Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0347%/8h= −38.0% APRpaid last 24h −0.070%

Price spread now: Bitget against GMX−0.089%7-day average — · you buy dearer than you sell

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

Long on GMX Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$10 a day on $10k at the current rate, and Bitget is 0.089% cheaper against GMX than usual: you would sell low and buy high (−$9 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GMX WTIOIL/USD [ETH-USDC]	93.755	L +0.0247% / S −0.0180%	pay 0.0031% / 1h	36m 31s	$84K	—	111x
Short	Bitget CLUSDT	93.672	−0.0100	pay 0.0050% / 4h	1h 36m	$42.2M	$42.1M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against GMX. 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 GMXbpFee BitgetbpOrdersPrice spread, now −0.089%Rate

Funding earned: −$72.8
Price spread: −0.089% → 0.000%: −$8.85
Slippage, 4 orders: no order book: not counted
Fee GMX: 6 bp × 2 orders: −$12
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$105.66
Costs to cover: 0.240%
Break-even: never at this rate

Slippage unknown: GMX: no order-book sample; Bitget: live order book, 2 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 GMX no order-book sample	—	—	—	—	—
Sell Bitget live order book, 2 min ago	0.59 bp	7.3 bp −$7	9.2 bp −$92	doesn't fit	doesn't fit

GMX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.027%	$197K	$382K	15x	as long as short
Aster CLUSD1	−0.0268%	4h	93.720	−0.037%	$24.5M	$65.3M	20x	as long as short
GRVT CL_USDT_Perp	−0.0246%	4h	93.610	−0.155%	$58K	$629K	25x	as long as short
Aftermath Perps WTIUSD	−0.0148%	1h	93.712	−0.046%	$2K	$26K	5x	as long as short
Binance CLUSDT	−0.0147%	4h	93.691	−0.068%	$246.5M	$920.2M	100x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0137%	1h	93.766	+0.012%	$287K	$957K	25x	as long as short
Variational Omni CL	−0.0135%	4h	93.609	−0.156%	$13.5M	$10.6M	—	as long as short
Ondo Perps WTI-USD.P	−0.0110%	1h	93.650	−0.112%	$3.5M	$5.3M	20x	as long as short
Gate CL_USDT	−0.0102%	8h	93.620	−0.144%	$22.3M	$48.9M	100x	as long as short
Bitget CLUSDTshort	−0.0100%	4h	93.672	−0.089%	$42.2M	$42.1M	100x

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
tradeXYZ xyz:CL	−0.0065%	1h	93.687	−0.073%	$185.1M	$206.6M	20x	as long as short
Nado WTI-PERP	−0.0057%	1h	93.801	+0.049%	$967K	$626K	10x	as long as short
QFEX CL-USD	−0.0023%	1h	93.670	−0.091%	$2.3M	$2.5M	10x	as long as short
edgeX CLUSDC	−0.0018%	4h	93.716	−0.042%	$527K	$305K	30x	as long as short
OKX CL-USDT-SWAP	−0.0014%	4h	93.690	−0.069%	$42.7M	$101.5M	50x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0008%	1h	93.500	−0.272%	$404K	$916K	15x	as long as short
dYdX WTI-USD	0.0000%	1h	93.733	−0.024%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.703	−0.055%	$27.0M	$79.1M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.804	+0.052%	$3.1M	$2.8M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.680	−0.080%	$37K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.756	+0.001%	$19K	$241K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.291	−0.495%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0027%	8h	93.680	−0.080%	$16K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	93.691	−0.068%	$11.3M	$9.6M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.730	−0.027%	$2.0M	$15.9M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.700	−0.059%	$743K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.750	−0.005%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.746	−0.010%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.750	−0.005%	$2.1M	$61K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.698	−0.061%	$333K	$575K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.746	−0.010%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.640	−0.123%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.726	−0.031%	$4K	—	10x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.97	+9.832%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0225%	4h	93.750	−0.005%	$4.0M	$978K	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]long	L +0.0247% / S −0.0180%	1h	93.755	long leg	$84K	—	111x