Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0294%/8h= +32.2% APRpaid last 24h +0.003%

Price spread now: Variational Omni against Deribit−0.071%7-day average −0.022% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Deribit Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.018%−$2 on $10k

Price spread, last 3 days (all we have)+0.132%+$13 · spread now −0.071%, 7d avg −0.022%

Together, before fees+0.114%+ Points / potential airdropVariational Omni: Active · farm board+$11 on $10k · with fees, hour by hour

Funding pays, the price is against you. Variational Omni is 0.049% cheaper against Deribit than usual: you would sell low and buy high (spread −0.071% now, against its 7-day average of −0.022%). If the spread goes back, that is −$5 on $10k: about 13 hours of funding at the current rate (+$9 a day).

The current funding rate is far above what this pair has been paying: over the last 3 days it paid -0.018% in total (about -2.0% 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	91.900	−0.0294	get 0.0037% / 1h	33m 11s	$95K	$260K	15x
Short	Variational Omni CL	91.834	0	get 0.0000% / 4h	1h 33m	$13.4M	$13.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.071%Rate

Funding earned: $61.69
Price spread: −0.071% → −0.022%: −$4.88
Slippage, 4 orders: no order book: not counted
Fee Deribit: 3.5 bp × 2 orders: −$7
Fee Variational Omni: 0 bp × 2 orders: $0
Net: $49.81
Costs to cover: 0.070%
Break-even: 1.3 days

Slippage unknown: Deribit: live order book, 50 min ago; Variational Omni: RFQ quote, 1 min ago. Net counts fees only.

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, 50 min ago	0.54 bp	4.0 bp −$4	5.9 bp −$59	doesn't fit	doesn't fit
Sell Variational Omni RFQ quote, 1 min ago	2.28 bp	doesn't fit	2.3 bp −$23	6.8 bp −$682	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
Lighter WTI	−0.0320%	1h	91.849	−0.055%	$11.0M	$11.2M	20x	as long as short
Deribit WTIOIL_USDC-PERPETUALlong	−0.0294%	1h	91.900	long leg	$95K	$260K	15x
Aftermath Perps WTIUSD	−0.0205%	1h	91.877	−0.025%	$2K	$30K	5x	as long as short
Nado WTI-PERP	−0.0196%	1h	91.977	+0.084%	$922K	$760K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0190%	1h	91.840	−0.065%	$3.5M	$6.4M	20x	as long as short
tradeXYZ xyz:CL	−0.0167%	1h	91.897	−0.003%	$184.9M	$283.9M	20x	as long as short
Bullet WTIOIL-USD	−0.0153%	1h	91.877	−0.025%	$19K	$240K	10x	as long as short
Paradex CL-USD-PERP	−0.0098%	8h	91.887	−0.014%	$15K	$367	5x	as long as short
GRVT CL_USDT_Perp	−0.0064%	4h	91.841	−0.064%	$58K	$726K	25x	as long as short
Extended WTI-USD	−0.0048%	1h	91.945	+0.049%	$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
Aster CLUSD1	−0.0048%	4h	91.896	−0.005%	$23.9M	$78.5M	20x	as long as short
ApeX Omni CLUSDT	−0.0035%	1h	91.930	+0.033%	$55K	$266K	50x	as long as short
Polymarket Perps WTIOIL-USD	−0.0024%	1h	91.876	−0.026%	$1.6M	$1.4M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	91.939	+0.043%	$8K	$3K	5x	as long as short
Binance CLUSDT	0.0000%	4h	91.880	−0.022%	$245.3M	$1.12B	100x	as long as short
Bybit CLUSDT	0.0000%	8h	91.901	+0.001%	$25.3M	$97.5M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	91.890	−0.011%	$43.1M	$114.4M	50x	as long as short
QFEX CL-USD	0.0000%	1h	91.870	−0.033%	$2.4M	$2.5M	10x	as long as short
Gate CL_USDT	0.0000%	8h	91.830	−0.076%	$21.2M	$59.0M	100x	as long as short
Bitget CLUSDT	0.0000%	4h	91.884	−0.017%	$42.1M	$57.6M	100x	as long as short
Variational Omni CLshort	0.0000%	4h	91.834	−0.071%	$13.4M	$13.6M	—
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.469	−0.469%	$4K	—	10x	as long as short
Phoenix WTIOIL	+0.0009%	1h	91.920	+0.022%	$37K	$99K	20x	as long as short
StandX CL-USD	+0.0026%	1h	91.850	−0.054%	$722K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	91.990	+0.098%	—	$243K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.885	−0.016%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0087%	4h	91.881	−0.021%	$528K	$342K	30x	as long as short
Pacifica CL	+0.0100%	1h	91.918	+0.019%	$330K	$575K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	91.902	+0.002%	$7.3M	$2.1M	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.851	−0.053%	$4K	—	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0112%	1h	91.720	−0.196%	$384K	$1.2M	15x	as long as short
Injective WTI/USDC PERP	+0.0172%	1h	100.99	+9.894%	$19K	$18K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	91.865	−0.038%	$76K	—	29x	as long as short
BloFin CL-USDT	+0.0240%	4h	91.890	−0.011%	$4.0M	$1.5M	50x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0451%	1h	91.883	−0.019%	$259K	$1.2M	25x	as long as short
RISEx CL/USDC	+0.0977%	1h	92.018	+0.128%	$3.2M	$2.8M	20x	as long as short