Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Phoenix against Bitget+0.024%7-day average +0.035% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Bitget Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.230%+$23 on $10k

Price spread, last 3 days (all we have)+0.091%+$9 · spread now +0.024%, 7d avg +0.035%

Together, before fees+0.321%+$32 on $10k · with fees, hour by hour

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget CLUSDT	92.668	0	get 0.0000% / 4h	3h 14m	$42.2M	$48.8M	100x
Short	Phoenix WTIOIL	92.690	0	get 0.0000% / 1h	14m 58s	$37K	$66K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Bitget. 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 BitgetbpFee PhoenixbpOrdersPrice spread, now +0.024%Rate

Funding earned: $0
Price spread: +0.024% → +0.035%: −$1.11
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$20.11
Costs to cover: 0.190%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 4 min ago; Phoenix: no order-book sample. Net counts fees only.

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 Bitget live order book, 4 min ago	0.49 bp	6.9 bp −$7	8.3 bp −$83	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0364%	4h	92.590	−0.084%	$58K	$693K	25x	as long as short
Aster CLUSD1	−0.0334%	4h	92.685	+0.018%	$24.0M	$75.9M	20x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0289%	1h	92.660	−0.009%	$123K	$275K	15x	as long as short
Binance CLUSDT	−0.0279%	4h	92.680	+0.013%	$245.0M	$1.03B	100x	as long as short
Variational Omni CL	−0.0271%	4h	92.631	−0.040%	$13.3M	$11.4M	—	as long as short
Gate CL_USDT	−0.0217%	8h	92.600	−0.073%	$21.3M	$55.4M	100x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0120%	1h	92.698	+0.032%	$275K	$915K	25x	as long as short
Nado WTI-PERP	−0.0054%	1h	92.719	+0.055%	$934K	$708K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0052%	1h	92.630	−0.041%	$3.6M	$5.9M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.030	−0.688%	$399K	$957K	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	92.650	−0.019%	$2.4M	$1.7M	10x	as long as short
tradeXYZ xyz:CL	−0.0031%	1h	92.669	+0.001%	$186.5M	$236.8M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.666	−0.002%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.696	+0.030%	$26.6M	$89.7M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.640	−0.030%	$43.0M	$108.6M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.787	+0.128%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDTlong	0.0000%	4h	92.668	long leg	$42.2M	$48.8M	100x
Phoenix WTIOILshort	0.0000%	1h	92.690	+0.024%	$37K	$66K	20x
Bullet WTIOIL-USD	0.0000%	1h	92.670	+0.002%	$19K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.235	−0.467%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0002%	8h	92.637	−0.033%	$15K	$367	5x	as long as short
Lighter WTI	+0.0016%	1h	92.677	+0.010%	$11.2M	$10.2M	20x	as long as short
Extended WTI-USD	+0.0024%	1h	92.710	+0.045%	$2.3M	$26.0M	10x	as long as short
edgeX CLUSDC	+0.0029%	4h	92.605	−0.068%	$532K	$300K	30x	as long as short
StandX CL-USD	+0.0040%	1h	92.390	−0.300%	$723K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.690	+0.024%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.676	+0.009%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.670	+0.002%	$2.0M	$38K	20x	as long as short
KuCoin CLUSDTM	+0.0088%	4h	92.686	+0.019%	$7.2M	$2.4M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.660	−0.009%	$357K	$602K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.620	−0.052%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.632	−0.039%	$4K	—	10x	as long as short
Aftermath Perps WTIUSD	+0.0174%	1h	92.634	−0.036%	$2K	$28K	5x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0206% / S −0.0131%	1h	92.665	−0.003%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.69	+9.736%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.650	−0.019%	$4.0M	$1.2M	50x	as long as short