Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0308%/8h= −33.7% APRpaid last 24h −0.016%

Price spread now: Binance against Lighter−0.001%7-day average +0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$128as in the Funding arb table

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

costs, in and out, $10k−$120.121% of the position

Long on Lighter Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−1.162%−$116 on $10k

Price spread, last 2 days (all we have)+0.007%+$1 · spread now −0.001%, 7d avg +0.005%

Together, before fees−1.155%+ Points / potential airdropLighter: Season 3 · farm board−$116 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.005%, so right now this pair is about funding alone: −$9 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter WTI	92.671	0.0024	pay 0.0003% / 1h	1m 48s	$11.2M	$10.3M	20x
Short	Binance CLUSDT	92.670	−0.0284	pay 0.0142% / 4h	3h 01m	$244.5M	$1.02B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance 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 BinancebpOrdersPrice spread, now −0.001%Rate

Funding earned: −$64.59
Price spread: −0.001% → +0.005%: −$0.6
Slippage, 4 orders: −$2.09
Fee Lighter: 0 bp × 2 orders: $0
Fee Binance: 5 bp × 2 orders: −$10
Net: −$77.28
Costs to cover: 0.121%
Break-even: never at this rate

Slippage from Lighter: live order book, 7 min ago; Binance: live order book, 12 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	0.27 bp	0.5 bp −$1	1.2 bp −$12	7.0 bp −$701	24.0 bp −$12.0K
Sell Binance live order book, 12 min ago	0.54 bp	5.5 bp −$6	5.5 bp −$55	8.6 bp −$863	22.3 bp −$11.1K

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
GRVT CL_USDT_Perp	−0.0346%	4h	92.649	−0.024%	$58K	$630K	25x	as long as short
Aster CLUSD1	−0.0338%	4h	92.680	+0.010%	$23.9M	$75.0M	20x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0289%	1h	92.660	−0.012%	$123K	$274K	15x	as long as short
Binance CLUSDTshort	−0.0284%	4h	92.670	−0.001%	$244.5M	$1.02B	100x
Variational Omni CL	−0.0273%	4h	92.658	−0.014%	$13.3M	$11.5M	—	as long as short
Gate CL_USDT	−0.0186%	8h	92.610	−0.066%	$21.3M	$55.6M	100x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0120%	1h	92.709	+0.041%	$275K	$912K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0053%	1h	92.670	−0.001%	$3.5M	$5.9M	20x	as long as short
Nado WTI-PERP	−0.0051%	1h	92.754	+0.090%	$935K	$701K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.030	−0.692%	$399K	$956K	15x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CL-USD	−0.0040%	1h	92.680	+0.010%	$2.4M	$1.7M	10x	as long as short
tradeXYZ xyz:CL	−0.0032%	1h	92.673	+0.002%	$186.0M	$233.6M	20x	as long as short
OKX CL-USDT-SWAP	−0.0002%	4h	92.680	+0.010%	$42.9M	$108.5M	50x	as long as short
dYdX WTI-USD	0.0000%	1h	92.742	+0.076%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.700	+0.031%	$26.4M	$87.8M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	92.823	+0.164%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.665	−0.006%	$42.1M	$47.9M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.680	+0.010%	$37K	$66K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.704	+0.036%	$18K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.246	−0.459%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0008%	1h	92.710	+0.042%	$2.3M	$25.6M	10x	as long as short
Paradex CL-USD-PERP	+0.0010%	8h	92.685	+0.015%	$15K	$367	5x	as long as short
Lighter WTIlong	+0.0024%	1h	92.671	long leg	$11.2M	$10.3M	20x
StandX CL-USD	+0.0040%	1h	92.370	−0.325%	$722K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.730	+0.064%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.716	+0.049%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.679	+0.009%	$2.1M	$59K	20x	as long as short
edgeX CLUSDC	+0.0067%	4h	92.621	−0.054%	$533K	$299K	30x	as long as short
KuCoin CLUSDTM	+0.0078%	4h	92.697	+0.028%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.706	+0.038%	$354K	$605K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.740	+0.074%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.646	−0.027%	$4K	—	10x	as long as short
Aftermath Perps WTIUSD	+0.0120%	1h	92.700	+0.032%	$2K	$28K	5x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0206% / S −0.0131%	1h	92.675	+0.004%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.69	+9.732%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.640	−0.033%	$4.0M	$1.2M	50x	as long as short