Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0206%/8h= −22.6% APRpaid last 24h −0.004%

Price spread now: Variational Omni against Bullet−0.058%7-day average −0.017% · you buy dearer than you sell

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

Long on Bullet Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.020%−$2 on $10k

Price spread, last 3 days (all we have)+0.009%+$1 · spread now −0.058%, 7d avg −0.017%

Together, before fees−0.011%+ Points / potential airdropVariational Omni: Active · farm board−$1 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$6 a day on $10k at the current rate, and Variational Omni is 0.041% cheaper against Bullet than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of −0.017%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.020% in total (about -2.2% 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	92.246	0	get 0.0000% / 1h	59m 18s	$18K	$241K	10x
Short	Variational Omni CL	92.193	−0.0206	pay 0.0103% / 4h	3h 59m	$13.2M	$12.7M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.058%Rate

Funding earned: −$43.26
Price spread: −0.058% → −0.017%: −$4.13
Slippage, 4 orders: no order book: not counted
Fee Bullet: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$55.39
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: Bullet: live order book, 15 min ago; Variational Omni: RFQ quote, 5 min ago. 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, 15 min ago	0.54 bp	6.3 bp −$6	17.2 bp −$172	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 5 min ago	2.27 bp	doesn't fit	2.4 bp −$24	7.9 bp −$788	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_Perp	−0.0328%	4h	92.193	−0.057%	$58K	$702K	25x	as long as short
Aster CLUSD1	−0.0299%	4h	92.280	+0.037%	$23.9M	$77.4M	20x	as long as short
Binance CLUSDT	−0.0223%	4h	92.250	+0.004%	$244.5M	$1.08B	100x	as long as short
Variational Omni CLshort	−0.0206%	4h	92.193	−0.058%	$13.2M	$12.7M	—
Deribit WTIOIL_USDC-PERPETUAL	−0.0183%	1h	92.260	+0.015%	$96K	$189K	15x	as long as short
Nado WTI-PERP	−0.0131%	1h	92.294	+0.052%	$925K	$733K	10x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0120%	1h	92.278	+0.034%	$273K	$1.2M	25x	as long as short
Lighter WTI	−0.0064%	1h	92.258	+0.013%	$11.2M	$9.9M	20x	as long as short
QFEX CL-USD	−0.0054%	1h	92.240	−0.007%	$2.4M	$2.3M	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.030	−0.234%	$399K	$962K	15x	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	−0.0033%	8h	92.190	−0.061%	$21.3M	$53.9M	100x	as long as short
Paradex CL-USD-PERP	−0.0031%	8h	92.224	−0.024%	$15K	$367	5x	as long as short
Ondo Perps WTI-USD.P	−0.0027%	1h	92.180	−0.072%	$3.5M	$6.4M	20x	as long as short
Pacifica CL	−0.0020%	1h	92.246	0.000%	$353K	$596K	10x	as long as short
dYdX WTI-USD	0.0000%	1h	92.269	+0.025%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.241	−0.006%	$26.0M	$94.3M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.250	+0.004%	$42.9M	$111.4M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.356	+0.120%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.306	+0.065%	$42.0M	$51.5M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.300	+0.058%	$37K	$66K	20x	as long as short
Bullet WTIOIL-USDlong	0.0000%	1h	92.246	long leg	$18K	$241K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.816	−0.466%	$5K	—	150x	as long as short
tradeXYZ xyz:CL	+0.0008%	1h	92.269	+0.025%	$186.2M	$267.3M	20x	as long as short
edgeX CLUSDC	+0.0021%	4h	92.241	−0.005%	$530K	$326K	30x	as long as short
Extended WTI-USD	+0.0032%	1h	92.290	+0.048%	$2.0M	$26.6M	10x	as long as short
StandX CL-USD	+0.0040%	1h	92.210	−0.039%	$721K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.280	+0.037%	—	$308K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.259	+0.014%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.246	0.000%	$2.0M	$39K	20x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.275	+0.031%	$7.3M	$2.2M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.220	−0.028%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.225	−0.023%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0205% / S −0.0130%	1h	92.255	+0.010%	$77K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.34	+9.854%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.240	−0.007%	$4.0M	$1.4M	50x	as long as short
Aftermath Perps WTIUSD	+0.0514%	1h	92.256	+0.010%	$2K	$29K	5x	as long as short