Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0887%/8h= +97.1% APRpaid last 24h +0.110%

Price spread now: BloFin against Deribit+0.011%57s7-day average −0.024% · 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—prices read too far apart to compare

costs, in and out, $10k−$230.233% of the position

Long on Deribit Short on BloFin

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.255%+$25 on $10k

Price spread, last 4 days (all we have)−0.028%−$3 · spread now +0.011%, 7d avg −0.024%

Together, before fees+0.227%+$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$27 a day on $10k at the current rate, and BloFin is 0.035% dearer against Deribit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.024%. The two prices were read 57 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid 0.255% in total (about 24.0% 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	93.290	−0.0714	get 0.0089% / 1h	52m 01s	$197K	$372K	15x
Short	BloFin CL-USDT	93.300	0.0173	get 0.0086% / 4h	2h 52m	$4.0M	$985K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BloFin 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 BloFinbpOrdersPrice spread, now +0.011%Rate

Funding earned: $186.18
Price spread: +0.011% → −0.024%: $3.47
Slippage, 4 orders: −$4.28
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee BloFin: 6 bp × 2 orders: −$12
Net: $166.37
Costs to cover: 0.233%
Break-even: 0.7 days

Slippage from Deribit: live order book, 62 min ago; BloFin: live order book, 6 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, 62 min ago	0.54 bp	4.0 bp −$4	7.1 bp −$71	doesn't fit	doesn't fit
Sell BloFin live order book, 6 min ago	1.07 bp	7.1 bp −$7	7.9 bp −$79	11.5 bp −$1,150	25.3 bp −$12.7K

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	−0.0714%	1h	93.290	long leg	$197K	$372K	15x
GRVT CL_USDT_Perp	−0.0340%	4h	93.316	+0.028%	$58K	$649K	25x	as long as short
Aster CLUSD1	−0.0294%	4h	93.360	+0.075%	$24.3M	$66.5M	20x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0204%	1h	93.343	+0.056%	$282K	$962K	25x	as long as short
Binance CLUSDT	−0.0197%	4h	93.330	+0.043%	$246.5M	$936.5M	100x	as long as short
Variational Omni CL	−0.0180%	4h	93.309	+0.020%	$13.3M	$10.9M	—	as long as short
Ondo Perps WTI-USD.P	−0.0172%	1h	93.260	−0.032%	$3.5M	$5.3M	20x	as long as short
Aftermath Perps WTIUSD	−0.0137%	1h	93.325	+0.038%	$2K	$26K	5x	as long as short
Bitget CLUSDT	−0.0134%	4h	93.316	+0.028%	$42.1M	$43.1M	100x	as long as short
Nado WTI-PERP	−0.0129%	1h	93.411	+0.129%	$967K	$622K	10x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CL	−0.0082%	1h	93.332	+0.045%	$184.5M	$215.4M	20x	as long as short
edgeX CLUSDC	−0.0077%	4h	93.325	+0.038%	$525K	$305K	30x	as long as short
Gate CL_USDT	−0.0074%	8h	93.280	−0.011%	$21.6M	$49.1M	100x	as long as short
OKX CL-USDT-SWAP	−0.0068%	4h	93.340	+0.054%	$42.6M	$102.5M	50x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	93.160	−0.139%	$403K	$929K	15x	as long as short
QFEX CL-USD	−0.0032%	1h	93.320	+0.032%	$2.3M	$2.1M	10x	as long as short
Lighter WTI	−0.0016%	1h	93.322	+0.034%	$11.2M	$9.8M	20x	as long as short
Paradex CL-USD-PERP	−0.0012%	8h	93.333	+0.046%	$16K	$367	5x	as long as short
dYdX WTI-USD	0.0000%	1h	93.329	+0.042%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.340	+0.054%	$27.0M	$79.8M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.400	+0.117%	$3.1M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.370	+0.086%	$37K	$41K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.342	+0.055%	$19K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.893	−0.426%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0024%	1h	93.380	+0.096%	$2.0M	$18.1M	10x	as long as short
KuCoin CLUSDTM	+0.0030%	4h	93.351	+0.065%	$7.1M	$2.4M	50x	as long as short
StandX CL-USD	+0.0040%	1h	93.320	+0.032%	$738K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.350	+0.064%	—	$313K	10x	as long as short
Pacifica CL	+0.0047%	1h	93.352	+0.067%	$331K	$576K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.343	+0.057%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.335	+0.048%	$2.1M	$60K	20x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.290	0.000%	$54K	$267K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.303	+0.014%	$4K	—	10x	as long as short
BloFin CL-USDTshort	+0.0173%	4h	93.300	+0.011%	$4.0M	$985K	50x
Injective WTI/USDC PERP	+0.0220%	1h	102.57	+9.950%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0229% / S −0.0159%	1h	93.335	+0.048%	$82K	—	111x	as long as short