Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0075%/8h= −8.2% APRpaid last 24h 0.000%

Price spread now: OKX against Bybit−0.022%7-day average +0.016% · you buy dearer than you sell

Net, funding: paid 7d − costs−$4as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$240.238% of the position

Long on Bybit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.200%+$20 on $10k

Price spread, last 7 days+0.040%+$4 · spread now −0.022%, 7d avg +0.016%

Together, before fees+0.240%+$24 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$2 a day on $10k at the current rate, and OKX is 0.038% cheaper against Bybit than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.016%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.200%, so the current rate has only just turned against you.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CLUSDT	92.910	0	get 0.0000% / 8h	5h 12m	$26.5M	$80.9M	150x
Short	OKX CL-USDT-SWAP	92.890	−0.0075	pay 0.0037% / 4h	1h 12m	$42.9M	$102.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now −0.022%Rate

Funding earned: −$15.68
Price spread: −0.022% → +0.016%: −$3.77
Slippage, 4 orders: −$2.83
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee OKX: 5 bp × 2 orders: −$10
Net: −$43.28
Costs to cover: 0.238%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; OKX: 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 Bybit live order book, 1 min ago	0.54 bp	6.0 bp −$6	7.2 bp −$72	15.3 bp −$1,529	90.2 bp −$45.1K
Sell OKX live order book, 1 min ago	0.54 bp	6.0 bp −$6	6.8 bp −$68	12.7 bp −$1,274	100.8 bp −$50.4K

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	−0.0718%	1h	92.880	−0.032%	$198K	$369K	15x	as long as short
Aster CLUSD1	−0.0257%	4h	92.890	−0.022%	$24.0M	$67.9M	20x	as long as short
GRVT CL_USDT_Perp	−0.0238%	4h	92.910	0.000%	$53K	$635K	25x	as long as short
Binance CLUSDT	−0.0205%	4h	92.900	−0.011%	$244.7M	$952.3M	100x	as long as short
Variational Omni CL	−0.0195%	4h	92.857	−0.057%	$13.5M	$11.2M	—	as long as short
Ondo Perps WTI-USD.P	−0.0162%	1h	92.860	−0.054%	$3.5M	$5.6M	20x	as long as short
Nado WTI-PERP	−0.0154%	1h	92.944	+0.037%	$961K	$658K	10x	as long as short
OKX CL-USDT-SWAPshort	−0.0075%	4h	92.890	−0.022%	$42.9M	$102.0M	50x
tradeXYZ xyz:CL	−0.0071%	1h	92.894	−0.017%	$184.4M	$217.5M	20x	as long as short
Gate CL_USDT	−0.0071%	8h	92.840	−0.075%	$20.9M	$53.0M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended WTI-USD	−0.0064%	1h	92.940	+0.032%	$2.1M	$22.3M	10x	as long as short
Aftermath Perps WTIUSD	−0.0063%	1h	92.897	−0.014%	$2K	$27K	5x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.750	−0.172%	$402K	$944K	15x	as long as short
QFEX CL-USD	−0.0032%	1h	92.880	−0.032%	$2.5M	$1.7M	10x	as long as short
edgeX CLUSDC	−0.0015%	4h	92.902	−0.009%	$529K	$303K	30x	as long as short
Lighter WTI	0.0000%	1h	92.901	−0.010%	$11.2M	$10.5M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.937	+0.029%	$8K	$3K	5x	as long as short
Bybit CLUSDTlong	0.0000%	8h	92.910	long leg	$26.5M	$80.9M	150x
Bitget CLUSDT	0.0000%	4h	92.880	−0.032%	$42.1M	$43.4M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.950	+0.043%	$37K	$42K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.898	−0.013%	$19K	$242K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.499	−0.442%	$5K	—	150x	as long as short
KuCoin CLUSDTM	+0.0010%	4h	92.877	−0.036%	$7.3M	$2.3M	50x	as long as short
Paradex CL-USD-PERP	+0.0011%	8h	92.889	−0.023%	$16K	$367	5x	as long as short
StandX CL-USD	+0.0040%	1h	92.870	−0.043%	$732K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.920	+0.011%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.906	−0.004%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.905	−0.005%	$2.1M	$61K	20x	as long as short
RISEx CL/USDC	+0.0066%	1h	92.988	+0.083%	$3.1M	$2.9M	20x	as long as short
Pacifica CL	+0.0100%	1h	92.893	−0.018%	$331K	$619K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.970	+0.065%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.874	−0.038%	$4K	—	10x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0105%	1h	92.939	+0.031%	$274K	$872K	25x	as long as short
BloFin CL-USDT	+0.0168%	4h	92.900	−0.011%	$4.1M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.915	+0.005%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.10	+9.889%	$19K	$11K	30x	as long as short