Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0352%/8h= −38.5% APRpaid last 24h −0.016%

Price spread now: GRVT against Bullet−0.036%66s7-day average +0.006% · 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—prices read too far apart to compare

costs, in and out, $10k−$270.267% of the position

Long on Bullet Short on GRVT

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.029%−$3 on $10k

Price spread, last 3 days (all we have)+0.025%+$2 · spread now −0.036%, 7d avg +0.006%

Together, before fees−0.004%+ Points / potential airdropGRVT: Active · farm board$0 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$11 a day on $10k at the current rate, and GRVT is 0.042% cheaper against Bullet than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.006%). Swap the legs. The two prices were read 66 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.029% in total (about -3.3% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bullet WTIOIL-USD	92.688	0	get 0.0000% / 1h	6m 23s	$18K	$240K	10x
Short	GRVT CL_USDT_Perp	92.655	−0.0352	pay 0.0176% / 4h	3h 06m	$58K	$630K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

GRVT 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 GRVTbpOrdersPrice spread, now −0.036%Rate

Funding earned: −$73.92
Price spread: −0.036% → +0.006%: −$4.19
Slippage, 4 orders: −$9.69
Fee Bullet: 4 bp × 2 orders: −$8
Fee GRVT: 4.5 bp × 2 orders: −$9
Net: −$104.81
Costs to cover: 0.267%
Break-even: never at this rate

Slippage from Bullet: live order book, 3 min ago; GRVT: live order book, 1 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, 3 min ago	0.54 bp	6.3 bp −$6	17.2 bp −$172	doesn't fit	doesn't fit
Sell GRVT live order book, 1 min ago	0.54 bp	5.0 bp −$5	6.5 bp −$65	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
GRVT CL_USDT_Perpshort	−0.0352%	4h	92.655	−0.036%	$58K	$630K	25x
Aster CLUSD1	−0.0337%	4h	92.710	+0.024%	$24.0M	$75.1M	20x	as long as short
Binance CLUSDT	−0.0283%	4h	92.686	−0.002%	$244.6M	$1.03B	100x	as long as short
Variational Omni CL	−0.0272%	4h	92.610	−0.084%	$13.3M	$11.4M	—	as long as short
Gate CL_USDT	−0.0196%	8h	92.610	−0.084%	$21.3M	$55.6M	100x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0182%	1h	92.610	−0.084%	$123K	$275K	15x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0120%	1h	92.643	−0.049%	$274K	$912K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0054%	1h	92.630	−0.063%	$3.5M	$5.9M	20x	as long as short
Nado WTI-PERP	−0.0050%	1h	92.740	+0.056%	$935K	$705K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.030	−0.710%	$399K	$956K	15x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
QFEX CL-USD	−0.0040%	1h	92.670	−0.019%	$2.4M	$1.7M	10x	as long as short
tradeXYZ xyz:CL	−0.0031%	1h	92.698	+0.011%	$186.0M	$233.5M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.666	−0.024%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.690	+0.002%	$26.5M	$88.4M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.660	−0.030%	$43.0M	$108.4M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.805	+0.127%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.678	−0.011%	$42.1M	$48.0M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.650	−0.041%	$37K	$66K	20x	as long as short
Bullet WTIOIL-USDlong	0.0000%	1h	92.688	long leg	$18K	$240K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.243	−0.480%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0008%	1h	92.720	+0.035%	$2.3M	$25.7M	10x	as long as short
Paradex CL-USD-PERP	+0.0009%	8h	92.664	−0.026%	$15K	$367	5x	as long as short
Lighter WTI	+0.0024%	1h	92.691	+0.003%	$11.2M	$10.3M	20x	as long as short
edgeX CLUSDC	+0.0030%	4h	92.671	−0.019%	$533K	$299K	30x	as long as short
StandX CL-USD	+0.0040%	1h	92.340	−0.375%	$722K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.700	+0.013%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.691	+0.003%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.630	−0.063%	$2.0M	$38K	20x	as long as short
KuCoin CLUSDTM	+0.0078%	4h	92.691	+0.003%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.678	−0.011%	$354K	$605K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.670	−0.019%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.646	−0.046%	$4K	—	10x	as long as short
Aftermath Perps WTIUSD	+0.0137%	1h	92.667	−0.023%	$2K	$28K	5x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0206% / S −0.0131%	1h	92.675	−0.014%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.69	+9.712%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.610	−0.084%	$4.0M	$1.2M	50x	as long as short