Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 21:00 UTC+0.0060%/8h= +6.6% APRpaid last 24h +0.031%

Price spread now: KuCoin against Coinbase International−0.127%7-day average +0.110% · you buy dearer than you sell

Net, funding: paid 7d − costs−$8as in the Funding arb table

Net, price: spread back to 7d avg − costs−$65as in the Price arb table

costs, in and out, $10k−$410.411% of the position

Long on Coinbase International Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.331%+$33 on $10k

Price spread, last 3 days (all we have)+0.271%+$27 · spread now −0.127%, 7d avg +0.110%

Together, before fees+0.603%+$60 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.238% cheaper against Coinbase International than usual: you would sell low and buy high (spread −0.127% now, against its 7-day average of +0.110%). If the spread goes back, that is −$24 on $10k: about 13 days of funding at the current rate (+$2 a day). At the pace of the last 7 days (+0.331% in total) that is about 5.0 days.

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	59m 46s	$393K	$1.3M	15x
Short	KuCoin CLUSDTM	91.963	0.0100	get 0.0050% / 4h	1h 59m	$7.3M	$2.1M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.127%Rate

Funding earned: $12.6
Price spread: −0.127% → +0.110%: −$23.75
Slippage, 4 orders: −$19.13
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$52.29
Costs to cover: 0.411%
Break-even: 36.0 days

Slippage from Coinbase International: live order book, 4 min ago; KuCoin: live order book, 8 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, 4 min ago	0.54 bp	5.5 bp −$6	9.3 bp −$93	doesn't fit	doesn't fit
Sell KuCoin live order book, 8 min ago	3.32 bp	15.1 bp −$15	87.5 bp −$875	doesn't fit	doesn't fit

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	91.950	−0.141%	$2.4M	$2.7M	10x	as long as short
Aster CLUSD1	0.0000%	4h	91.993	−0.095%	$24.4M	$77.8M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	91.937	−0.155%	$8K	$3K	5x	as long as short
Binance CLUSDT	0.0000%	4h	91.988	−0.099%	$246.5M	$1.13B	100x	as long as short
Bybit CLUSDT	0.0000%	8h	91.986	−0.102%	$25.2M	$99.7M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	91.990	−0.098%	$43.0M	$116.5M	50x	as long as short
Gate CL_USDT	0.0000%	8h	91.930	−0.163%	$21.2M	$63.4M	100x	as long as short
Bitget CLUSDT	0.0000%	4h	91.987	−0.101%	$42.1M	$66.9M	100x	as long as short
Variational Omni CL	0.0000%	4h	91.952	−0.139%	$13.4M	$16.0M	—	as long as short
GRVT CL_USDT_Perp	0.0000%	4h	91.941	−0.151%	$58K	$773K	25x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bullet WTIOIL-USD	0.0000%	1h	91.976	−0.113%	$17K	$240K	10x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	0.0000%	1h	92.000	−0.087%	$95K	$260K	15x	as long as short
Aftermath Perps WTIUSD	+0.0001%	1h	91.900	−0.195%	$2K	$31K	5x	as long as short
Phoenix WTIOIL	+0.0009%	1h	91.990	−0.098%	$33K	$99K	20x	as long as short
Paradex CL-USD-PERP	+0.0017%	8h	91.942	−0.150%	$15K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	91.886	−0.211%	$11.0M	$11.0M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	91.958	−0.132%	$2.0M	$29.5M	10x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	91.880	−0.217%	$17K	$18K	30x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0040%	1h	92.003	−0.083%	$257K	$1.3M	25x	as long as short
StandX CL-USD	+0.0040%	1h	91.960	−0.130%	$723K	$3.1M	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
tradeXYZ xyz:CL	+0.0050%	1h	91.949	−0.142%	$182.5M	$289.9M	20x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	91.950	−0.141%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.963	−0.127%	$2.0M	$39K	20x	as long as short
Ondo Perps WTI-USD.P	+0.0050%	1h	91.940	−0.152%	$3.5M	$6.5M	20x	as long as short
edgeX CLUSDC	+0.0058%	4h	91.956	−0.134%	$529K	$342K	30x	as long as short
Pacifica CL	+0.0100%	1h	91.959	−0.131%	$336K	$573K	10x	as long as short
KuCoin CLUSDTMshort	+0.0100%	4h	91.963	−0.127%	$7.3M	$2.1M	50x
ApeX Omni CLUSDT	+0.0100%	1h	91.930	−0.163%	$55K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.964	−0.126%	$4K	—	10x	as long as short
Nado WTI-PERP	+0.0176%	1h	91.936	−0.157%	$881K	$787K	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0212% / S −0.0127%	1h	91.995	−0.092%	$76K	—	29x	as long as short
BloFin CL-USDT	+0.0240%	4h	91.940	−0.152%	$4.0M	$1.5M	50x	as long as short
RISEx CL/USDC	+0.0266%	1h	92.076	−0.005%	$3.2M	$2.7M	20x	as long as short