Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Phoenix against Bullet+0.105%62s7-day average +0.028% · you sell dearer than you buy

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

Long on Bullet Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.048%+$5 on $10k

Price spread, last 3 days (all we have)−0.056%−$6 · spread now +0.105%, 7d avg +0.028%

Together, before fees−0.008%−$1 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: Phoenix is 0.077% dearer against Bullet than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.028%. The two prices were read 62 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	Bullet WTIOIL-USD	92.613	0	get 0.0000% / 1h	8m 02s	$18K	$240K	10x
Short	Phoenix WTIOIL	92.710	0	get 0.0000% / 1h	8m 02s	$37K	$66K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now +0.105%Rate

Funding earned: $0
Price spread: +0.105% → +0.028%: $7.69
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$7.31
Costs to cover: 0.150%
Break-even: never at this rate

Slippage unknown: Bullet: live order book, 1 min ago; Phoenix: 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 Bullet live order book, 1 min ago	0.54 bp	6.3 bp −$6	17.2 bp −$172	doesn't fit	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: 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 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_Perp	−0.0360%	4h	92.630	+0.018%	$58K	$684K	25x	as long as short
Aster CLUSD1	−0.0336%	4h	92.623	+0.011%	$24.0M	$75.1M	20x	as long as short
Binance CLUSDT	−0.0283%	4h	92.620	+0.007%	$244.5M	$1.03B	100x	as long as short
Variational Omni CL	−0.0272%	4h	92.610	−0.004%	$13.3M	$11.4M	—	as long as short
Gate CL_USDT	−0.0205%	8h	92.550	−0.068%	$21.3M	$55.5M	100x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0182%	1h	92.620	+0.007%	$123K	$275K	15x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0120%	1h	92.627	+0.015%	$274K	$912K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0054%	1h	92.590	−0.025%	$3.5M	$5.9M	20x	as long as short
Nado WTI-PERP	−0.0050%	1h	92.663	+0.054%	$934K	$707K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.030	−0.630%	$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	92.600	−0.014%	$2.4M	$1.7M	10x	as long as short
tradeXYZ xyz:CL	−0.0032%	1h	92.625	+0.013%	$185.8M	$233.5M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.666	+0.057%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.624	+0.012%	$26.5M	$88.8M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.600	−0.014%	$43.0M	$108.4M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.731	+0.127%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.606	−0.008%	$42.1M	$48.1M	100x	as long as short
Phoenix WTIOILshort	0.0000%	1h	92.710	+0.105%	$37K	$66K	20x
Bullet WTIOIL-USDlong	0.0000%	1h	92.613	long leg	$18K	$240K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.176	−0.472%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0008%	8h	92.588	−0.028%	$15K	$367	5x	as long as short
Extended WTI-USD	+0.0008%	1h	92.650	+0.040%	$2.3M	$25.8M	10x	as long as short
Lighter WTI	+0.0024%	1h	92.618	+0.005%	$11.2M	$10.3M	20x	as long as short
edgeX CLUSDC	+0.0028%	4h	92.605	−0.009%	$532K	$298K	30x	as long as short
StandX CL-USD	+0.0040%	1h	92.400	−0.230%	$723K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.640	+0.029%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.618	+0.005%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.611	−0.002%	$2.0M	$38K	20x	as long as short
KuCoin CLUSDTM	+0.0080%	4h	92.625	+0.013%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.604	−0.009%	$354K	$605K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.620	+0.007%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.587	−0.029%	$4K	—	10x	as long as short
Aftermath Perps WTIUSD	+0.0147%	1h	92.642	+0.031%	$2K	$28K	5x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0206% / S −0.0131%	1h	92.615	+0.002%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.69	+9.801%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.610	−0.003%	$4.0M	$1.2M	50x	as long as short