Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0612%/8h= +67.0% APRpaid last 24h +0.021%

Price spread now: Bybit against Deribit+0.022%7-day average −0.010% · 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−$18as in the Price arb table

costs, in and out, $10k−$210.207% of the position

Long on Deribit Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.058%−$6 on $10k

Price spread, last 4 days (all we have)+0.303%+$30 · spread now +0.022%, 7d avg −0.010%

Together, before fees+0.244%+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$18 a day on $10k at the current rate, and Bybit is 0.031% dearer against Deribit than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.010%. Mind the row above: over the last 4 days funding on this pair cost −0.058%, so the current rate has only just turned in your favour.

The current funding rate is far above what this pair has been paying: over the last 4 days it paid -0.058% in total (about -5.7% 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	92.730	−0.0612	get 0.0076% / 1h	38m 04s	$198K	$369K	15x
Short	Bybit CLUSDT	92.750	0	get 0.0000% / 8h	5h 38m	$26.6M	$81.1M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.022%Rate

Funding earned: $128.52
Price spread: +0.022% → −0.010%: $3.14
Slippage, 4 orders: −$2.71
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $110.94
Costs to cover: 0.207%
Break-even: 1.0 days

Slippage from Deribit: live order book, 26 min ago; Bybit: live order book, 1 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, 26 min ago	0.54 bp	4.0 bp −$4	6.9 bp −$69	doesn't fit	doesn't fit
Sell Bybit live order book, 1 min ago	0.54 bp	6.0 bp −$6	7.1 bp −$71	16.0 bp −$1,604	101.1 bp −$50.6K

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	−0.0612%	1h	92.730	long leg	$198K	$369K	15x
Aster CLUSD1	−0.0244%	4h	92.762	+0.034%	$23.9M	$69.1M	20x	as long as short
GRVT CL_USDT_Perp	−0.0220%	4h	92.820	+0.097%	$61K	$633K	25x	as long as short
Binance CLUSDT	−0.0209%	4h	92.740	+0.011%	$244.1M	$956.0M	100x	as long as short
Variational Omni CL	−0.0203%	4h	92.777	+0.051%	$13.6M	$11.1M	—	as long as short
Ondo Perps WTI-USD.P	−0.0163%	1h	92.690	−0.043%	$3.5M	$5.6M	20x	as long as short
Nado WTI-PERP	−0.0141%	1h	92.819	+0.096%	$960K	$664K	10x	as long as short
Gate CL_USDT	−0.0093%	8h	92.690	−0.043%	$20.9M	$52.4M	100x	as long as short
tradeXYZ xyz:CL	−0.0069%	1h	92.756	+0.028%	$184.4M	$218.0M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.750	+0.022%	$402K	$944K	15x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX CL-USDT-SWAP	−0.0034%	4h	92.730	0.000%	$42.7M	$102.0M	50x	as long as short
QFEX CL-USD	−0.0032%	1h	92.740	+0.011%	$2.5M	$1.7M	10x	as long as short
Aftermath Perps WTIUSD	−0.0026%	1h	92.819	+0.096%	$2K	$27K	5x	as long as short
edgeX CLUSDC	−0.0011%	4h	92.800	+0.075%	$528K	$301K	30x	as long as short
Lighter WTI	0.0000%	1h	92.762	+0.035%	$11.2M	$10.4M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.838	+0.116%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	92.750	+0.022%	$26.6M	$81.1M	150x
Bitget CLUSDT	0.0000%	4h	92.733	+0.003%	$41.9M	$43.3M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.820	+0.097%	$37K	$42K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.758	+0.030%	$18K	$242K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.328	−0.434%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0008%	1h	92.790	+0.065%	$2.1M	$23.0M	10x	as long as short
Paradex CL-USD-PERP	+0.0024%	8h	92.743	+0.014%	$16K	$367	5x	as long as short
StandX CL-USD	+0.0040%	1h	92.430	−0.324%	$726K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.800	+0.075%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.767	+0.040%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.755	+0.027%	$2.1M	$61K	20x	as long as short
KuCoin CLUSDTM	+0.0052%	4h	92.764	+0.037%	$7.3M	$2.3M	50x	as long as short
RISEx CL/USDC	+0.0066%	1h	92.862	+0.142%	$3.3M	$2.7M	20x	as long as short
Pacifica CL	+0.0100%	1h	92.747	+0.018%	$331K	$618K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.800	+0.075%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.725	−0.006%	$4K	—	10x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0105%	1h	92.751	+0.022%	$273K	$872K	25x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.755	+0.027%	$78K	—	111x	as long as short
BloFin CL-USDT	+0.0209%	4h	92.790	+0.065%	$4.0M	$1.1M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.95	+9.947%	$19K	$11K	30x	as long as short