Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 06:00 UTC+0.0093%/8h= +10.2% APRpaid last 24h +0.020%

Price spread now: Coinbase International against Gate−0.181%7-day average −0.044% · you buy dearer than you sell

Net, funding: paid 7d − costs−$22as in the Funding arb table

Net, price: spread back to 7d avg − costs−$47as in the Price arb table

costs, in and out, $10k−$330.334% of the position

Long on Gate Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.119%+$12 on $10k

Price spread, last 4 days (all we have)+0.163%+$16 · spread now −0.181%, 7d avg −0.044%

Together, before fees+0.281%+$28 on $10k · with fees, hour by hour

Funding pays, the price is against you. Coinbase International is 0.137% cheaper against Gate than usual: you would sell low and buy high (spread −0.181% now, against its 7-day average of −0.044%). If the spread goes back, that is −$14 on $10k: about 4.9 days of funding at the current rate (+$3 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate CL_USDT	93.670	−0.0101	get 0.0101% / 8h	1h 37m	$22.4M	$48.9M	100x
Short	Coinbase International WTIOIL-PERP-INTX	93.500	−0.0008	pay 0.0001% / 1h	37m 06s	$404K	$916K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now −0.181%Rate

Funding earned: $19.53
Price spread: −0.181% → −0.044%: −$13.72
Slippage, 4 orders: −$8.44
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$27.63
Costs to cover: 0.334%
Break-even: 16.9 days

Slippage from Gate: live order book, 2 min ago; Coinbase International: live order book, 46 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, 2 min ago	0.53 bp	9.6 bp −$10	14.4 bp −$144	28.7 bp −$2,871	36.6 bp −$18.3K
Sell Coinbase International live order book, 46 min ago	1.61 bp	6.6 bp −$7	8.4 bp −$84	doesn't fit	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
Deribit WTIOIL_USDC-PERPETUAL	−0.0390%	1h	93.730	+0.064%	$197K	$382K	15x	as long as short
Aster CLUSD1	−0.0266%	4h	93.770	+0.107%	$24.5M	$65.3M	20x	as long as short
GRVT CL_USDT_Perp	−0.0246%	4h	93.610	−0.064%	$58K	$629K	25x	as long as short
Aftermath Perps WTIUSD	−0.0148%	1h	93.712	+0.044%	$2K	$26K	5x	as long as short
Binance CLUSDT	−0.0147%	4h	93.750	+0.085%	$246.7M	$920.7M	100x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0137%	1h	93.766	+0.103%	$287K	$957K	25x	as long as short
Variational Omni CL	−0.0135%	4h	93.609	−0.066%	$13.5M	$10.6M	—	as long as short
Ondo Perps WTI-USD.P	−0.0106%	1h	93.650	−0.021%	$3.5M	$5.4M	20x	as long as short
Gate CL_USDTlong	−0.0101%	8h	93.670	long leg	$22.4M	$48.9M	100x
Bitget CLUSDT	−0.0100%	4h	93.733	+0.067%	$42.2M	$42.2M	100x	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	−0.0064%	1h	93.740	+0.075%	$185.2M	$206.6M	20x	as long as short
Nado WTI-PERP	−0.0057%	1h	93.801	+0.140%	$967K	$626K	10x	as long as short
QFEX CL-USD	−0.0023%	1h	93.730	+0.064%	$2.3M	$2.5M	10x	as long as short
edgeX CLUSDC	−0.0018%	4h	93.716	+0.049%	$527K	$305K	30x	as long as short
OKX CL-USDT-SWAP	−0.0014%	4h	93.750	+0.085%	$42.7M	$101.6M	50x	as long as short
Coinbase International WTIOIL-PERP-INTXshort	−0.0008%	1h	93.500	−0.181%	$404K	$916K	15x
dYdX WTI-USD	0.0000%	1h	93.733	+0.067%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.770	+0.107%	$27.0M	$79.1M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.804	+0.143%	$3.1M	$2.8M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.680	+0.011%	$37K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.756	+0.092%	$19K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.291	−0.405%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0027%	8h	93.749	+0.084%	$16K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	93.741	+0.076%	$11.3M	$9.6M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.790	+0.128%	$2.0M	$15.9M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.690	+0.021%	$742K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.750	+0.085%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.746	+0.081%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.750	+0.085%	$2.1M	$61K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.755	+0.091%	$333K	$575K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.763	+0.099%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.640	−0.032%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.726	+0.060%	$4K	—	10x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.97	+9.932%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0225%	4h	93.750	+0.085%	$4.0M	$978K	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0247% / S −0.0180%	1h	93.755	+0.091%	$84K	—	111x	as long as short