Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0120%/8h= −13.1% APRpaid last 24h −0.001%

Price spread now: Lighter against Bybit−0.048%7-day average −0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs+$141as in the Funding arb table

Net, price: spread back to 7d avg − costs−$9as in the Price arb table

costs, in and out, $10k−$130.132% of the position

Long on Bybit Short on Lighter

What this pair did over the last

the charts below follow

Funding, last 7 days+1.537%+$154 on $10k

Price spread, last 7 days+0.022%+$2 · spread now −0.048%, 7d avg −0.092%

Together, before fees+1.559%+ Points / potential airdropLighter: Season 3 · farm board+$156 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Lighter is 0.045% dearer against Bybit than usual: you sell high and buy low (spread −0.048% now, against its 7-day average of −0.092%): +$4 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 30 hours. Mind the row above: over the last 7 days funding on this pair paid +1.537%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CLUSDT	92.140	0	get 0.0000% / 8h	38m 51s	$25.6M	$94.8M	150x
Short	Lighter WTI	92.096	−0.0120	pay 0.0015% / 1h	38m 51s	$11.2M	$10.9M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Lighter against Bybit. 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 BybitbpFee LighterbpOrdersPrice spread, now −0.048%Rate

Funding earned: −$25.2
Price spread: −0.048% → −0.092%: $4.47
Slippage, 4 orders: −$2.2
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Lighter: 0 bp × 2 orders: $0
Net: −$33.93
Costs to cover: 0.132%
Break-even: never at this rate

Slippage from Bybit: live order book, 5 min ago; Lighter: live order book, 5 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 Bybit live order book, 5 min ago	0.54 bp	6.0 bp −$6	7.7 bp −$77	16.1 bp −$1,613	103.1 bp −$51.6K
Sell Lighter live order book, 5 min ago	0.11 bp	0.1 bp $0	0.3 bp −$3	7.3 bp −$734	26.7 bp −$13.4K

CL on 36 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
Kraken Futures PF_WTIOILUSD	−0.0450%	1h	92.157	+0.019%	$274K	$1.2M	25x	as long as short
GRVT CL_USDT_Perp	−0.0314%	4h	92.040	−0.109%	$58K	$702K	25x	as long as short
Aster CLUSD1	−0.0235%	4h	92.113	−0.029%	$24.0M	$77.4M	20x	as long as short
Nado WTI-PERP	−0.0168%	1h	92.133	−0.008%	$924K	$740K	10x	as long as short
Binance CLUSDT	−0.0159%	4h	92.110	−0.033%	$245.4M	$1.10B	100x	as long as short
Variational Omni CL	−0.0138%	4h	92.053	−0.094%	$13.4M	$12.4M	—	as long as short
Lighter WTIshort	−0.0120%	1h	92.096	−0.048%	$11.2M	$10.9M	20x
Ondo Perps WTI-USD.P	−0.0107%	1h	92.080	−0.065%	$3.5M	$6.3M	20x	as long as short
Paradex CL-USD-PERP	−0.0101%	8h	92.067	−0.079%	$15K	$367	5x	as long as short
tradeXYZ xyz:CL	−0.0088%	1h	92.122	−0.020%	$187.1M	$274.7M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit WTIOIL_USDC-PERPETUAL	−0.0076%	1h	92.120	−0.022%	$96K	$189K	15x	as long as short
QFEX CL-USD	−0.0054%	1h	92.070	−0.076%	$2.4M	$2.6M	10x	as long as short
Bullet WTIOIL-USD	−0.0052%	1h	92.107	−0.036%	$18K	$241K	10x	as long as short
Gate CL_USDT	−0.0027%	8h	92.060	−0.087%	$21.3M	$57.6M	100x	as long as short
Pacifica CL	−0.0020%	1h	92.103	−0.040%	$332K	$576K	10x	as long as short
dYdX WTI-USD	0.0000%	1h	92.108	−0.035%	$8K	$3K	5x	as long as short
Bybit CLUSDTlong	0.0000%	8h	92.140	long leg	$25.6M	$94.8M	150x
OKX CL-USDT-SWAP	0.0000%	4h	92.110	−0.033%	$43.0M	$112.9M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.201	+0.066%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.093	−0.051%	$42.0M	$51.7M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.120	−0.022%	$37K	$101K	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	0.0000%	1h	92.030	−0.119%	$399K	$966K	15x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.669	−0.511%	$4K	—	150x	as long as short
Extended WTI-USD	+0.0016%	1h	92.145	+0.005%	$2.0M	$27.5M	10x	as long as short
StandX CL-USD	+0.0040%	1h	92.130	−0.011%	$721K	$3.1M	40x	as long as short
Polymarket Perps WTIOIL-USD	+0.0043%	1h	92.089	−0.055%	$1.6M	$1.4M	20x	as long as short
Vest CL-PERP	+0.0046%	1h	92.130	−0.011%	—	$308K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.105	−0.038%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0059%	4h	92.084	−0.061%	$529K	$332K	30x	as long as short
Aftermath Perps WTIUSD	+0.0086%	1h	92.085	−0.059%	$2K	$29K	5x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.134	−0.007%	$7.3M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.070	−0.076%	$55K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.077	−0.069%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0205% / S −0.0130%	1h	92.105	−0.038%	$77K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.28	+9.914%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.090	−0.054%	$4.0M	$1.4M	50x	as long as short