Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0125%/8h= +13.7% APRpaid last 24h +0.019%

Price spread now: Bullet against Gate+0.061%7-day average +0.074% · 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−$33as in the Price arb table

costs, in and out, $10k−$320.318% of the position

Long on Gate Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.152%+$15 on $10k

Price spread, last 4 days (all we have)+0.101%+$10 · spread now +0.061%, 7d avg +0.074%

Together, before fees+0.253%+$25 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.074%, so right now this pair is about funding alone: +$4 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate CL_USDT	92.680	−0.0125	get 0.0125% / 8h	6h 24m	$20.8M	$53.6M	100x
Short	Bullet WTIOIL-USD	92.736	0	get 0.0000% / 1h	24m 20s	$17K	$241K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Gate. 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 GatebpFee BulletbpOrdersPrice spread, now +0.061%Rate

Funding earned: $26.25
Price spread: +0.061% → +0.074%: −$1.3
Slippage, 4 orders: −$8.77
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$6.82
Costs to cover: 0.318%
Break-even: 8.8 days

Slippage from Gate: live order book, 5 min ago; Bullet: live order book, 45 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 Gate live order book, 5 min ago	0.54 bp	9.6 bp −$10	13.8 bp −$138	26.1 bp −$2,612	35.0 bp −$17.5K
Sell Bullet live order book, 45 min ago	0.54 bp	6.5 bp −$7	17.7 bp −$177	doesn't fit	doesn't fit

CL on 35 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-PERPETUAL	−0.0612%	1h	92.700	+0.022%	$198K	$365K	15x	as long as short
Aster CLUSD1	−0.0310%	4h	92.763	+0.089%	$23.9M	$73.8M	20x	as long as short
GRVT CL_USDT_Perp	−0.0266%	4h	92.746	+0.071%	$53K	$631K	25x	as long as short
Binance CLUSDT	−0.0260%	4h	92.730	+0.054%	$244.0M	$980.6M	100x	as long as short
Variational Omni CL	−0.0256%	4h	92.710	+0.032%	$13.3M	$11.1M	—	as long as short
Gate CL_USDTlong	−0.0125%	8h	92.680	long leg	$20.8M	$53.6M	100x
tradeXYZ xyz:CL	−0.0056%	1h	92.744	+0.069%	$184.3M	$220.3M	20x	as long as short
Nado WTI-PERP	−0.0056%	1h	92.799	+0.129%	$965K	$677K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	+0.076%	$402K	$946K	15x	as long as short
Ondo Perps WTI-USD.P	−0.0042%	1h	92.690	+0.011%	$3.5M	$5.7M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_WTIOILUSD	−0.0038%	1h	92.786	+0.114%	$271K	$874K	25x	as long as short
QFEX CL-USD	−0.0033%	1h	92.730	+0.054%	$2.5M	$1.7M	10x	as long as short
OKX CL-USDT-SWAP	−0.0016%	4h	92.710	+0.032%	$42.7M	$105.4M	50x	as long as short
dYdX WTI-USD	0.0000%	1h	92.757	+0.084%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.741	+0.066%	$26.9M	$82.5M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.723	+0.046%	$41.9M	$44.2M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.770	+0.097%	$37K	$51K	20x	as long as short
Bullet WTIOIL-USDshort	0.0000%	1h	92.736	+0.061%	$17K	$241K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.287	−0.424%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0026%	8h	92.729	+0.053%	$16K	$367	5x	as long as short
Aftermath Perps WTIUSD	+0.0027%	1h	92.787	+0.115%	$2K	$28K	5x	as long as short
Lighter WTI	+0.0032%	1h	92.751	+0.077%	$11.2M	$10.3M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.780	+0.108%	$2.1M	$24.7M	10x	as long as short
RISEx CL/USDC	+0.0037%	1h	92.863	+0.197%	$3.3M	$2.7M	20x	as long as short
edgeX CLUSDC	+0.0038%	4h	92.754	+0.080%	$533K	$297K	30x	as long as short
StandX CL-USD	+0.0040%	1h	92.360	−0.345%	$726K	$3.0M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.760	+0.086%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.747	+0.072%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.738	+0.063%	$2.1M	$61K	20x	as long as short
KuCoin CLUSDTM	+0.0074%	4h	92.760	+0.086%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.746	+0.071%	$331K	$618K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.770	+0.097%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.705	+0.026%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.725	+0.049%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.83	+9.876%	$19K	$11K	30x	as long as short