Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0220%/8h= −24.1% APRpaid last 24h −0.044%

Price spread now: Bitget against Injective−8.985%7-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 Bitget

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 −$7 a day on $10k at the current rate, and Bitget is 8.985% cheaper against Injective than usual: you would sell low and buy high (−$898 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	Injective WTI/USDC PERP	101.34	0.0220	pay 0.0028% / 1h	3m 04s	$19K	$11K	30x
Short	Bitget CLUSDT	92.231	0	get 0.0000% / 4h	3m 04s	$42.0M	$51.5M	100x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget 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 BitgetbpOrdersPrice spread, now −8.985%Rate

Funding earned: −$46.2
Price spread: −8.985% → 0.000%: −$898.5
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$956.72
Costs to cover: 0.120%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bitget: live order book, 6 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 Bitget live order book, 6 min ago	0.38 bp	7.1 bp −$7	9.0 bp −$90	doesn't fit	doesn't fit

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
Kraken Futures PF_WTIOILUSD	−0.0449%	1h	92.262	−8.954%	$273K	$1.2M	25x	as long as short
GRVT CL_USDT_Perp	−0.0322%	4h	92.225	−8.991%	$58K	$702K	25x	as long as short
Aster CLUSD1	−0.0291%	4h	92.252	−8.964%	$23.9M	$77.5M	20x	as long as short
Binance CLUSDT	−0.0214%	4h	92.250	−8.966%	$244.5M	$1.09B	100x	as long as short
Variational Omni CL	−0.0196%	4h	92.223	−8.993%	$13.2M	$12.7M	—	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0183%	1h	92.260	−8.956%	$96K	$189K	15x	as long as short
Nado WTI-PERP	−0.0130%	1h	92.300	−8.917%	$925K	$735K	10x	as long as short
Lighter WTI	−0.0064%	1h	92.244	−8.972%	$11.2M	$10.9M	20x	as long as short
QFEX CL-USD	−0.0054%	1h	92.240	−8.976%	$2.4M	$2.3M	10x	as long as short
Ondo Perps WTI-USD.P	−0.0046%	1h	92.220	−8.996%	$3.5M	$6.4M	20x	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	−0.0034%	8h	92.170	−9.045%	$21.3M	$58.1M	100x	as long as short
Paradex CL-USD-PERP	−0.0034%	8h	92.223	−8.993%	$15K	$367	5x	as long as short
tradeXYZ xyz:CL	−0.0033%	1h	92.275	−8.942%	$186.2M	$267.2M	20x	as long as short
Pacifica CL	−0.0020%	1h	92.242	−8.974%	$333K	$576K	10x	as long as short
dYdX WTI-USD	0.0000%	1h	92.269	−8.948%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.235	−8.981%	$26.1M	$94.4M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	92.230	−8.986%	$43.0M	$112.1M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.361	−8.857%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDTshort	0.0000%	4h	92.231	−8.985%	$42.0M	$51.5M	100x
Phoenix WTIOIL	0.0000%	1h	92.290	−8.927%	$37K	$101K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.245	−8.971%	$19K	$241K	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	0.0000%	1h	92.030	−9.183%	$399K	$963K	15x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.818	−9.393%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0032%	1h	92.295	−8.922%	$2.0M	$26.8M	10x	as long as short
StandX CL-USD	+0.0040%	1h	92.220	−8.996%	$721K	$3.1M	40x	as long as short
edgeX CLUSDC	+0.0042%	4h	92.272	−8.944%	$531K	$325K	30x	as long as short
Vest CL-PERP	+0.0046%	1h	92.290	−8.927%	—	$308K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.252	−8.964%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.242	−8.974%	$2.0M	$39K	20x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.247	−8.969%	$7.3M	$2.2M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.220	−8.996%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.214	−9.002%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0205% / S −0.0130%	1h	92.245	−8.971%	$77K	—	111x	as long as short
Injective WTI/USDC PERPlong	+0.0220%	1h	101.34	long leg	$19K	$11K	30x
BloFin CL-USDT	+0.0240%	4h	92.230	−8.986%	$4.0M	$1.4M	50x	as long as short
Aftermath Perps WTIUSD	+0.0480%	1h	92.256	−8.961%	$2K	$29K	5x	as long as short