Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0398%/8h= −43.6% APRpaid last 24h −0.060%

Price spread now: Binance against Injective−9.001%107s7-day average — · you buy dearer than you sell

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

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 4 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 −$12 a day on $10k at the current rate, and Binance is 9.001% cheaper against Injective than usual: you would sell low and buy high (−$900 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 107 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective WTI/USDC PERP	102.25	0.0220	pay 0.0028% / 1h	57m 30s	$19K	$11K	30x
Short	Binance CLUSDT	93.047	−0.0178	pay 0.0089% / 4h	3h 57m	$245.0M	$944.7M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. 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 InjectivebpFee BinancebpOrdersPrice spread, now −9.001%Rate

Funding earned: −$83.62
Price spread: −9.001% → 0.000%: −$900.13
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: −$993.77
Costs to cover: 0.100%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Binance: live order book, 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 Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 1 min ago	0.54 bp	5.5 bp −$6	6.2 bp −$62	9.1 bp −$914	22.3 bp −$11.2K

Injective: 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	−0.0502%	1h	92.970	−9.077%	$198K	$370K	15x	as long as short
Aster CLUSD1	−0.0268%	4h	93.056	−8.992%	$24.1M	$66.4M	20x	as long as short
Binance CLUSDTshort	−0.0178%	4h	93.047	−9.001%	$245.0M	$944.7M	100x
Variational Omni CL	−0.0172%	4h	92.899	−9.146%	$13.5M	$10.8M	—	as long as short
Bitget CLUSDT	−0.0128%	4h	93.045	−9.003%	$42.0M	$43.5M	100x	as long as short
Aftermath Perps WTIUSD	−0.0108%	1h	92.951	−9.095%	$2K	$27K	5x	as long as short
Nado WTI-PERP	−0.0099%	1h	93.076	−8.973%	$964K	$647K	10x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0061%	1h	93.030	−9.018%	$268K	$930K	25x	as long as short
edgeX CLUSDC	−0.0053%	4h	92.956	−9.091%	$526K	$302K	30x	as long as short
OKX CL-USDT-SWAP	−0.0050%	4h	93.040	−9.008%	$42.6M	$102.8M	50x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate CL_USDT	−0.0043%	8h	93.010	−9.038%	$20.8M	$50.5M	100x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	92.930	−9.116%	$399K	$948K	15x	as long as short
QFEX CL-USD	−0.0033%	1h	93.050	−8.998%	$2.3M	$1.8M	10x	as long as short
Ondo Perps WTI-USD.P	−0.0029%	1h	93.000	−9.047%	$3.5M	$5.4M	20x	as long as short
KuCoin CLUSDTM	−0.0022%	4h	93.039	−9.009%	$7.1M	$2.4M	50x	as long as short
tradeXYZ xyz:CL	−0.0020%	1h	93.041	−9.007%	$184.6M	$219.8M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.030	−9.018%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.055	−8.994%	$26.5M	$80.6M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.116	−8.934%	$3.1M	$2.9M	20x	as long as short
GRVT CL_USDT_Perp	0.0000%	4h	92.971	−9.075%	$56K	$656K	25x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.980	−9.067%	$37K	$41K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.976	−9.071%	$19K	$243K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.562	−9.476%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0006%	8h	93.023	−9.025%	$16K	$367	5x	as long as short
Lighter WTI	+0.0016%	1h	93.020	−9.028%	$11.2M	$10.3M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.060	−8.989%	$2.0M	$20.0M	10x	as long as short
StandX CL-USD	+0.0040%	1h	92.980	−9.067%	$735K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.040	−9.008%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.041	−9.007%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.000	−9.047%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.026	−9.022%	$330K	$622K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.010	−9.038%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.977	−9.070%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0187%	4h	92.970	−9.077%	$4.0M	$1.1M	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0218% / S −0.0145%	1h	92.985	−9.062%	$81K	—	111x	as long as short
Injective WTI/USDC PERPlong	+0.0220%	1h	102.25	long leg	$19K	$11K	30x