Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0128%/8h= −14.0% APRpaid last 24h −0.007%

Price spread now: Bitget against Bullet−0.050%7-day average −0.010% · 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−$36as in the Price arb table

costs, in and out, $10k−$320.317% of the position

Long on Bullet Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.046%−$5 on $10k

Price spread, last 4 days (all we have)−0.016%−$2 · spread now −0.050%, 7d avg −0.010%

Together, before fees−0.062%−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$4 a day on $10k at the current rate, and Bitget is 0.040% cheaper against Bullet than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.010%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet WTIOIL-USD	93.458	0	get 0.0000% / 1h	19m 13s	$18K	$240K	10x
Short	Bitget CLUSDT	93.411	−0.0128	pay 0.0064% / 4h	2h 19m	$42.1M	$42.8M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.050%Rate

Funding earned: −$26.88
Price spread: −0.050% → −0.010%: −$4.03
Slippage, 4 orders: −$11.65
Fee Bullet: 4 bp × 2 orders: −$8
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$62.57
Costs to cover: 0.317%
Break-even: never at this rate

Slippage from Bullet: live order book, 30 min ago; Bitget: live order book, 5 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, 30 min ago	1.55 bp	8.9 bp −$9	17.6 bp −$176	doesn't fit	doesn't fit
Sell Bitget live order book, 5 min ago	0.48 bp	7.4 bp −$7	9.4 bp −$94	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
Deribit WTIOIL_USDC-PERPETUAL	−0.0392%	1h	93.420	−0.040%	$197K	$376K	15x	as long as short
GRVT CL_USDT_Perp	−0.0300%	4h	93.402	−0.059%	$58K	$629K	25x	as long as short
Aster CLUSD1	−0.0295%	4h	93.490	+0.035%	$24.4M	$64.9M	20x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0204%	1h	93.463	+0.006%	$285K	$958K	25x	as long as short
Binance CLUSDT	−0.0185%	4h	93.433	−0.026%	$246.1M	$933.0M	100x	as long as short
Variational Omni CL	−0.0174%	4h	93.399	−0.063%	$13.4M	$10.9M	—	as long as short
Aftermath Perps WTIUSD	−0.0157%	1h	93.437	−0.022%	$2K	$26K	5x	as long as short
Bitget CLUSDTshort	−0.0128%	4h	93.411	−0.050%	$42.1M	$42.8M	100x
Nado WTI-PERP	−0.0126%	1h	93.496	+0.041%	$967K	$615K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0098%	1h	93.410	−0.051%	$3.5M	$5.4M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CL_USDT	−0.0077%	8h	93.370	−0.094%	$21.9M	$50.0M	100x	as long as short
tradeXYZ xyz:CL	−0.0069%	1h	93.425	−0.035%	$184.8M	$213.5M	20x	as long as short
OKX CL-USDT-SWAP	−0.0051%	4h	93.450	−0.008%	$42.7M	$103.0M	50x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	93.500	+0.045%	$404K	$931K	15x	as long as short
QFEX CL-USD	−0.0032%	1h	93.440	−0.019%	$2.3M	$2.4M	10x	as long as short
edgeX CLUSDC	−0.0010%	4h	93.378	−0.085%	$525K	$306K	30x	as long as short
dYdX WTI-USD	0.0000%	1h	93.495	+0.040%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.460	+0.003%	$27.2M	$79.6M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.501	+0.047%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.470	+0.013%	$38K	$41K	20x	as long as short
Bullet WTIOIL-USDlong	0.0000%	1h	93.458	long leg	$18K	$240K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.990	−0.500%	$5K	—	150x	as long as short
Lighter WTI	+0.0008%	1h	93.431	−0.029%	$11.2M	$9.9M	20x	as long as short
Paradex CL-USD-PERP	+0.0011%	8h	93.452	−0.006%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	93.480	+0.024%	$2.0M	$17.1M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.470	+0.013%	$740K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.460	+0.003%	—	$313K	10x	as long as short
Pacifica CL	+0.0047%	1h	93.460	+0.003%	$332K	$577K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.446	−0.012%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.442	−0.017%	$2.1M	$60K	20x	as long as short
KuCoin CLUSDTM	+0.0074%	4h	93.500	+0.045%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.480	+0.024%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.429	−0.030%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0187%	4h	93.440	−0.019%	$4.0M	$1.0M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.60	+9.786%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0238% / S −0.0171%	1h	93.455	−0.003%	$84K	—	111x	as long as short