Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC+0.0050%/8h= +5.5% APRpaid last 24h +0.015%

Price spread now: SoDEX against Bybit−0.090%7-day average −0.012% · 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−$65as in the Price arb table

costs, in and out, $10k−$570.574% of the position

Long on Bybit Short on SoDEX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.108%+$11 on $10k

Price spread, last 4 days (all we have)−0.006%−$1 · spread now −0.090%, 7d avg −0.012%

Together, before fees+0.102%+$10 on $10k · with fees, hour by hour

Funding pays, the price is against you. SoDEX is 0.078% cheaper against Bybit than usual: you would sell low and buy high (spread −0.090% now, against its 7-day average of −0.012%). If the spread goes back, that is −$8 on $10k: about 5.2 days of funding at the current rate (+$2 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit CLUSDT	90.240	0	get 0.0000% / 8h	4h 31m	$29.0M	$114.1M	150x
Short	SoDEX CL-USD	90.159	0.0050	get 0.0006% / 1h	31m 40s	$2.0M	$90K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

SoDEX 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 SoDEXbpOrdersPrice spread, now −0.090%Rate

Funding earned: $10.5
Price spread: −0.090% → −0.012%: −$7.76
Slippage, 4 orders: −$38.45
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee SoDEX: 4 bp × 2 orders: −$8
Net: −$54.7
Costs to cover: 0.574%
Break-even: 43.5 days

Slippage from Bybit: live order book, 5 min ago; SoDEX: live order book, just now.

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, 5 min ago	1.11 bp	6.6 bp −$7	8.9 bp −$89	25.1 bp −$2,508	doesn't fit
Sell SoDEX live order book, just now	0.55 bp	22.1 bp −$22	120.1 bp −$1,201	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
Kraken Futures PF_WTIOILUSD	−0.0231%	1h	90.168	−0.080%	$313K	$2.2M	25x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0194%	1h	90.150	−0.100%	$38K	$637K	15x	as long as short
Aftermath Perps WTIUSD	−0.0132%	1h	90.267	+0.030%	$1K	$26K	5x	as long as short
GRVT CL_USDT_Perp	−0.0130%	4h	90.126	−0.126%	$67K	$662K	25x	as long as short
Ondo Perps WTI-USD.P	−0.0129%	1h	90.120	−0.133%	$3.4M	$6.8M	20x	as long as short
Bitget CLUSDT	−0.0106%	4h	90.226	−0.016%	$40.8M	$60.1M	100x	as long as short
tradeXYZ xyz:CL	−0.0101%	1h	90.205	−0.039%	$170.9M	$257.8M	20x	as long as short
Extended WTI-USD	−0.0096%	1h	90.260	+0.022%	$1.2M	$14.2M	10x	as long as short
Nado WTI-PERP	−0.0080%	1h	90.261	+0.024%	$889K	$708K	10x	as long as short
Aster CLUSD1	−0.0077%	4h	90.260	+0.022%	$24.6M	$73.9M	20x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CLUSDC	−0.0072%	4h	90.258	+0.020%	$504K	$356K	30x	as long as short
Gate CL_USDT	−0.0054%	8h	90.160	−0.089%	$23.8M	$57.1M	100x	as long as short
Binance CLUSDT	−0.0044%	4h	90.220	−0.022%	$246.5M	$1.25B	100x	as long as short
Variational Omni CL	−0.0028%	4h	90.209	−0.034%	$12.6M	$11.4M	—	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0024%	1h	90.150	−0.100%	$443K	$1.9M	15x	as long as short
QFEX CL-USD	−0.0017%	1h	90.170	−0.078%	$2.4M	$3.0M	10x	as long as short
Lighter WTI	−0.0016%	1h	90.200	−0.044%	$10.6M	$11.3M	20x	as long as short
OKX CL-USDT-SWAP	−0.0013%	4h	90.210	−0.033%	$40.3M	$141.7M	50x	as long as short
Phoenix WTIOIL	−0.0009%	1h	90.350	+0.122%	$33K	$38K	20x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.773	−0.518%	$611	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	90.217	−0.025%	$9K	$4K	5x	as long as short
Bybit CLUSDTlong	0.0000%	8h	90.240	long leg	$29.0M	$114.1M	150x
RISEx CL/USDC	0.0000%	1h	90.272	+0.036%	$2.8M	$3.1M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	90.176	−0.071%	$17K	$231K	10x	as long as short
Paradex CL-USD-PERP	+0.0008%	8h	90.193	−0.052%	$15K	$458	5x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	90.137	−0.114%	$16K	$5K	30x	as long as short
StandX CL-USD	+0.0040%	1h	90.140	−0.111%	$695K	$2.7M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	90.190	−0.055%	—	$320K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	90.195	−0.050%	$1.7M	$1.6M	20x	as long as short
SoDEX CL-USDshort	+0.0050%	1h	90.159	−0.090%	$2.0M	$90K	20x
Pacifica CL	+0.0100%	1h	90.217	−0.026%	$315K	$761K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	90.230	−0.011%	$6.7M	$3.2M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	90.050	−0.211%	$52K	$267K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	90.139	−0.112%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0137% / S +0.0043%	1h	90.175	−0.072%	$72K	—	111x	as long as short
BloFin CL-USDT	+0.0227%	4h	90.080	−0.177%	$3.9M	$1.0M	50x	as long as short