Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC+0.0038%/8h= +4.2% APRpaid last 24h +0.023%

Price spread now: Bybit against Kraken Futures−0.010%7-day average −0.005% · you buy dearer than you sell

Net, funding: paid 7d − costs−$23as in the Funding arb table

Net, price: spread back to 7d avg − costs−$33as in the Price arb table

costs, in and out, $10k−$320.323% of the position

Long on Kraken Futures Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days+0.093%+$9 on $10k

Price spread, last 3 days (all we have)+0.040%+$4 · spread now −0.010%, 7d avg −0.005%

Together, before fees+0.133%+$13 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of −0.005%, so right now this pair is about funding alone: +$1 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Kraken Futures PF_WTIOILUSD	92.775	−0.0038	get 0.0005% / 1h	20m 52s	$268K	$879K	25x
Short	Bybit CLUSDT	92.765	0	get 0.0000% / 8h	6h 20m	$26.8M	$82.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Kraken Futures. 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 Kraken FuturesbpFee BybitbpOrdersPrice spread, now −0.010%Rate

Funding earned: $8.05
Price spread: −0.010% → −0.005%: −$0.53
Slippage, 4 orders: −$11.29
Fee Kraken Futures: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$24.77
Costs to cover: 0.323%
Break-even: 28.5 days

Slippage from Kraken Futures: live order book, 52 min ago; Bybit: live order book, 3 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 Kraken Futures live order book, 52 min ago	2.86 bp	10.2 bp −$10	25.0 bp −$250	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	0.54 bp	6.5 bp −$6	7.6 bp −$76	15.8 bp −$1,583	103.0 bp −$51.5K

CL on 35 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	−0.0612%	1h	92.710	−0.070%	$198K	$365K	15x	as long as short
Aster CLUSD1	−0.0303%	4h	92.771	−0.004%	$23.9M	$72.9M	20x	as long as short
GRVT CL_USDT_Perp	−0.0266%	4h	92.727	−0.051%	$53K	$631K	25x	as long as short
Binance CLUSDT	−0.0256%	4h	92.744	−0.033%	$244.2M	$978.3M	100x	as long as short
Variational Omni CL	−0.0250%	4h	92.718	−0.061%	$13.3M	$11.0M	—	as long as short
Gate CL_USDT	−0.0124%	8h	92.700	−0.080%	$20.8M	$53.7M	100x	as long as short
Nado WTI-PERP	−0.0060%	1h	92.777	+0.002%	$965K	$676K	10x	as long as short
tradeXYZ xyz:CL	−0.0053%	1h	92.751	−0.026%	$184.3M	$220.4M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	−0.027%	$402K	$946K	15x	as long as short
Ondo Perps WTI-USD.P	−0.0040%	1h	92.690	−0.091%	$3.5M	$5.7M	20x	as long as short

Show all 35 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_WTIOILUSDlong	−0.0038%	1h	92.775	long leg	$268K	$879K	25x
QFEX CL-USD	−0.0033%	1h	92.730	−0.048%	$2.5M	$1.7M	10x	as long as short
OKX CL-USDT-SWAP	−0.0020%	4h	92.740	−0.037%	$42.8M	$105.0M	50x	as long as short
dYdX WTI-USD	0.0000%	1h	92.757	−0.019%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	92.765	−0.010%	$26.8M	$82.5M	150x
Bitget CLUSDT	0.0000%	4h	92.734	−0.044%	$41.9M	$44.2M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.790	+0.017%	$37K	$51K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.737	−0.041%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.303	−0.508%	$5K	—	150x	as long as short
Aftermath Perps WTIUSD	+0.0027%	1h	92.781	+0.007%	$2K	$28K	5x	as long as short
Paradex CL-USD-PERP	+0.0027%	8h	92.730	−0.048%	$16K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	92.748	−0.029%	$11.2M	$10.3M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.790	+0.017%	$2.1M	$24.5M	10x	as long as short
RISEx CL/USDC	+0.0037%	1h	92.862	+0.095%	$3.3M	$2.7M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.350	−0.458%	$726K	$3.0M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.760	−0.016%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.742	−0.035%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.738	−0.040%	$2.1M	$61K	20x	as long as short
edgeX CLUSDC	+0.0058%	4h	92.744	−0.034%	$533K	$297K	30x	as long as short
KuCoin CLUSDTM	+0.0074%	4h	92.759	−0.017%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.729	−0.049%	$331K	$618K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.820	+0.049%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.705	−0.075%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.735	−0.043%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.83	+9.764%	$19K	$11K	30x	as long as short