Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0246%/8h= −26.9% APRpaid last 24h +0.005%

Price spread now: Deribit against Binance−0.043%7-day average 0.000% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$27as in the Price arb table

costs, in and out, $10k−$230.228% of the position

Long on Binance Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.011%+$1 on $10k

Price spread, last 2 days (all we have)+0.029%+$3 · spread now −0.043%, 7d avg 0.000%

Together, before fees+0.040%+$4 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Deribit is 0.043% cheaper against Binance than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of 0.000%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.011% in total (about 1.1% 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	92.740	−0.0259	get 0.0129% / 4h	2h 23m	$244.1M	$980.0M	100x
Short	Deribit WTIOIL_USDC-PERPETUAL	92.700	−0.0505	pay 0.0063% / 1h	23m 15s	$198K	$365K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit 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 DeribitbpOrdersPrice spread, now −0.043%Rate

Funding earned: −$51.61
Price spread: −0.043% → 0.000%: −$4.31
Slippage, 4 orders: −$5.85
Fee Binance: 5 bp × 2 orders: −$10
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$78.76
Costs to cover: 0.228%
Break-even: never at this rate

Slippage from Binance: live order book, 6 min ago; Deribit: live order book, 45 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, 6 min ago	0.54 bp	5.5 bp −$6	5.5 bp −$55	8.8 bp −$877	19.7 bp −$9,839
Sell Deribit live order book, 45 min ago	0.54 bp	4.0 bp −$4	5.6 bp −$56	doesn't fit	doesn't fit

CL on 35 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-PERPETUALshort	−0.0505%	1h	92.700	−0.043%	$198K	$365K	15x
Aster CLUSD1	−0.0308%	4h	92.751	+0.012%	$23.9M	$73.5M	20x	as long as short
GRVT CL_USDT_Perp	−0.0266%	4h	92.740	0.000%	$53K	$631K	25x	as long as short
Binance CLUSDTlong	−0.0259%	4h	92.740	long leg	$244.1M	$980.0M	100x
Variational Omni CL	−0.0256%	4h	92.710	−0.033%	$13.3M	$11.1M	—	as long as short
Gate CL_USDT	−0.0124%	8h	92.680	−0.065%	$20.8M	$53.6M	100x	as long as short
Nado WTI-PERP	−0.0057%	1h	92.788	+0.052%	$965K	$677K	10x	as long as short
tradeXYZ xyz:CL	−0.0054%	1h	92.746	+0.006%	$184.3M	$220.4M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	+0.011%	$402K	$946K	15x	as long as short
Ondo Perps WTI-USD.P	−0.0041%	1h	92.720	−0.022%	$3.5M	$5.7M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_WTIOILUSD	−0.0038%	1h	92.777	+0.040%	$270K	$877K	25x	as long as short
QFEX CL-USD	−0.0033%	1h	92.730	−0.011%	$2.5M	$1.7M	10x	as long as short
OKX CL-USDT-SWAP	−0.0018%	4h	92.740	0.000%	$42.7M	$105.4M	50x	as long as short
dYdX WTI-USD	0.0000%	1h	92.757	+0.019%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.750	+0.011%	$26.8M	$82.6M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.739	−0.001%	$41.9M	$44.2M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.780	+0.043%	$37K	$51K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.738	−0.002%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.292	−0.483%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0027%	8h	92.719	−0.022%	$16K	$367	5x	as long as short
Aftermath Perps WTIUSD	+0.0027%	1h	92.787	+0.050%	$2K	$28K	5x	as long as short
Lighter WTI	+0.0032%	1h	92.742	+0.002%	$11.2M	$10.3M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.770	+0.032%	$2.1M	$24.7M	10x	as long as short
RISEx CL/USDC	+0.0037%	1h	92.859	+0.128%	$3.3M	$2.7M	20x	as long as short
edgeX CLUSDC	+0.0038%	4h	92.754	+0.015%	$533K	$297K	30x	as long as short
StandX CL-USD	+0.0040%	1h	92.340	−0.431%	$726K	$3.0M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.760	+0.022%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.746	+0.006%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.735	−0.005%	$2.1M	$61K	20x	as long as short
KuCoin CLUSDTM	+0.0074%	4h	92.753	+0.014%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.738	−0.002%	$331K	$618K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.720	−0.022%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.697	−0.046%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.735	−0.005%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.83	+9.805%	$19K	$11K	30x	as long as short