Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0581%/8h= +63.6% APRpaid last 24h +0.026%

Price spread now: Binance against Deribit+0.023%7-day average +0.026% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$20as in the Price arb table

costs, in and out, $10k−$190.191% of the position

Long on Deribit Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.020%+$2 on $10k

Price spread, last 4 days (all we have)+0.112%+$11 · spread now +0.023%, 7d avg +0.026%

Together, before fees+0.132%+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.026%, so right now this pair is about funding alone: +$17 a day on $10k at the current rate.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.020% in total (about 1.9% a year). A funding rate is set anew for every payment. 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	Deribit WTIOIL_USDC-PERPETUAL	92.950	−0.0717	get 0.0090% / 1h	55m 48s	$188K	$406K	15x
Short	Binance CLUSDT	92.971	−0.0136	pay 0.0068% / 4h	3h 55m	$246.0M	$928.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Deribit. 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 DeribitbpFee BinancebpOrdersPrice spread, now +0.023%Rate

Funding earned: $122.04
Price spread: +0.023% → +0.026%: −$0.36
Slippage, 4 orders: −$2.15
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Binance: 5 bp × 2 orders: −$10
Net: $102.53
Costs to cover: 0.191%
Break-even: 1.1 days

Slippage from Deribit: live order book, 43 min ago; Binance: live order book, 3 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 Deribit live order book, 43 min ago	0.54 bp	4.0 bp −$4	6.2 bp −$62	doesn't fit	doesn't fit
Sell Binance live order book, 3 min ago	0.54 bp	5.5 bp −$6	5.6 bp −$56	8.0 bp −$801	25.7 bp −$12.9K

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-PERPETUALlong	−0.0717%	1h	92.950	long leg	$188K	$406K	15x
Kraken Futures PF_WTIOILUSD	−0.0313%	1h	92.997	+0.051%	$271K	$931K	25x	as long as short
Aster CLUSD1	−0.0244%	4h	93.012	+0.067%	$24.7M	$61.6M	20x	as long as short
Gate CL_USDT	−0.0189%	8h	92.890	−0.065%	$23.3M	$48.5M	100x	as long as short
GRVT CL_USDT_Perp	−0.0150%	4h	93.182	+0.250%	$75K	$614K	25x	as long as short
Binance CLUSDTshort	−0.0136%	4h	92.971	+0.023%	$246.0M	$928.9M	100x
Variational Omni CL	−0.0122%	4h	92.970	+0.021%	$13.5M	$10.7M	—	as long as short
Nado WTI-PERP	−0.0122%	1h	93.067	+0.126%	$953K	$613K	10x	as long as short
Bitget CLUSDT	−0.0094%	4h	92.960	+0.011%	$42.1M	$41.6M	100x	as long as short
tradeXYZ xyz:CL	−0.0092%	1h	92.982	+0.034%	$184.1M	$197.1M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps WTIUSD	−0.0081%	1h	93.098	+0.159%	$2K	$26K	5x	as long as short
OKX CL-USDT-SWAP	−0.0065%	4h	92.950	0.000%	$42.5M	$103.1M	50x	as long as short
Ondo Perps WTI-USD.P	−0.0059%	1h	92.960	+0.011%	$3.6M	$5.3M	20x	as long as short
QFEX CL-USD	−0.0026%	1h	92.990	+0.043%	$2.3M	$2.4M	10x	as long as short
edgeX CLUSDC	−0.0002%	4h	93.197	+0.265%	$534K	$332K	30x	as long as short
dYdX WTI-USD	0.0000%	1h	93.039	+0.095%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.971	+0.023%	$27.1M	$80.4M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.039	+0.096%	$3.0M	$2.8M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.120	+0.183%	$37K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.994	+0.047%	$18K	$239K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.573	−0.406%	$5K	—	150x	as long as short
Lighter WTI	+0.0008%	1h	92.970	+0.022%	$11.3M	$8.6M	20x	as long as short
Paradex CL-USD-PERP	+0.0010%	8h	92.981	+0.033%	$16K	$367	5x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0016%	1h	93.160	+0.226%	$404K	$808K	15x	as long as short
Extended WTI-USD	+0.0032%	1h	93.000	+0.054%	$1.7M	$14.8M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.150	+0.215%	$735K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.020	+0.075%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.013	+0.068%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.975	+0.027%	$2.1M	$62K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.012	+0.067%	$347K	$587K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.993	+0.046%	$7.0M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.260	+0.334%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.958	+0.009%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0166% / S 0.0000%	1h	92.985	+0.038%	$85K	—	111x	as long as short
BloFin CL-USDT	+0.0177%	4h	93.070	+0.129%	$4.1M	$1.0M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.13	+9.881%	$19K	$5K	30x	as long as short