Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0040%/8h= +4.4% APRpaid last 24h 0.000%

Price spread now: Bybit against Coinbase International+0.206%7-day average +0.113% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

Net, price: spread back to 7d avg − costs−$19as in the Price arb table

costs, in and out, $10k−$280.279% of the position

Long on Coinbase International Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.083%−$8 on $10k

Price spread, last 4 days (all we have)−0.116%−$12 · spread now +0.206%, 7d avg +0.113%

Together, before fees−0.198%−$20 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bybit is 0.093% dearer against Coinbase International than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of +0.113%. Mind the row above: over the last 7 days funding on this pair cost −0.083%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International WTIOIL-PERP-INTX	93.160	−0.0040	get 0.0005% / 1h	9m 39s	$403K	$929K	15x
Short	Bybit CLUSDT	93.352	0	get 0.0000% / 8h	3h 09m	$26.9M	$80.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.206%Rate

Funding earned: $8.4
Price spread: +0.206% → +0.113%: $9.27
Slippage, 4 orders: −$6.89
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$10.22
Costs to cover: 0.279%
Break-even: 15.5 days

Slippage from Coinbase International: live order book, 19 min ago; Bybit: live order book, 4 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, 19 min ago	1.07 bp	9.0 bp −$9	10.4 bp −$104	doesn't fit	doesn't fit
Sell Bybit live order book, 4 min ago	0.54 bp	6.0 bp −$6	7.2 bp −$72	15.5 bp −$1,548	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	−0.0607%	1h	93.300	+0.150%	$198K	$371K	15x	as long as short
GRVT CL_USDT_Perp	−0.0338%	4h	93.280	+0.129%	$58K	$656K	25x	as long as short
Aster CLUSD1	−0.0282%	4h	93.375	+0.231%	$24.3M	$65.9M	20x	as long as short
Binance CLUSDT	−0.0189%	4h	93.340	+0.193%	$246.5M	$940.0M	100x	as long as short
Variational Omni CL	−0.0173%	4h	93.308	+0.159%	$13.3M	$10.9M	—	as long as short
Aftermath Perps WTIUSD	−0.0134%	1h	93.298	+0.148%	$2K	$26K	5x	as long as short
Bitget CLUSDT	−0.0130%	4h	93.336	+0.189%	$42.0M	$43.2M	100x	as long as short
Ondo Perps WTI-USD.P	−0.0128%	1h	93.280	+0.129%	$3.5M	$5.4M	20x	as long as short
Nado WTI-PERP	−0.0113%	1h	93.394	+0.251%	$966K	$629K	10x	as long as short
edgeX CLUSDC	−0.0069%	4h	93.266	+0.114%	$524K	$305K	30x	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	−0.0068%	8h	93.290	+0.140%	$21.4M	$51.5M	100x	as long as short
OKX CL-USDT-SWAP	−0.0065%	4h	93.340	+0.193%	$42.7M	$103.1M	50x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0061%	1h	93.352	+0.206%	$282K	$959K	25x	as long as short
tradeXYZ xyz:CL	−0.0060%	1h	93.337	+0.190%	$184.7M	$217.0M	20x	as long as short
Coinbase International WTIOIL-PERP-INTXlong	−0.0040%	1h	93.160	long leg	$403K	$929K	15x
QFEX CL-USD	−0.0033%	1h	93.330	+0.182%	$2.3M	$2.0M	10x	as long as short
Paradex CL-USD-PERP	−0.0025%	8h	93.316	+0.168%	$16K	$367	5x	as long as short
Phoenix WTIOIL	−0.0009%	1h	93.310	+0.161%	$37K	$41K	20x	as long as short
Lighter WTI	0.0000%	1h	93.337	+0.190%	$11.2M	$10.4M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.329	+0.182%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	93.352	+0.206%	$26.9M	$80.1M	150x
RISEx CL/USDC	0.0000%	1h	93.406	+0.264%	$3.1M	$2.9M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.332	+0.185%	$19K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.895	−0.284%	$5K	—	150x	as long as short
KuCoin CLUSDTM	+0.0012%	4h	93.357	+0.211%	$7.1M	$2.4M	50x	as long as short
Extended WTI-USD	+0.0016%	1h	93.380	+0.236%	$2.0M	$18.4M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.170	+0.011%	$736K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.340	+0.193%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.323	+0.175%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.337	+0.190%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.348	+0.202%	$331K	$579K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.340	+0.193%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.296	+0.146%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0176%	4h	93.320	+0.172%	$4.0M	$997K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.37	+9.887%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0224% / S −0.0152%	1h	93.335	+0.188%	$81K	—	111x	as long as short