Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.0032%/8h= −3.6% APRpaid last 24h −0.005%

Price spread now: QFEX against Bitget−0.080%46s7-day average −0.023% · 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—prices read too far apart to compare

costs, in and out, $10k−$280.277% of the position

Long on Bitget Short on QFEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.006%−$1 on $10k

Price spread, last 7 days+0.063%+$6 · spread now −0.080%, 7d avg −0.023%

Together, before fees+0.057%+$6 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 QFEX is 0.057% cheaper against Bitget than usual: you would sell low and buy high (−$6 if the spread goes back to its 7-day average of −0.023%). Swap the legs. The two prices were read 46 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	Bitget CLUSDT	92.914	0	get 0.0000% / 4h	1h 13m	$42.1M	$43.5M	100x
Short	QFEX CL-USD	92.840	−0.0032	pay 0.0004% / 1h	13m 50s	$2.5M	$1.7M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

QFEX 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 QFEXbpOrdersPrice spread, now −0.080%Rate

Funding earned: −$6.82
Price spread: −0.080% → −0.023%: −$5.66
Slippage, 4 orders: −$5.74
Fee Bitget: 6 bp × 2 orders: −$12
Fee QFEX: 5 bp × 2 orders: −$10
Net: −$40.23
Costs to cover: 0.277%
Break-even: never at this rate

Slippage from Bitget: live order book, 5 min ago; QFEX: 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 Bitget live order book, 5 min ago	0.11 bp	7.5 bp −$7	9.6 bp −$96	doesn't fit	doesn't fit
Sell QFEX live order book, 4 min ago	1.62 bp	6.6 bp −$7	6.6 bp −$66	8.1 bp −$808	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	−0.0611%	1h	92.850	−0.069%	$198K	$369K	15x	as long as short
Aster CLUSD1	−0.0256%	4h	92.932	+0.019%	$24.0M	$67.9M	20x	as long as short
GRVT CL_USDT_Perp	−0.0238%	4h	92.910	−0.005%	$53K	$635K	25x	as long as short
Binance CLUSDT	−0.0205%	4h	92.916	+0.002%	$244.7M	$952.4M	100x	as long as short
Variational Omni CL	−0.0195%	4h	92.857	−0.061%	$13.5M	$11.2M	—	as long as short
Ondo Perps WTI-USD.P	−0.0162%	1h	92.810	−0.112%	$3.5M	$5.6M	20x	as long as short
Nado WTI-PERP	−0.0155%	1h	92.943	+0.032%	$961K	$659K	10x	as long as short
OKX CL-USDT-SWAP	−0.0072%	4h	92.890	−0.026%	$42.8M	$102.0M	50x	as long as short
tradeXYZ xyz:CL	−0.0070%	1h	92.919	+0.005%	$184.5M	$217.5M	20x	as long as short
Gate CL_USDT	−0.0069%	8h	92.880	−0.037%	$20.9M	$53.0M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended WTI-USD	−0.0064%	1h	92.960	+0.050%	$2.1M	$22.3M	10x	as long as short
Aftermath Perps WTIUSD	−0.0060%	1h	92.900	−0.015%	$2K	$27K	5x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.750	−0.177%	$402K	$944K	15x	as long as short
QFEX CL-USDshort	−0.0032%	1h	92.840	−0.080%	$2.5M	$1.7M	10x
edgeX CLUSDC	−0.0015%	4h	92.902	−0.013%	$529K	$303K	30x	as long as short
Lighter WTI	0.0000%	1h	92.919	+0.005%	$11.2M	$10.5M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.937	+0.024%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.920	+0.006%	$26.5M	$81.0M	150x	as long as short
Bitget CLUSDTlong	0.0000%	4h	92.914	long leg	$42.1M	$43.5M	100x
Phoenix WTIOIL	0.0000%	1h	92.950	+0.039%	$37K	$42K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.875	−0.042%	$18K	$242K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.458	−0.491%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0012%	8h	92.900	−0.015%	$16K	$367	5x	as long as short
KuCoin CLUSDTM	+0.0014%	4h	92.917	+0.003%	$7.3M	$2.3M	50x	as long as short
StandX CL-USD	+0.0040%	1h	92.900	−0.015%	$733K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.900	−0.015%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.885	−0.031%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.874	−0.043%	$2.1M	$61K	20x	as long as short
RISEx CL/USDC	+0.0066%	1h	92.963	+0.053%	$3.1M	$2.9M	20x	as long as short
Pacifica CL	+0.0100%	1h	92.910	−0.004%	$331K	$619K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.970	+0.060%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.838	−0.081%	$4K	—	10x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0105%	1h	92.897	−0.018%	$273K	$872K	25x	as long as short
BloFin CL-USDT	+0.0172%	4h	92.860	−0.058%	$4.1M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.875	−0.042%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.10	+9.884%	$19K	$11K	30x	as long as short