Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0218%/8h= −23.9% APRpaid last 24h −0.024%

Price spread now: GMX against BloFin−0.438%51s7-day average — · you buy dearer than you sell

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

Long on BloFin Short on GMX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and GMX is 0.438% cheaper against BloFin than usual: you would sell low and buy high (−$44 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 51 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	BloFin CL-USDT	90.120	0.0204	pay 0.0102% / 4h	2h 00m	$3.9M	$1.1M	50x
Short	GMX WTIOIL/USD [ETH-USDC]	89.725	L +0.0167% / S +0.0014%	pay 0.0002% / 1h	0m 17s	$72K	—	111x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GMX 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 GMXbpOrdersPrice spread, now −0.438%Rate

Funding earned: −$45.74
Price spread: −0.438% → 0.000%: −$43.83
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee GMX: 6 bp × 2 orders: −$12
Net: −$113.57
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 6 min ago; GMX: 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 BloFin live order book, 6 min ago	2.22 bp	8.2 bp −$8	9.3 bp −$93	15.5 bp −$1,553	doesn't fit
Sell GMX no order-book sample	—	—	—	—	—

GMX: 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 exchanges

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	−0.0753%	1h	89.680	−0.488%	$181K	$422K	15x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0369%	1h	89.676	−0.492%	$322K	$1.8M	25x	as long as short
Aster CLUSD1	−0.0149%	4h	89.730	−0.433%	$24.6M	$70.5M	20x	as long as short
Bitget CLUSDT	−0.0114%	4h	89.734	−0.428%	$40.9M	$54.7M	100x	as long as short
Binance CLUSDT	−0.0102%	4h	89.700	−0.466%	$239.5M	$1.18B	100x	as long as short
Ondo Perps WTI-USD.P	−0.0090%	1h	89.760	−0.399%	$3.4M	$6.1M	20x	as long as short
Extended WTI-USD	−0.0088%	1h	89.770	−0.388%	$1.3M	$14.8M	10x	as long as short
tradeXYZ xyz:CL	−0.0086%	1h	89.670	−0.499%	$172.2M	$239.3M	20x	as long as short
Variational Omni CL	−0.0081%	4h	90.154	+0.038%	$12.7M	$11.3M	—	as long as short
Nado WTI-PERP	−0.0076%	1h	89.872	−0.275%	$870K	$683K	10x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CL_USDT	−0.0072%	8h	89.670	−0.499%	$23.2M	$56.3M	100x	as long as short
GRVT CL_USDT_Perp	−0.0066%	4h	90.610	+0.543%	$74K	$628K	25x	as long as short
Aftermath Perps WTIUSD	−0.0044%	1h	90.253	+0.148%	$2K	$27K	5x	as long as short
OKX CL-USDT-SWAP	−0.0041%	4h	89.690	−0.477%	$39.8M	$128.0M	50x	as long as short
QFEX CL-USD	−0.0023%	1h	89.820	−0.333%	$2.2M	$2.8M	10x	as long as short
edgeX CLUSDC	−0.0017%	4h	89.916	−0.226%	$503K	$379K	30x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.813	−0.341%	$1K	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	89.863	−0.285%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	89.660	−0.510%	$25.8M	$105.7M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	90.226	+0.118%	$2.9M	$3.0M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	89.722	−0.441%	$16K	$238K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0008%	1h	90.410	+0.322%	$413K	$1.5M	15x	as long as short
Paradex CL-USD-PERP	+0.0011%	8h	89.799	−0.357%	$15K	$367	5x	as long as short
Lighter WTI	+0.0024%	1h	89.682	−0.486%	$10.7M	$10.3M	20x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	90.577	+0.507%	$16K	$5K	30x	as long as short
StandX CL-USD	+0.0040%	1h	90.140	+0.022%	$698K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	89.910	−0.233%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	89.775	−0.383%	$1.7M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	89.694	−0.473%	$2.0M	$82K	20x	as long as short
Phoenix WTIOIL	+0.0053%	1h	90.370	+0.277%	$36K	$37K	20x	as long as short
Pacifica CL	+0.0100%	1h	89.843	−0.307%	$304K	$717K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	89.734	−0.428%	$6.9M	$3.0M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	90.340	+0.244%	$52K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	89.703	−0.462%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]short	L +0.0167% / S +0.0014%	1h	89.725	−0.438%	$72K	—	111x
BloFin CL-USDTlong	+0.0204%	4h	90.120	long leg	$3.9M	$1.1M	50x