Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0128%/8h= −14.0% APRpaid last 24h −0.071%

Price spread now: Coinbase International against BloFin−0.033%7-day average −0.087% · you buy dearer than you sell

Net, funding: paid 7d − costs−$79as in the Funding arb table

Net, price: spread back to 7d avg − costs−$25as in the Price arb table

costs, in and out, $10k−$310.306% of the position

Long on BloFin Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.484%−$48 on $10k

Price spread, last 3 days (all we have)+0.060%+$6 · spread now −0.033%, 7d avg −0.087%

Together, before fees−0.423%−$42 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Coinbase International is 0.054% dearer against BloFin than usual: you sell high and buy low (spread −0.033% now, against its 7-day average of −0.087%): +$5 on $10k if it goes back. Holding the pair costs −$4 a day in funding at the current rate, which eats that in about 34 hours.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin CL-USDT	91.950	0.0240	pay 0.0120% / 4h	1h 20m	$4.0M	$1.5M	50x
Short	Coinbase International WTIOIL-PERP-INTX	91.920	0.0112	get 0.0014% / 1h	20m 47s	$397K	$1.2M	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BloFin. 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 BloFinbpFee Coinbase InternationalbpOrdersPrice spread, now −0.033%Rate

Funding earned: −$26.88
Price spread: −0.033% → −0.087%: $5.43
Slippage, 4 orders: −$8.65
Fee BloFin: 6 bp × 2 orders: −$12
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$52.1
Costs to cover: 0.306%
Break-even: never at this rate

Slippage from BloFin: live order book, 3 min ago; Coinbase International: live order book, 3 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 BloFin live order book, 3 min ago	1.63 bp	7.6 bp −$8	7.6 bp −$76	9.7 bp −$966	27.7 bp −$13.8K
Sell Coinbase International live order book, 3 min ago	1.63 bp	6.6 bp −$7	8.9 bp −$89	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
Lighter WTI	−0.0312%	1h	91.950	0.000%	$11.0M	$11.3M	20x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0293%	1h	91.980	+0.033%	$95K	$225K	15x	as long as short
Aftermath Perps WTIUSD	−0.0190%	1h	91.966	+0.017%	$2K	$30K	5x	as long as short
Ondo Perps WTI-USD.P	−0.0174%	1h	91.930	−0.022%	$3.5M	$6.4M	20x	as long as short
Nado WTI-PERP	−0.0170%	1h	92.020	+0.076%	$922K	$747K	10x	as long as short
tradeXYZ xyz:CL	−0.0146%	1h	92.006	+0.061%	$185.1M	$279.7M	20x	as long as short
GRVT CL_USDT_Perp	−0.0144%	4h	91.880	−0.076%	$58K	$715K	25x	as long as short
Bullet WTIOIL-USD	−0.0130%	1h	91.968	+0.020%	$18K	$240K	10x	as long as short
Paradex CL-USD-PERP	−0.0105%	8h	91.930	−0.022%	$15K	$367	5x	as long as short
Aster CLUSD1	−0.0100%	4h	92.015	+0.071%	$23.9M	$78.4M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps WTIOIL-USD	−0.0008%	1h	91.967	+0.018%	$1.6M	$1.4M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.024	+0.080%	$8K	$3K	5x	as long as short
Binance CLUSDT	0.0000%	4h	91.975	+0.028%	$245.5M	$1.12B	100x	as long as short
Bybit CLUSDT	0.0000%	8h	91.998	+0.052%	$25.4M	$97.3M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	91.960	+0.011%	$43.1M	$113.7M	50x	as long as short
QFEX CL-USD	0.0000%	1h	91.950	0.000%	$2.4M	$2.6M	10x	as long as short
Gate CL_USDT	0.0000%	8h	91.930	−0.022%	$21.2M	$59.2M	100x	as long as short
Bitget CLUSDT	0.0000%	4h	91.970	+0.022%	$42.0M	$53.5M	100x	as long as short
Variational Omni CL	0.0000%	4h	91.874	−0.083%	$13.4M	$13.5M	—	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.562	−0.422%	$4K	—	150x	as long as short
Phoenix WTIOIL	+0.0009%	1h	91.960	+0.011%	$37K	$99K	20x	as long as short
StandX CL-USD	+0.0016%	1h	91.940	−0.011%	$723K	$3.0M	40x	as long as short
Extended WTI-USD	+0.0016%	1h	92.040	+0.098%	$2.0M	$29.0M	10x	as long as short
Vest CL-PERP	+0.0046%	1h	92.070	+0.131%	—	$243K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.965	+0.016%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0090%	4h	91.918	−0.035%	$529K	$341K	30x	as long as short
Pacifica CL	+0.0100%	1h	91.959	+0.010%	$332K	$579K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	91.987	+0.040%	$7.3M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	91.870	−0.087%	$55K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.946	−0.005%	$4K	—	10x	as long as short
Coinbase International WTIOIL-PERP-INTXshort	+0.0112%	1h	91.920	−0.033%	$397K	$1.2M	15x
Injective WTI/USDC PERP	+0.0172%	1h	100.99	+9.835%	$19K	$18K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	91.965	+0.016%	$76K	—	111x	as long as short
BloFin CL-USDTlong	+0.0240%	4h	91.950	long leg	$4.0M	$1.5M	50x
Kraken Futures PF_WTIOILUSD	+0.0450%	1h	91.982	+0.035%	$260K	$1.2M	25x	as long as short
RISEx CL/USDC	+0.0977%	1h	92.081	+0.142%	$3.2M	$2.8M	20x	as long as short