Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0403%/8h= +44.1% APRpaid last 24h +0.006%

Price spread now: Bitget against Deribit−0.017%7-day average −0.012% · you buy dearer than you sell

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

Net, price: spread back to 7d avg − costs−$26as in the Price arb table

costs, in and out, $10k−$260.257% of the position

Long on Deribit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.030%−$3 on $10k

Price spread, last 3 days (all we have)+0.062%+$6 · spread now −0.017%, 7d avg −0.012%

Together, before fees+0.032%+$3 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.012%, so right now this pair is about funding alone: +$12 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 -0.030% in total (about -3.0% 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	91.870	−0.0403	get 0.0050% / 1h	36m 44s	$95K	$260K	15x
Short	Bitget CLUSDT	91.854	0	get 0.0000% / 4h	1h 36m	$42.1M	$58.9M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −0.017%Rate

Funding earned: $84.56
Price spread: −0.017% → −0.012%: −$0.51
Slippage, 4 orders: −$6.66
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bitget: 6 bp × 2 orders: −$12
Net: $58.39
Costs to cover: 0.257%
Break-even: 2.2 days

Slippage from Deribit: live order book, 47 min ago; Bitget: 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 Deribit live order book, 47 min ago	0.54 bp	4.0 bp −$4	5.9 bp −$59	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	0.16 bp	6.3 bp −$6	9.0 bp −$90	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
Deribit WTIOIL_USDC-PERPETUALlong	−0.0403%	1h	91.870	long leg	$95K	$260K	15x
Lighter WTI	−0.0328%	1h	91.828	−0.046%	$11.0M	$11.2M	20x	as long as short
Nado WTI-PERP	−0.0209%	1h	91.932	+0.068%	$914K	$755K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0199%	1h	91.820	−0.054%	$3.5M	$6.4M	20x	as long as short
Aftermath Perps WTIUSD	−0.0193%	1h	91.855	−0.017%	$2K	$30K	5x	as long as short
tradeXYZ xyz:CL	−0.0178%	1h	91.878	+0.009%	$184.9M	$283.8M	20x	as long as short
Bullet WTIOIL-USD	−0.0159%	1h	91.846	−0.026%	$19K	$240K	10x	as long as short
ApeX Omni CLUSDT	−0.0114%	1h	91.910	+0.044%	$55K	$266K	50x	as long as short
Paradex CL-USD-PERP	−0.0095%	8h	91.837	−0.036%	$15K	$367	5x	as long as short
Extended WTI-USD	−0.0056%	1h	91.920	+0.054%	$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	−0.0031%	1h	91.852	−0.020%	$1.6M	$1.4M	20x	as long as short
Aster CLUSD1	−0.0030%	4h	91.870	0.000%	$23.9M	$78.5M	20x	as long as short
GRVT CL_USDT_Perp	−0.0028%	4h	91.822	−0.052%	$58K	$726K	25x	as long as short
dYdX WTI-USD	0.0000%	1h	91.863	−0.008%	$8K	$3K	5x	as long as short
Binance CLUSDT	0.0000%	4h	91.850	−0.022%	$245.1M	$1.12B	100x	as long as short
Bybit CLUSDT	0.0000%	8h	91.870	0.000%	$25.3M	$97.9M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	91.860	−0.011%	$43.1M	$114.4M	50x	as long as short
QFEX CL-USD	0.0000%	1h	91.850	−0.022%	$2.4M	$2.5M	10x	as long as short
Gate CL_USDT	0.0000%	8h	91.800	−0.076%	$21.2M	$58.9M	100x	as long as short
Bitget CLUSDTshort	0.0000%	4h	91.854	−0.017%	$42.1M	$58.9M	100x
Variational Omni CL	0.0000%	4h	91.804	−0.071%	$13.4M	$14.0M	—	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.453	−0.454%	$4K	—	10x	as long as short
Phoenix WTIOIL	+0.0009%	1h	91.930	+0.065%	$33K	$99K	20x	as long as short
StandX CL-USD	+0.0033%	1h	91.840	−0.033%	$722K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	91.960	+0.098%	—	$243K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.855	−0.016%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0072%	4h	91.863	−0.008%	$528K	$341K	30x	as long as short
Pacifica CL	+0.0100%	1h	91.868	−0.002%	$330K	$575K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	91.884	+0.015%	$7.3M	$2.1M	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.826	−0.047%	$4K	—	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0112%	1h	91.720	−0.163%	$384K	$1.2M	15x	as long as short
Injective WTI/USDC PERP	+0.0172%	1h	100.99	+9.930%	$19K	$18K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	91.845	−0.027%	$76K	—	29x	as long as short
BloFin CL-USDT	+0.0240%	4h	91.850	−0.022%	$4.0M	$1.5M	50x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0451%	1h	91.855	−0.017%	$256K	$1.2M	25x	as long as short
RISEx CL/USDC	+0.0977%	1h	91.962	+0.100%	$3.2M	$2.7M	20x	as long as short