Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0534%/8h= +58.5% APRpaid last 24h +0.021%

Price spread now: OKX against Deribit+0.075%56s7-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—prices read too far apart to compare

costs, in and out, $10k−$200.196% of the position

Long on Deribit Short on OKX

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.019%−$2 on $10k

Price spread, last 4 days (all we have)+0.259%+$26 · spread now +0.075%, 7d avg −0.010%

Together, before fees+0.240%+$24 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$16 a day on $10k at the current rate, and OKX is 0.085% dearer against Deribit than usual: you sell high and buy low: +$9 more if the spread goes back to its 7-day average of −0.010%. The two prices were read 56 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 -0.019% 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	92.850	−0.0611	get 0.0076% / 1h	11m 20s	$198K	$369K	15x
Short	OKX CL-USDT-SWAP	92.920	−0.0076	pay 0.0038% / 4h	1h 11m	$42.8M	$102.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

OKX 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 OKXbpOrdersPrice spread, now +0.075%Rate

Funding earned: $112.22
Price spread: +0.075% → −0.010%: $8.55
Slippage, 4 orders: −$2.63
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee OKX: 5 bp × 2 orders: −$10
Net: $101.13
Costs to cover: 0.196%
Break-even: 0.7 days

Slippage from Deribit: live order book, 52 min ago; OKX: 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, 52 min ago	0.54 bp	4.0 bp −$4	6.9 bp −$69	doesn't fit	doesn't fit
Sell OKX live order book, 3 min ago	0.54 bp	6.0 bp −$6	6.8 bp −$68	12.7 bp −$1,274	100.8 bp −$50.4K

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	−0.0611%	1h	92.850	long leg	$198K	$369K	15x
Aster CLUSD1	−0.0261%	4h	92.900	+0.054%	$24.0M	$67.9M	20x	as long as short
GRVT CL_USDT_Perp	−0.0244%	4h	92.900	+0.054%	$53K	$635K	25x	as long as short
Binance CLUSDT	−0.0206%	4h	92.910	+0.065%	$244.7M	$952.3M	100x	as long as short
Variational Omni CL	−0.0195%	4h	92.857	+0.007%	$13.5M	$11.2M	—	as long as short
Ondo Perps WTI-USD.P	−0.0164%	1h	92.890	+0.043%	$3.5M	$5.6M	20x	as long as short
Nado WTI-PERP	−0.0153%	1h	92.988	+0.148%	$961K	$658K	10x	as long as short
OKX CL-USDT-SWAPshort	−0.0076%	4h	92.920	+0.075%	$42.8M	$102.0M	50x
Gate CL_USDT	−0.0072%	8h	92.860	+0.011%	$20.9M	$53.0M	100x	as long as short
tradeXYZ xyz:CL	−0.0072%	1h	92.911	+0.066%	$184.5M	$217.5M	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	−0.0065%	1h	92.935	+0.091%	$2K	$27K	5x	as long as short
Extended WTI-USD	−0.0064%	1h	92.950	+0.108%	$2.1M	$22.2M	10x	as long as short
edgeX CLUSDC	−0.0064%	4h	92.914	+0.069%	$529K	$301K	30x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.750	−0.108%	$402K	$944K	15x	as long as short
QFEX CL-USD	−0.0032%	1h	92.890	+0.043%	$2.5M	$1.7M	10x	as long as short
Bitget CLUSDT	−0.0002%	4h	92.892	+0.045%	$42.1M	$43.4M	100x	as long as short
Lighter WTI	0.0000%	1h	92.919	+0.074%	$11.2M	$10.5M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	92.937	+0.093%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.910	+0.065%	$26.5M	$80.9M	150x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.950	+0.108%	$37K	$42K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.918	+0.074%	$19K	$242K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.473	−0.406%	$5K	—	150x	as long as short
KuCoin CLUSDTM	+0.0010%	4h	92.898	+0.052%	$7.3M	$2.3M	50x	as long as short
Paradex CL-USD-PERP	+0.0011%	8h	92.918	+0.073%	$16K	$367	5x	as long as short
StandX CL-USD	+0.0040%	1h	92.890	+0.043%	$733K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.940	+0.097%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.917	+0.072%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.885	+0.038%	$2.1M	$61K	20x	as long as short
RISEx CL/USDC	+0.0066%	1h	93.004	+0.166%	$3.1M	$2.9M	20x	as long as short
Pacifica CL	+0.0100%	1h	92.924	+0.080%	$331K	$619K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.960	+0.118%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.861	+0.012%	$4K	—	10x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0105%	1h	92.909	+0.063%	$273K	$872K	25x	as long as short
BloFin CL-USDT	+0.0168%	4h	92.900	+0.054%	$4.1M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.905	+0.059%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.10	+9.960%	$19K	$11K	30x	as long as short