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 −0.043%

Price spread now: Bybit against Injective−9.148%68s7-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 Bybit

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 Bybit is 9.148% cheaper against Injective than usual: you would sell low and buy high (−$915 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 68 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	101.28	0.0220	pay 0.0028% / 1h	54m 09s	$19K	$11K	30x
Short	Bybit CLUSDT	92.010	0	get 0.0000% / 8h	54m 09s	$25.5M	$95.0M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now −9.148%Rate

Funding earned: −$46.2
Price spread: −9.148% → 0.000%: −$914.84
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$972.06
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Injective: no order-book sample; Bybit: live order book, 5 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 Bybit live order book, 5 min ago	0.54 bp	6.0 bp −$6	7.7 bp −$77	17.0 bp −$1,704	116.9 bp −$58.5K

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	−0.0451%	1h	92.013	−9.146%	$275K	$1.2M	25x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0293%	1h	92.000	−9.158%	$95K	$189K	15x	as long as short
GRVT CL_USDT_Perp	−0.0258%	4h	92.068	−9.091%	$58K	$715K	25x	as long as short
Aster CLUSD1	−0.0193%	4h	92.000	−9.158%	$24.0M	$77.6M	20x	as long as short
Lighter WTI	−0.0160%	1h	91.988	−9.170%	$11.1M	$10.9M	20x	as long as short
Nado WTI-PERP	−0.0157%	1h	92.097	−9.062%	$923K	$746K	10x	as long as short
Ondo Perps WTI-USD.P	−0.0122%	1h	91.970	−9.188%	$3.5M	$6.4M	20x	as long as short
Binance CLUSDT	−0.0100%	4h	91.990	−9.168%	$244.4M	$1.11B	100x	as long as short
Paradex CL-USD-PERP	−0.0099%	8h	92.007	−9.151%	$15K	$367	5x	as long as short
tradeXYZ xyz:CL	−0.0098%	1h	92.009	−9.149%	$185.5M	$275.6M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Variational Omni CL	−0.0071%	4h	92.063	−9.096%	$13.4M	$13.3M	—	as long as short
Bullet WTIOIL-USD	−0.0067%	1h	91.983	−9.175%	$19K	$241K	10x	as long as short
QFEX CL-USD	−0.0054%	1h	91.980	−9.178%	$2.4M	$2.6M	10x	as long as short
Pacifica CL	−0.0020%	1h	92.040	−9.119%	$332K	$578K	10x	as long as short
Gate CL_USDT	−0.0018%	8h	91.930	−9.227%	$21.3M	$57.4M	100x	as long as short
dYdX WTI-USD	0.0000%	1h	92.108	−9.052%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	92.010	−9.148%	$25.5M	$95.0M	150x
OKX CL-USDT-SWAP	0.0000%	4h	91.980	−9.178%	$43.0M	$113.2M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	92.114	−9.046%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	91.992	−9.166%	$41.9M	$52.3M	100x	as long as short
Coinbase International WTIOIL-PERP-INTX	0.0000%	1h	92.030	−9.129%	$399K	$998K	15x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.573	−9.580%	$4K	—	150x	as long as short
Phoenix WTIOIL	+0.0009%	1h	92.160	−9.000%	$37K	$101K	20x	as long as short
Aftermath Perps WTIUSD	+0.0019%	1h	92.027	−9.132%	$2K	$29K	5x	as long as short
Extended WTI-USD	+0.0032%	1h	92.040	−9.119%	$2.0M	$27.6M	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0038%	1h	91.988	−9.170%	$1.6M	$1.4M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.050	−9.109%	$724K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.070	−9.089%	—	$308K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.985	−9.173%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0081%	4h	92.109	−9.050%	$530K	$334K	30x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.006	−9.152%	$7.2M	$2.0M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.150	−9.010%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.964	−9.194%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	91.985	−9.173%	$76K	—	111x	as long as short
Injective WTI/USDC PERPlong	+0.0220%	1h	101.28	long leg	$19K	$11K	30x
BloFin CL-USDT	+0.0240%	4h	92.080	−9.079%	$4.0M	$1.4M	50x	as long as short