.0000%	4h	97.370	0.000%	$27.9M	$18.5M	100x	as long as short
Variational Omni BZshort	0.0000%	4h	97.402	+0.033%	$9.5M	$6.1M	—
GRVT BZ_USDT_Perp	0.0000%	4h	97.430	+0.062%	$14K	$332K	25x	as long as short
SunX BRENTOIL-USDT	0.0000%	4h	97.400	+0.031%	$4K	$2.4M	20x	as long as short
HTX BRENTOIL-USDT	0.0000%	4h	97.430	+0.062%	$280K	$254K	75x	as long as short
Phemex XBRUSDT	0.0000%	4h	97.410	+0.041%	$1.2M	$86K	100x	as long as short
edgeX BZUSDC	+0.0003%	4h	97.432	+0.064%	$224K	$229K	20x	as long as short
Vest BZ-PERP	+0.0010%	1h	101.40	+4.139%	—	$735K	10x	as long as short
gTrade (Gains Network) BRENT/USD	L +0.0011% / S −0.0011%	1h	97.975	+0.621%	—	—	—	as long as short
Lighter BRENTOILlong	+0.0032%	1h	97.370	long leg	$3.3M	$4.0M	20x
Extended XBR-USD	+0.0032%	1h	97.380	+0.010%	$743K	$2.9M	10x	as long as short
Paradex BZ-USD-PERP	+0.0050%	8h	97.367	−0.003%	$2K	$1K	5x	as long as short
tradeXYZ xyz:BRENTOIL	+0.0050%	1h	97.390	+0.021%	$155.5M	$115.3M	20x	as long as short
Polymarket Perps BRENTOIL-USD	+0.0050%	1h	97.433	+0.065%	$1.6M	$395K	20x	as long as short
Aftermath Perps BRENTUSD	+0.0078%	1h	97.332	−0.039%	$7K	$40K	5x	as long as short
KuCoin BZUSDTM	+0.0100%	4h	97.390	+0.021%	$3.8M	$800K	50x	as long as short
ApeX Omni BZUSDT	+0.0100%	1h	97.450	+0.082%	$26K	$273K	50x	as long as short
Kraken Futures PF_BRENTOILUSD	+0.0113%	1h	97.414	+0.045%	$82K	$200K	20x	as long as short
Hotstuff BRENTOIL-PERP	+0.0168%	1h	97.440	+0.072%	$34K	—	20x	as long as short
GMX BRENTOIL/USD [ETH-USDC]	L +0.0329% / S −0.2771%	1h	97.405	+0.036%	$116K	—	111x	as long as short