Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC−0.0112%/8h= −12.3% APRpaid last 24h −0.035%

Price spread now: Gate against Coinbase International+0.098%7-day average +0.030% · you sell dearer than you buy

Net, funding: paid 7d − costs−$61as in the Funding arb table

Net, price: spread back to 7d avg − costs−$29as in the Price arb table

costs, in and out, $10k−$360.357% of the position

Long on Coinbase International Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.257%−$26 on $10k

Price spread, last 3 days (all we have)−0.039%−$4 · spread now +0.098%, 7d avg +0.030%

Together, before fees−0.296%−$30 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Gate is 0.068% dearer against Coinbase International than usual: you sell high and buy low (spread +0.098% now, against its 7-day average of +0.030%): +$7 on $10k if it goes back. Holding the pair costs −$3 a day in funding at the current rate, which eats that in about 2.0 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International WTIOIL-PERP-INTX	91.720	0.0112	pay 0.0014% / 1h	37m 48s	$384K	$1.2M	15x
Short	Gate CL_USDT	91.810	0	get 0.0000% / 8h	1h 37m	$21.2M	$58.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate 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 GatebpOrdersPrice spread, now +0.098%Rate

Funding earned: −$23.52
Price spread: +0.098% → +0.030%: $6.77
Slippage, 4 orders: −$10.68
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$52.43
Costs to cover: 0.357%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 1 min ago; Gate: 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 Coinbase International live order book, 1 min ago	2.18 bp	7.2 bp −$7	9.3 bp −$93	doesn't fit	doesn't fit
Sell Gate live order book, 1 min ago	0.55 bp	10.1 bp −$10	15.5 bp −$155	31.7 bp −$3,171	38.7 bp −$19.3K

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	−0.0403%	1h	91.860	+0.153%	$95K	$260K	15x	as long as short
Lighter WTI	−0.0328%	1h	91.825	+0.114%	$11.0M	$11.2M	20x	as long as short
Nado WTI-PERP	−0.0209%	1h	91.906	+0.202%	$908K	$753K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0201%	1h	91.800	+0.087%	$3.5M	$6.4M	20x	as long as short
Aftermath Perps WTIUSD	−0.0190%	1h	91.855	+0.147%	$2K	$30K	5x	as long as short
tradeXYZ xyz:CL	−0.0183%	1h	91.875	+0.169%	$184.9M	$283.8M	20x	as long as short
ApeX Omni CLUSDT	−0.0180%	1h	91.910	+0.207%	$55K	$266K	50x	as long as short
Bullet WTIOIL-USD	−0.0159%	1h	91.840	+0.131%	$19K	$240K	10x	as long as short
Paradex CL-USD-PERP	−0.0093%	8h	91.840	+0.130%	$15K	$367	5x	as long as short
Extended WTI-USD	−0.0056%	1h	91.940	+0.240%	$2.0M	$29.1M	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps WTIOIL-USD	−0.0030%	1h	91.852	+0.144%	$1.6M	$1.4M	20x	as long as short
Aster CLUSD1	−0.0021%	4h	91.875	+0.169%	$23.9M	$78.5M	20x	as long as short
GRVT CL_USDT_Perp	−0.0008%	4h	91.794	+0.081%	$58K	$726K	25x	as long as short
dYdX WTI-USD	0.0000%	1h	91.863	+0.156%	$8K	$3K	5x	as long as short
Binance CLUSDT	0.0000%	4h	91.843	+0.134%	$245.1M	$1.13B	100x	as long as short
Bybit CLUSDT	0.0000%	8h	91.881	+0.176%	$25.3M	$97.9M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	91.860	+0.153%	$43.1M	$114.4M	50x	as long as short
QFEX CL-USD	0.0000%	1h	91.850	+0.142%	$2.4M	$2.5M	10x	as long as short
Gate CL_USDTshort	0.0000%	8h	91.810	+0.098%	$21.2M	$58.9M	100x
Bitget CLUSDT	0.0000%	4h	91.857	+0.149%	$42.1M	$59.5M	100x	as long as short
Variational Omni CL	0.0000%	4h	91.804	+0.092%	$13.4M	$14.0M	—	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.444	−0.301%	$4K	—	10x	as long as short
Phoenix WTIOIL	+0.0009%	1h	91.900	+0.196%	$33K	$99K	20x	as long as short
StandX CL-USD	+0.0040%	1h	91.820	+0.109%	$722K	$3.1M	40x	as long as short
edgeX CLUSDC	+0.0044%	4h	91.836	+0.127%	$528K	$341K	30x	as long as short
Vest CL-PERP	+0.0046%	1h	91.960	+0.262%	—	$243K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.845	+0.136%	$2.0M	$39K	20x	as long as short
Pacifica CL	+0.0100%	1h	91.851	+0.142%	$329K	$575K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	91.884	+0.179%	$7.3M	$2.1M	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.820	+0.109%	$4K	—	10x	as long as short
Coinbase International WTIOIL-PERP-INTXlong	+0.0112%	1h	91.720	long leg	$384K	$1.2M	15x
Injective WTI/USDC PERP	+0.0172%	1h	101.08	+10.203%	$19K	$18K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	91.835	+0.125%	$76K	—	29x	as long as short
BloFin CL-USDT	+0.0240%	4h	91.840	+0.131%	$4.0M	$1.5M	50x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0451%	1h	91.841	+0.132%	$256K	$1.2M	25x	as long as short
RISEx CL/USDC	+0.0977%	1h	91.960	+0.261%	$3.2M	$2.7M	20x	as long as short