Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 10:00 UTC−0.0410%/8h= −44.9% APRpaid last 24h −0.062%

Price spread now: Deribit against Bybit−0.058%7-day average +0.007% · 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−$28as in the Price arb table

costs, in and out, $10k−$220.217% of the position

Long on Bybit Short on Deribit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.016%+$2 on $10k

Price spread, last 4 days (all we have)−0.093%−$9 · spread now −0.058%, 7d avg +0.007%

Together, before fees−0.077%−$8 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$12 a day on $10k at the current rate, and Deribit is 0.065% cheaper against Bybit than usual: you would sell low and buy high (−$7 if the spread goes back to its 7-day average of +0.007%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.016% in total (about 1.4% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CLUSDT	90.953	0	get 0.0000% / 8h	6h 20m	$27.0M	$95.5M	150x
Short	Deribit WTIOIL_USDC-PERPETUAL	90.900	−0.0410	pay 0.0051% / 1h	20m 17s	$182K	$435K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Deribit against Bybit. 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 BybitbpFee DeribitbpOrdersPrice spread, now −0.058%Rate

Funding earned: −$86.02
Price spread: −0.058% → +0.007%: −$6.54
Slippage, 4 orders: −$3.69
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Deribit: 3.5 bp × 2 orders: −$7
Net: −$114.25
Costs to cover: 0.217%
Break-even: never at this rate

Slippage from Bybit: live order book, 2 min ago; Deribit: live order book, 31 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 Bybit live order book, 2 min ago	0.55 bp	6.1 bp −$6	7.4 bp −$74	18.0 bp −$1,803	111.3 bp −$55.7K
Sell Deribit live order book, 31 min ago	0.55 bp	4.0 bp −$4	6.5 bp −$65	doesn't fit	doesn't fit

CL on 36 exchanges

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-PERPETUALshort	−0.0410%	1h	90.900	−0.058%	$182K	$435K	15x
Kraken Futures PF_WTIOILUSD	−0.0364%	1h	90.924	−0.031%	$305K	$1.3M	25x	as long as short
Aster CLUSD1	−0.0173%	4h	90.979	+0.029%	$24.7M	$65.3M	20x	as long as short
Binance CLUSDT	−0.0115%	4h	90.940	−0.014%	$246.4M	$1.09B	100x	as long as short
Bitget CLUSDT	−0.0108%	4h	90.905	−0.053%	$41.3M	$48.6M	100x	as long as short
edgeX CLUSDC	−0.0097%	4h	91.058	+0.116%	$509K	$378K	30x	as long as short
Extended WTI-USD	−0.0096%	1h	90.950	−0.003%	$1.4M	$14.0M	10x	as long as short
Variational Omni CL	−0.0084%	4h	90.906	−0.051%	$12.9M	$11.1M	—	as long as short
Nado WTI-PERP	−0.0083%	1h	90.978	+0.028%	$914K	$652K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0067%	1h	90.850	−0.113%	$3.4M	$5.7M	20x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CL_USDT	−0.0065%	8h	90.870	−0.091%	$23.1M	$53.5M	100x	as long as short
tradeXYZ xyz:CL	−0.0063%	1h	90.916	−0.041%	$176.9M	$208.8M	20x	as long as short
GRVT CL_USDT_Perp	−0.0042%	4h	91.038	+0.093%	$69K	$626K	25x	as long as short
Aftermath Perps WTIUSD	−0.0031%	1h	91.018	+0.071%	$2K	$27K	5x	as long as short
QFEX CL-USD	−0.0023%	1h	90.940	−0.014%	$2.2M	$3.0M	10x	as long as short
OKX CL-USDT-SWAP	−0.0021%	4h	90.930	−0.025%	$40.5M	$117.5M	50x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	90.534	−0.461%	$1K	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	90.969	+0.018%	$8K	$3K	5x	as long as short
Bybit CLUSDTlong	0.0000%	8h	90.953	long leg	$27.0M	$95.5M	150x
RISEx CL/USDC	0.0000%	1h	90.976	+0.026%	$2.9M	$3.0M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	90.931	−0.024%	$17K	$238K	10x	as long as short
Lighter WTI	+0.0008%	1h	90.921	−0.035%	$11.1M	$9.5M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0008%	1h	90.910	−0.047%	$409K	$1.1M	15x	as long as short
Paradex CL-USD-PERP	+0.0012%	8h	90.886	−0.074%	$15K	$367	5x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	100.27	+10.242%	$19K	$5K	30x	as long as short
StandX CL-USD	+0.0040%	1h	90.970	+0.019%	$708K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	90.930	−0.025%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	90.907	−0.051%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	90.931	−0.024%	$2.0M	$81K	20x	as long as short
Phoenix WTIOIL	+0.0053%	1h	90.920	−0.036%	$36K	$37K	20x	as long as short
Pacifica CL	+0.0100%	1h	90.917	−0.040%	$303K	$649K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	90.960	+0.008%	$6.8M	$2.8M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	90.870	−0.091%	$53K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	90.902	−0.056%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0216%	4h	90.930	−0.025%	$3.9M	$1.0M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0250% / S −0.0172%	1h	90.925	−0.031%	$81K	—	111x	as long as short