CL

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0449%/8h= −49.2% APRnext payment −$0.56 per $10,000 · paid last 24h −0.022%

Price spread now: Kraken Futures against Coinbase International+0.227%7-day average +0.103% · you sell dearer than you buy

Net, funding: paid 7d − costs−$48as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$340.335% of the position

Long on Coinbase International Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.146%−$15 on $10k

Price spread, last 3 days (all we have)−0.199%−$20 · spread now +0.227%, 7d avg +0.103%

Together, before fees−0.346%−$35 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.124% dearer against Coinbase International than usual: you sell high and buy low (spread +0.227% now, against its 7-day average of +0.103%): +$12 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 22 hours. At the pace of the last 7 days (−0.146% in total) that is about 5.9 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.146% in total (about -7.6% a year). A funding rate is set anew for every payment; at this rate the next one is about −$0.56 per $10,000. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International WTIOIL-PERP-INTX	92.030	0	get 0.0000% / 1h	21m 53s	$399K	$963K	15x
Short	Kraken Futures PF_WTIOILUSD	92.239	−0.0449	pay 0.0056% / 1h	21m 53s	$273K	$1.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.227%Rate

Funding earned: −$94.38
Price spread: +0.227% → +0.103%: $12.43
Slippage, 4 orders: −$13.5
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$115.45
Costs to cover: 0.335%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 32 min ago; Kraken Futures: live order book, 2 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, 32 min ago	1.09 bp	6.4 bp −$6	8.6 bp −$86	doesn't fit	doesn't fit
Sell Kraken Futures live order book, 2 min ago	3.04 bp	8.5 bp −$9	20.6 bp −$206	doesn't fit	doesn't fit

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
Kraken Futures PF_WTIOILUSDshort	−0.0449%	1h	92.239	+0.227%	$273K	$1.2M	25x
GRVT CL_USDT_Perp	−0.0316%	4h	92.230	+0.217%	$58K	$702K	25x	as long as short
Aster CLUSD1	−0.0269%	4h	92.200	+0.185%	$24.0M	$77.5M	20x	as long as short
Binance CLUSDT	−0.0184%	4h	92.181	+0.164%	$244.6M	$1.09B	100x	as long as short
Variational Omni CL	−0.0162%	4h	92.224	+0.211%	$13.4M	$12.5M	—	as long as short
Nado WTI-PERP	−0.0141%	1h	92.235	+0.222%	$925K	$737K	10x	as long as short
Lighter WTI	−0.0080%	1h	92.176	+0.159%	$11.2M	$10.9M	20x	as long as short
Paradex CL-USD-PERP	−0.0066%	8h	92.169	+0.151%	$15K	$367	5x	as long as short
QFEX CL-USD	−0.0054%	1h	92.210	+0.196%	$2.4M	$2.3M	10x	as long as short
tradeXYZ xyz:CL	−0.0052%	1h	92.183	+0.166%	$186.4M	$275.0M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps WTI-USD.P	−0.0052%	1h	92.190	+0.174%	$3.5M	$6.3M	20x	as long as short
Gate CL_USDT	−0.0031%	8h	92.110	+0.087%	$21.3M	$58.0M	100x	as long as short
Pacifica CL	−0.0020%	1h	92.191	+0.175%	$333K	$576K	10x	as long as short
dYdX WTI-USD	0.0000%	1h	92.274	+0.265%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.181	+0.164%	$25.9M	$94.3M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.190	+0.174%	$43.0M	$112.9M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.307	+0.301%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.167	+0.149%	$42.0M	$51.7M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.300	+0.293%	$37K	$101K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.196	+0.180%	$19K	$241K	10x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	0.0000%	1h	92.220	+0.206%	$96K	$189K	15x	as long as short
Coinbase International WTIOIL-PERP-INTXlong	0.0000%	1h	92.030	long leg	$399K	$963K	15x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.747	−0.308%	$5K	—	150x	as long as short
edgeX CLUSDC	+0.0016%	4h	92.258	+0.248%	$530K	$325K	30x	as long as short
Extended WTI-USD	+0.0032%	1h	92.225	+0.212%	$2.0M	$26.7M	10x	as long as short
StandX CL-USD	+0.0040%	1h	92.210	+0.196%	$721K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.230	+0.217%	—	$308K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.193	+0.177%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.186	+0.170%	$2.0M	$39K	20x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.202	+0.187%	$7.1M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.320	+0.315%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.175	+0.157%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0205% / S −0.0130%	1h	92.195	+0.179%	$77K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.18	+9.943%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.210	+0.196%	$4.0M	$1.4M	50x	as long as short
Aftermath Perps WTIUSD	+0.0299%	1h	92.207	+0.193%	$2K	$29K	5x	as long as short