Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0052%/8h= −5.7% APRpaid last 24h −0.006%

Price spread now: Binance against Bullet−0.004%7-day average +0.018% · 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−$26as in the Price arb table

costs, in and out, $10k−$240.240% of the position

Long on Bullet Short on Binance

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.015%−$2 on $10k

Price spread, last 2 days (all we have)+0.029%+$3 · spread now −0.004%, 7d avg +0.018%

Together, before fees+0.014%+$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and Binance is 0.022% cheaper against Bullet than usual: you would sell low and buy high (−$2 if the spread goes back to its 7-day average of +0.018%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet WTIOIL-USD	92.015	−0.0075	get 0.0009% / 1h	48m 07s	$19K	$241K	10x
Short	Binance CLUSDT	92.011	−0.0128	pay 0.0064% / 4h	48m 07s	$245.2M	$1.10B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Bullet. 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 BulletbpFee BinancebpOrdersPrice spread, now −0.004%Rate

Funding earned: −$11.01
Price spread: −0.004% → +0.018%: −$2.2
Slippage, 4 orders: −$5.97
Fee Bullet: 4 bp × 2 orders: −$8
Fee Binance: 5 bp × 2 orders: −$10
Net: −$37.18
Costs to cover: 0.240%
Break-even: never at this rate

Slippage from Bullet: live order book, 31 min ago; Binance: live order book, 11 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 Bullet live order book, 31 min ago	0.54 bp	6.3 bp −$6	16.9 bp −$169	doesn't fit	doesn't fit
Sell Binance live order book, 11 min ago	0.54 bp	5.5 bp −$6	6.2 bp −$62	9.6 bp −$962	26.6 bp −$13.3K

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
Kraken Futures PF_WTIOILUSD	−0.0450%	1h	92.035	+0.021%	$275K	$1.2M	25x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0293%	1h	92.030	+0.016%	$96K	$189K	15x	as long as short
GRVT CL_USDT_Perp	−0.0282%	4h	92.000	−0.016%	$58K	$702K	25x	as long as short
Aster CLUSD1	−0.0214%	4h	92.020	+0.005%	$23.9M	$77.6M	20x	as long as short
Nado WTI-PERP	−0.0171%	1h	92.080	+0.071%	$923K	$744K	10x	as long as short
Lighter WTI	−0.0136%	1h	92.018	+0.003%	$11.1M	$10.9M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0135%	1h	91.990	−0.027%	$3.5M	$6.4M	20x	as long as short
Binance CLUSDTshort	−0.0128%	4h	92.011	−0.004%	$245.2M	$1.10B	100x
tradeXYZ xyz:CL	−0.0108%	1h	92.034	+0.021%	$185.6M	$275.7M	20x	as long as short
Paradex CL-USD-PERP	−0.0104%	8h	92.002	−0.014%	$15K	$367	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni CL	−0.0096%	4h	91.994	−0.023%	$13.4M	$13.0M	—	as long as short
Bullet WTIOIL-USDlong	−0.0075%	1h	92.015	long leg	$19K	$241K	10x
QFEX CL-USD	−0.0054%	1h	92.000	−0.016%	$2.4M	$2.6M	10x	as long as short
Pacifica CL	−0.0020%	1h	92.017	+0.002%	$332K	$576K	10x	as long as short
Gate CL_USDT	−0.0020%	8h	91.960	−0.060%	$21.3M	$57.5M	100x	as long as short
dYdX WTI-USD	0.0000%	1h	92.108	+0.101%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.036	+0.023%	$25.6M	$94.8M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.010	−0.005%	$43.1M	$113.1M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.129	+0.123%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.005	−0.011%	$41.9M	$51.8M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.080	+0.071%	$37K	$101K	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	0.0000%	1h	92.030	+0.016%	$399K	$987K	15x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.608	−0.442%	$4K	—	150x	as long as short
edgeX CLUSDC	+0.0009%	4h	92.033	+0.020%	$529K	$335K	30x	as long as short
Polymarket Perps WTIOIL-USD	+0.0026%	1h	92.018	+0.003%	$1.6M	$1.4M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.085	+0.076%	$2.0M	$27.5M	10x	as long as short
StandX CL-USD	+0.0040%	1h	92.000	−0.016%	$723K	$3.1M	40x	as long as short
Aftermath Perps WTIUSD	+0.0041%	1h	92.027	+0.013%	$2K	$29K	5x	as long as short
Vest CL-PERP	+0.0046%	1h	92.080	+0.071%	—	$308K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.015	0.000%	$2.0M	$39K	20x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.015	0.000%	$7.3M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.050	+0.038%	$55K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.978	−0.040%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	92.005	−0.011%	$76K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.28	+10.064%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.020	+0.005%	$4.0M	$1.4M	50x	as long as short