Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0194%/8h= +21.2% APRpaid last 24h +0.017%

Price spread now: Bullet against Binance+0.007%53s7-day average −0.032% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.242% of the position

Long on Binance Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.026%+$3 on $10k

Price spread, last 4 days (all we have)+0.048%+$5 · spread now +0.007%, 7d avg −0.032%

Together, before fees+0.074%+$7 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bullet is 0.040% dearer against Binance than usual: you sell high and buy low: +$4 more if the spread goes back to its 7-day average of −0.032%. The two prices were read 53 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid 0.026% in total (about 2.8% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CLUSDT	93.150	−0.0194	get 0.0097% / 4h	44m 28s	$244.9M	$950.9M	100x
Short	Bullet WTIOIL-USD	93.157	0	get 0.0000% / 1h	44m 28s	$18K	$241K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Binance. 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 BinancebpFee BulletbpOrdersPrice spread, now +0.007%Rate

Funding earned: $40.72
Price spread: +0.007% → −0.032%: $3.98
Slippage, 4 orders: −$6.16
Fee Binance: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: $20.54
Costs to cover: 0.242%
Break-even: 3.5 days

Slippage from Binance: live order book, 14 min ago; Bullet: live order book, 14 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 Binance live order book, 14 min ago	0.54 bp	5.5 bp −$6	5.6 bp −$56	8.7 bp −$869	22.4 bp −$11.2K
Sell Bullet live order book, 14 min ago	0.54 bp	6.7 bp −$7	17.8 bp −$178	doesn't fit	doesn't fit

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
Deribit WTIOIL_USDC-PERPETUAL	−0.0501%	1h	93.120	−0.032%	$199K	$370K	15x	as long as short
Aster CLUSD1	−0.0249%	4h	93.170	+0.021%	$24.0M	$67.7M	20x	as long as short
GRVT CL_USDT_Perp	−0.0242%	4h	93.128	−0.024%	$54K	$635K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0195%	1h	93.177	+0.029%	$274K	$872K	25x	as long as short
Binance CLUSDTlong	−0.0194%	4h	93.150	long leg	$244.9M	$950.9M	100x
Variational Omni CL	−0.0184%	4h	93.098	−0.056%	$13.5M	$11.0M	—	as long as short
tradeXYZ xyz:CL	−0.0109%	1h	93.136	−0.015%	$185.0M	$216.2M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0098%	1h	93.100	−0.054%	$3.5M	$5.6M	20x	as long as short
Aftermath Perps WTIUSD	−0.0084%	1h	93.098	−0.055%	$2K	$27K	5x	as long as short
edgeX CLUSDC	−0.0080%	4h	93.092	−0.062%	$530K	$302K	30x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget CLUSDT	−0.0074%	4h	93.125	−0.027%	$42.0M	$43.8M	100x	as long as short
OKX CL-USDT-SWAP	−0.0069%	4h	93.150	0.000%	$42.6M	$102.9M	50x	as long as short
Gate CL_USDT	−0.0049%	8h	93.100	−0.054%	$20.9M	$51.3M	100x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	−0.429%	$402K	$944K	15x	as long as short
QFEX CL-USD	−0.0043%	1h	93.120	−0.032%	$2.5M	$1.7M	10x	as long as short
Nado WTI-PERP	−0.0027%	1h	93.199	+0.053%	$963K	$653K	10x	as long as short
Lighter WTI	−0.0016%	1h	93.144	−0.006%	$11.2M	$10.5M	20x	as long as short
Extended WTI-USD	−0.0016%	1h	93.190	+0.043%	$2.1M	$21.3M	10x	as long as short
dYdX WTI-USD	0.0000%	1h	93.113	−0.040%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.166	+0.017%	$26.8M	$80.7M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.223	+0.078%	$3.1M	$2.9M	20x	as long as short
KuCoin CLUSDTM	0.0000%	4h	93.154	+0.004%	$7.1M	$2.4M	50x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.180	+0.032%	$37K	$42K	20x	as long as short
Bullet WTIOIL-USDshort	0.0000%	1h	93.157	+0.007%	$18K	$241K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.712	−0.470%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0015%	8h	93.136	−0.015%	$16K	$367	5x	as long as short
StandX CL-USD	+0.0040%	1h	93.140	−0.011%	$735K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.160	+0.011%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.159	+0.010%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.141	−0.010%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0068%	1h	93.150	0.000%	$329K	$622K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.090	−0.064%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.121	−0.031%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0171%	4h	93.150	0.000%	$4.0M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0210% / S −0.0134%	1h	93.155	+0.005%	$79K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.31	+9.836%	$19K	$11K	30x	as long as short