Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0024%/8h= +2.6% APRpaid last 24h +0.011%

Price spread now: Kraken Futures against Binance−0.015%54s7-day average −0.028% · you buy dearer than you sell

Net, funding: paid 7d − costs−$54as in the Funding arb table

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

costs, in and out, $10k−$290.295% of the position

Long on Binance Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.244%−$24 on $10k

Price spread, last 4 days (all we have)−0.183%−$18 · spread now −0.015%, 7d avg −0.028%

Together, before fees−0.426%−$43 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.028%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate. Mind the row above: over the last 7 days funding on this pair cost −0.244%, so the current rate has only just turned in your favour. The two prices were read 54 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Binance CLUSDT	93.536	−0.0161	get 0.0081% / 4h	1h 55m	$246.4M	$929.9M	100x
Short	Kraken Futures PF_WTIOILUSD	93.522	−0.0137	pay 0.0017% / 1h	55m 23s	$286K	$959K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now −0.015%Rate

Funding earned: $5.03
Price spread: −0.015% → −0.028%: $1.32
Slippage, 4 orders: −$9.46
Fee Binance: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$23.11
Costs to cover: 0.295%
Break-even: 39.2 days

Slippage from Binance: live order book, 4 min ago; Kraken Futures: live order book, 58 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, 4 min ago	0.54 bp	5.5 bp −$6	5.5 bp −$55	7.6 bp −$757	19.8 bp −$9,883
Sell Kraken Futures live order book, 58 min ago	1.93 bp	7.2 bp −$7	20.6 bp −$206	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	−0.0391%	1h	93.490	−0.049%	$196K	$379K	15x	as long as short
Aster CLUSD1	−0.0273%	4h	93.560	+0.026%	$24.5M	$64.6M	20x	as long as short
GRVT CL_USDT_Perp	−0.0264%	4h	93.559	+0.025%	$58K	$629K	25x	as long as short
Binance CLUSDTlong	−0.0161%	4h	93.536	long leg	$246.4M	$929.9M	100x
Variational Omni CL	−0.0153%	4h	93.499	−0.040%	$13.4M	$10.8M	—	as long as short
Aftermath Perps WTIUSD	−0.0147%	1h	93.518	−0.019%	$2K	$26K	5x	as long as short
Kraken Futures PF_WTIOILUSDshort	−0.0137%	1h	93.522	−0.015%	$286K	$959K	25x
Bitget CLUSDT	−0.0114%	4h	93.518	−0.019%	$42.2M	$42.7M	100x	as long as short
Gate CL_USDT	−0.0088%	8h	93.450	−0.092%	$22.1M	$48.2M	100x	as long as short
edgeX CLUSDC	−0.0051%	4h	93.497	−0.041%	$526K	$305K	30x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps WTI-USD.P	−0.0042%	1h	93.480	−0.060%	$3.5M	$5.4M	20x	as long as short
tradeXYZ xyz:CL	−0.0035%	1h	93.525	−0.011%	$184.8M	$212.7M	20x	as long as short
OKX CL-USDT-SWAP	−0.0031%	4h	93.520	−0.017%	$42.7M	$101.8M	50x	as long as short
QFEX CL-USD	−0.0023%	1h	93.520	−0.017%	$2.3M	$2.5M	10x	as long as short
Nado WTI-PERP	−0.0020%	1h	93.536	0.000%	$969K	$629K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0008%	1h	93.500	−0.038%	$404K	$931K	15x	as long as short
dYdX WTI-USD	0.0000%	1h	93.513	−0.024%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.551	+0.016%	$27.2M	$79.4M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.568	+0.035%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.570	+0.037%	$38K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.517	−0.019%	$19K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.059	−0.510%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0025%	8h	93.497	−0.041%	$16K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	93.492	−0.047%	$11.3M	$9.6M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.540	+0.005%	$2.0M	$16.3M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.450	−0.092%	$740K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.530	−0.006%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.522	−0.015%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.520	−0.017%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.507	−0.031%	$332K	$577K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.544	+0.009%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.560	+0.026%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.500	−0.038%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0206%	4h	93.600	+0.069%	$4.0M	$981K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.74	+9.845%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0243% / S −0.0176%	1h	93.535	−0.001%	$84K	—	111x	as long as short