Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC−0.0040%/8h= −4.4% APRpaid last 24h −0.006%

Price spread now: Binance against Coinbase International−0.091%7-day average +0.076% · you buy dearer than you sell

Net, funding: paid 7d − costs−$9as in the Funding arb table

Net, price: spread back to 7d avg − costs−$43as in the Price arb table

costs, in and out, $10k−$260.262% of the position

Long on Coinbase International Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days+0.175%+$17 on $10k

Price spread, last 2 days (all we have)+0.213%+$21 · spread now −0.091%, 7d avg +0.076%

Together, before fees+0.388%+$39 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Binance is 0.167% cheaper against Coinbase International than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of +0.076%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.175%, 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	Coinbase International WTIOIL-PERP-INTX	92.080	0.0040	pay 0.0005% / 1h	28m 14s	$393K	$1.3M	15x
Short	Binance CLUSDT	91.996	0	get 0.0000% / 4h	2h 28m	$246.6M	$1.14B	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Coinbase International. 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 Coinbase InternationalbpFee BinancebpOrdersPrice spread, now −0.091%Rate

Funding earned: −$8.4
Price spread: −0.091% → +0.076%: −$16.65
Slippage, 4 orders: −$6.23
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Binance: 5 bp × 2 orders: −$10
Net: −$51.29
Costs to cover: 0.262%
Break-even: never at this rate

Slippage from Coinbase International: live order book, just now; Binance: live order book, 16 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 Coinbase International live order book, just now	0.54 bp	8.5 bp −$9	11.0 bp −$110	doesn't fit	doesn't fit
Sell Binance live order book, 16 min ago	0.54 bp	5.5 bp −$6	5.5 bp −$55	8.9 bp −$891	44.8 bp −$22.4K

CL on 35 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
QFEX CL-USD	−0.0019%	1h	92.000	−0.087%	$2.4M	$2.9M	10x	as long as short
Aster CLUSD1	0.0000%	4h	92.012	−0.074%	$24.5M	$76.9M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	91.992	−0.095%	$8K	$3K	5x	as long as short
Binance CLUSDTshort	0.0000%	4h	91.996	−0.091%	$246.6M	$1.14B	100x
Bybit CLUSDT	0.0000%	8h	91.980	−0.109%	$25.4M	$100.3M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	91.980	−0.109%	$43.1M	$117.1M	50x	as long as short
Gate CL_USDT	0.0000%	8h	91.920	−0.174%	$21.2M	$63.0M	100x	as long as short
Bitget CLUSDT	0.0000%	4h	91.974	−0.115%	$42.2M	$69.5M	100x	as long as short
Variational Omni CL	0.0000%	4h	92.001	−0.086%	$13.6M	$16.2M	—	as long as short
GRVT CL_USDT_Perp	0.0000%	4h	91.980	−0.109%	$58K	$782K	25x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Deribit WTIOIL_USDC-PERPETUAL	0.0000%	1h	92.010	−0.076%	$95K	$315K	15x	as long as short
Aftermath Perps WTIUSD	+0.0001%	1h	91.976	−0.113%	$2K	$31K	5x	as long as short
Phoenix WTIOIL	+0.0009%	1h	92.000	−0.087%	$33K	$99K	20x	as long as short
Lighter WTI	+0.0032%	1h	91.954	−0.137%	$11.0M	$12.3M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.023	−0.062%	$2.0M	$29.8M	10x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	92.044	−0.039%	$17K	$18K	30x	as long as short
edgeX CLUSDC	+0.0034%	4h	91.967	−0.123%	$529K	$343K	30x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0040%	1h	92.023	−0.062%	$258K	$1.4M	25x	as long as short
StandX CL-USD	+0.0040%	1h	91.990	−0.098%	$726K	$3.0M	40x	as long as short
Coinbase International WTIOIL-PERP-INTXlong	+0.0040%	1h	92.080	long leg	$393K	$1.3M	15x
Vest CL-PERP	+0.0046%	1h	92.020	−0.065%	—	$243K	10x	as long as short
Bullet WTIOIL-USD	+0.0048%	1h	91.992	−0.095%	$18K	$241K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	91.992	−0.096%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.985	−0.103%	$2.0M	$42K	20x	as long as short
Ondo Perps WTI-USD.P	+0.0050%	1h	91.930	−0.163%	$3.5M	$6.5M	20x	as long as short
Pacifica CL	+0.0100%	1h	91.987	−0.101%	$332K	$573K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	91.961	−0.129%	$7.4M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.070	−0.011%	$55K	$265K	50x	as long as short
Paradex CL-USD-PERP	+0.0104%	8h	91.956	−0.135%	$15K	$367	5x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.971	−0.118%	$4K	$49	10x	as long as short
tradeXYZ xyz:CL	+0.0126%	1h	91.992	−0.096%	$182.4M	$296.3M	20x	as long as short
Nado WTI-PERP	+0.0177%	1h	91.997	−0.090%	$879K	$792K	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0212% / S −0.0127%	1h	92.005	−0.081%	$76K	—	29x	as long as short
BloFin CL-USDT	+0.0240%	4h	91.960	−0.130%	$4.0M	$1.5M	50x	as long as short
RISEx CL/USDC	+0.0266%	1h	92.132	+0.057%	$3.2M	$2.7M	20x	as long as short