Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.003%

Price spread now: OKX against Coinbase International+0.086%55s7-day average +0.114% · you sell dearer than you buy

Net, funding: paid 7d − costs−$16as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$270.271% of the position

Long on Coinbase International Short on OKX

What this pair did over the last

the charts below follow

Funding, last 7 days+0.112%+$11 on $10k

Price spread, last 4 days (all we have)+0.019%+$2 · spread now +0.086%, 7d avg +0.114%

Together, before fees+0.131%+$13 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 OKX is 0.028% cheaper against Coinbase International than usual: you would sell low and buy high (−$3 if the spread goes back to its 7-day average of +0.114%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.112%, so the current rate has only just turned against you. The two prices were read 55 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Coinbase International WTIOIL-PERP-INTX	93.500	−0.0008	get 0.0001% / 1h	57m 20s	$404K	$931K	15x
Short	OKX CL-USDT-SWAP	93.580	−0.0032	pay 0.0016% / 4h	1h 57m	$42.7M	$102.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.086%Rate

Funding earned: −$5.01
Price spread: +0.086% → +0.114%: −$2.8
Slippage, 4 orders: −$7.05
Fee Coinbase International: 5 bp × 2 orders: −$10
Fee OKX: 5 bp × 2 orders: −$10
Net: −$34.87
Costs to cover: 0.271%
Break-even: never at this rate

Slippage from Coinbase International: live order book, 26 min ago; OKX: 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, 26 min ago	1.61 bp	8.6 bp −$9	11.0 bp −$110	doesn't fit	doesn't fit
Sell OKX live order book, 2 min ago	0.54 bp	5.5 bp −$6	6.1 bp −$61	11.5 bp −$1,153	123.0 bp −$61.5K

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	−0.0391%	1h	93.550	+0.053%	$197K	$379K	15x	as long as short
Aster CLUSD1	−0.0273%	4h	93.610	+0.118%	$24.5M	$64.5M	20x	as long as short
GRVT CL_USDT_Perp	−0.0272%	4h	93.479	−0.022%	$58K	$629K	25x	as long as short
Binance CLUSDT	−0.0163%	4h	93.580	+0.086%	$246.5M	$930.6M	100x	as long as short
Variational Omni CL	−0.0158%	4h	93.468	−0.035%	$13.4M	$10.8M	—	as long as short
Aftermath Perps WTIUSD	−0.0148%	1h	93.502	+0.002%	$2K	$26K	5x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0137%	1h	93.568	+0.073%	$286K	$959K	25x	as long as short
Bitget CLUSDT	−0.0116%	4h	93.601	+0.108%	$42.2M	$42.8M	100x	as long as short
Gate CL_USDT	−0.0086%	8h	93.500	0.000%	$22.2M	$48.0M	100x	as long as short
edgeX CLUSDC	−0.0051%	4h	93.497	−0.003%	$526K	$305K	30x	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	−0.0038%	1h	93.520	+0.021%	$3.5M	$5.4M	20x	as long as short
tradeXYZ xyz:CL	−0.0035%	1h	93.566	+0.071%	$184.9M	$212.6M	20x	as long as short
OKX CL-USDT-SWAPshort	−0.0032%	4h	93.580	+0.086%	$42.7M	$102.0M	50x
Nado WTI-PERP	−0.0029%	1h	93.620	+0.128%	$972K	$629K	10x	as long as short
QFEX CL-USD	−0.0023%	1h	93.560	+0.064%	$2.3M	$2.5M	10x	as long as short
Coinbase International WTIOIL-PERP-INTXlong	−0.0008%	1h	93.500	long leg	$404K	$931K	15x
dYdX WTI-USD	0.0000%	1h	93.589	+0.095%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.600	+0.107%	$27.2M	$79.4M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.633	+0.143%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.570	+0.075%	$38K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.576	+0.081%	$19K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.123	−0.403%	$5K	—	150x	as long as short
Lighter WTI	+0.0016%	1h	93.577	+0.082%	$11.3M	$9.6M	20x	as long as short
Paradex CL-USD-PERP	+0.0024%	8h	93.557	+0.061%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	93.620	+0.128%	$2.0M	$16.4M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.500	0.000%	$740K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.570	+0.075%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.582	+0.088%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.570	+0.075%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.579	+0.085%	$333K	$577K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.595	+0.102%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.540	+0.043%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.572	+0.077%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0206%	4h	93.480	−0.021%	$4.0M	$979K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.74	+9.887%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0242% / S −0.0176%	1h	93.585	+0.091%	$84K	—	111x	as long as short