Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC0.0000%/8h= 0.0% APRpaid last 24h +0.001%

Price spread now: Bybit against Bullet−0.035%7-day average −0.005% · 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−$31as in the Price arb table

costs, in and out, $10k−$280.284% of the position

Long on Bullet Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.055%−$6 on $10k

Price spread, last 4 days (all we have)−0.027%−$3 · spread now −0.035%, 7d avg −0.005%

Together, before fees−0.082%−$8 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bybit is 0.030% cheaper against Bullet than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of −0.005%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet WTIOIL-USD	91.704	0	get 0.0000% / 1h	13m 47s	$19K	$239K	10x
Short	Bybit CLUSDT	91.672	0	get 0.0000% / 8h	7h 13m	$26.8M	$84.4M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −0.035%Rate

Funding earned: $0
Price spread: −0.035% → −0.005%: −$3.04
Slippage, 4 orders: −$9.36
Fee Bullet: 4 bp × 2 orders: −$8
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$31.4
Costs to cover: 0.284%
Break-even: never at this rate

Slippage from Bullet: live order book, 20 min ago; Bybit: 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, 20 min ago	1.56 bp	8.4 bp −$8	16.9 bp −$169	doesn't fit	doesn't fit
Sell Bybit live order book, 5 min ago	0.54 bp	6.3 bp −$6	7.5 bp −$75	17.1 bp −$1,709	98.6 bp −$49.3K

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
Deribit WTIOIL_USDC-PERPETUAL	−0.0731%	1h	91.630	−0.081%	$183K	$415K	15x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0317%	1h	91.680	−0.026%	$256K	$944K	25x	as long as short
Aster CLUSD1	−0.0216%	4h	91.701	−0.003%	$24.7M	$59.4M	20x	as long as short
Binance CLUSDT	−0.0130%	4h	91.620	−0.092%	$247.2M	$951.4M	100x	as long as short
Nado WTI-PERP	−0.0100%	1h	91.843	+0.152%	$943K	$599K	10x	as long as short
Variational Omni CL	−0.0099%	4h	91.922	+0.237%	$13.4M	$10.8M	—	as long as short
GRVT CL_USDT_Perp	−0.0098%	4h	92.300	+0.650%	$74K	$611K	25x	as long as short
Gate CL_USDT	−0.0091%	8h	91.640	−0.070%	$23.7M	$51.1M	100x	as long as short
Bitget CLUSDT	−0.0084%	4h	91.701	−0.003%	$41.7M	$42.6M	100x	as long as short
Aftermath Perps WTIUSD	−0.0053%	1h	92.248	+0.593%	$1K	$27K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX CL-USDT-SWAP	−0.0050%	4h	91.630	−0.081%	$42.3M	$103.8M	50x	as long as short
QFEX CL-USD	−0.0026%	1h	91.720	+0.017%	$2.3M	$2.5M	10x	as long as short
tradeXYZ xyz:CL	−0.0016%	1h	91.666	−0.041%	$182.2M	$193.3M	20x	as long as short
edgeX CLUSDC	−0.0001%	4h	92.217	+0.559%	$538K	$343K	30x	as long as short
dYdX WTI-USD	0.0000%	1h	91.793	+0.097%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	91.672	−0.035%	$26.8M	$84.4M	150x
RISEx CL/USDC	0.0000%	1h	91.947	+0.265%	$3.0M	$2.8M	20x	as long as short
Bullet WTIOIL-USDlong	0.0000%	1h	91.704	long leg	$19K	$239K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.256	−0.489%	$5K	—	150x	as long as short
Phoenix WTIOIL	+0.0009%	1h	92.270	+0.617%	$36K	$39K	20x	as long as short
Lighter WTI	+0.0016%	1h	91.660	−0.048%	$11.1M	$9.0M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0016%	1h	91.720	+0.017%	$405K	$976K	15x	as long as short
Paradex CL-USD-PERP	+0.0018%	8h	91.702	−0.002%	$15K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	91.750	+0.050%	$1.7M	$13.8M	10x	as long as short
Ondo Perps WTI-USD.P	+0.0032%	1h	91.700	−0.004%	$3.6M	$5.1M	20x	as long as short
StandX CL-USD	+0.0040%	1h	91.980	+0.301%	$722K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	91.780	+0.083%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	91.762	+0.063%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.655	−0.053%	$2.0M	$69K	20x	as long as short
Pacifica CL	+0.0100%	1h	91.743	+0.043%	$340K	$574K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	91.713	+0.010%	$7.0M	$2.5M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.210	+0.552%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.630	−0.081%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0165% / S −0.0002%	1h	91.635	−0.075%	$78K	—	111x	as long as short
BloFin CL-USDT	+0.0192%	4h	91.910	+0.225%	$4.0M	$1.0M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.13	+11.374%	$19K	$5K	30x	as long as short