Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0032%/8h= −3.5% APRpaid last 24h 0.000%

Price spread now: Bybit against Lighter−0.057%7-day average +0.092% · you buy dearer than you sell

Net, funding: paid 7d − costs−$152as in the Funding arb table

Net, price: spread back to 7d avg − costs−$31as in the Price arb table

costs, in and out, $10k−$160.159% of the position

Long on Lighter Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.363%−$136 on $10k

Price spread, last 7 days+0.055%+$5 · spread now −0.057%, 7d avg +0.092%

Together, before fees−1.308%+ Points / potential airdropLighter: Season 3 · farm board−$131 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Bybit is 0.149% cheaper against Lighter than usual: you would sell low and buy high (−$15 if the spread goes back to its 7-day average of +0.092%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Lighter WTI	89.491	0.0032	pay 0.0004% / 1h	48m 29s	$10.5M	$10.4M	20x
Short	Bybit CLUSDT	89.440	0	get 0.0000% / 8h	5h 48m	$26.9M	$109.1M	150x

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 −0.057%Rate

Funding earned: −$6.72
Price spread: −0.057% → +0.092%: −$14.93
Slippage, 4 orders: −$4.9
Fee Lighter: 0 bp × 2 orders: $0
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$37.56
Costs to cover: 0.159%
Break-even: never at this rate

Slippage from Lighter: live order book, 8 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, 8 min ago	0.62 bp	1.2 bp −$1	1.4 bp −$14	9.8 bp −$982	36.4 bp −$18.2K
Sell Bybit live order book, 4 min ago	0.56 bp	6.5 bp −$7	8.2 bp −$82	20.1 bp −$2,011	74.6 bp −$37.3K

CL on 36 exchanges

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	−0.0342%	1h	89.452	−0.044%	$319K	$1.8M	25x	as long as short
Aster CLUSD1	−0.0136%	4h	89.520	+0.032%	$24.3M	$71.5M	20x	as long as short
Bitget CLUSDT	−0.0112%	4h	89.454	−0.041%	$40.7M	$56.9M	100x	as long as short
GRVT CL_USDT_Perp	−0.0110%	4h	89.529	+0.043%	$66K	$632K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0090%	1h	89.490	−0.001%	$3.4M	$6.2M	20x	as long as short
Binance CLUSDT	−0.0086%	4h	89.470	−0.023%	$240.9M	$1.21B	100x	as long as short
tradeXYZ xyz:CL	−0.0079%	1h	89.388	−0.115%	$167.3M	$244.1M	20x	as long as short
Variational Omni CL	−0.0066%	4h	89.342	−0.166%	$12.6M	$11.3M	—	as long as short
Gate CL_USDT	−0.0065%	8h	89.440	−0.057%	$23.1M	$53.8M	100x	as long as short
Aftermath Perps WTIUSD	−0.0061%	1h	89.487	−0.005%	$1K	$26K	5x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended WTI-USD	−0.0056%	1h	89.500	+0.010%	$1.3M	$14.5M	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	89.320	−0.191%	$408K	$1.5M	15x	as long as short
edgeX CLUSDC	−0.0037%	4h	89.403	−0.099%	$494K	$384K	30x	as long as short
QFEX CL-USD	−0.0025%	1h	89.450	−0.046%	$2.2M	$2.8M	10x	as long as short
OKX CL-USDT-SWAP	−0.0024%	4h	89.400	−0.102%	$39.9M	$132.7M	50x	as long as short
Nado WTI-PERP	−0.0024%	1h	89.486	−0.005%	$872K	$689K	10x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.229	−0.293%	$607	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	89.540	+0.054%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	89.440	−0.057%	$26.9M	$109.1M	150x
RISEx CL/USDC	0.0000%	1h	89.547	+0.062%	$2.8M	$3.1M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	89.380	−0.124%	$32K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	89.454	−0.041%	$17K	$238K	10x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	0.0000%	1h	89.450	−0.046%	$42K	$654K	15x	as long as short
Paradex CL-USD-PERP	+0.0014%	8h	89.480	−0.012%	$15K	$367	5x	as long as short
Lighter WTIlong	+0.0032%	1h	89.491	long leg	$10.5M	$10.4M	20x
StandX CL-USD	+0.0040%	1h	89.420	−0.079%	$690K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	89.410	−0.091%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	89.423	−0.076%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	89.451	−0.045%	$2.0M	$84K	20x	as long as short
Pacifica CL	+0.0100%	1h	89.494	+0.004%	$300K	$737K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	89.520	+0.032%	$6.9M	$3.0M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	89.320	−0.191%	$52K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	89.422	−0.077%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0165% / S −0.0005%	1h	89.465	−0.029%	$77K	—	111x	as long as short
BloFin CL-USDT	+0.0215%	4h	89.410	−0.091%	$3.9M	$1.1M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	90.137	+0.722%	$16K	$5K	30x	as long as short