Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0080%/8h= +8.8% APRpaid last 24h +0.002%

Price spread now: Bullet against OKX+0.057%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs−$22as in the Price arb table

costs, in and out, $10k−$270.271% of the position

Long on OKX Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.037%+$4 on $10k

Price spread, last 4 days (all we have)+0.052%+$5 · spread now +0.057%, 7d avg +0.004%

Together, before fees+0.089%+$9 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Bullet is 0.053% dearer against OKX than usual: you sell high and buy low: +$5 more if the spread goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CL-USDT-SWAP	92.880	−0.0080	get 0.0040% / 4h	21m 37s	$42.6M	$102.8M	50x
Short	Bullet WTIOIL-USD	92.933	0	get 0.0000% / 1h	21m 37s	$18K	$240K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against OKX. 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 OKXbpFee BulletbpOrdersPrice spread, now +0.057%Rate

Funding earned: $16.88
Price spread: +0.057% → +0.004%: $5.29
Slippage, 4 orders: −$9.08
Fee OKX: 5 bp × 2 orders: −$10
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$4.91
Costs to cover: 0.271%
Break-even: 9.0 days

Slippage from OKX: live order book, 2 min ago; Bullet: live order book, 17 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 OKX live order book, 2 min ago	0.54 bp	5.5 bp −$6	6.3 bp −$63	13.4 bp −$1,338	doesn't fit
Sell Bullet live order book, 17 min ago	1.50 bp	7.5 bp −$8	18.8 bp −$188	doesn't fit	doesn't fit

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	−0.0503%	1h	92.900	+0.022%	$194K	$396K	15x	as long as short
Aster CLUSD1	−0.0281%	4h	92.920	+0.043%	$24.7M	$63.8M	20x	as long as short
GRVT CL_USDT_Perp	−0.0252%	4h	92.963	+0.089%	$77K	$622K	25x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0210%	1h	92.937	+0.062%	$275K	$930K	25x	as long as short
Binance CLUSDT	−0.0157%	4h	92.900	+0.022%	$246.7M	$923.2M	100x	as long as short
Variational Omni CL	−0.0147%	4h	92.978	+0.105%	$13.5M	$10.7M	—	as long as short
Gate CL_USDT	−0.0134%	8h	92.830	−0.054%	$22.9M	$50.0M	100x	as long as short
Bitget CLUSDT	−0.0122%	4h	92.886	+0.006%	$42.2M	$41.7M	100x	as long as short
Nado WTI-PERP	−0.0107%	1h	92.976	+0.103%	$953K	$621K	10x	as long as short
Aftermath Perps WTIUSD	−0.0099%	1h	93.032	+0.163%	$2K	$26K	5x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
OKX CL-USDT-SWAPlong	−0.0080%	4h	92.880	long leg	$42.6M	$102.8M	50x
edgeX CLUSDC	−0.0078%	4h	92.980	+0.107%	$523K	$304K	30x	as long as short
QFEX CL-USD	−0.0038%	1h	92.910	+0.032%	$2.3M	$2.4M	10x	as long as short
tradeXYZ xyz:CL	−0.0022%	1h	92.905	+0.027%	$184.2M	$197.9M	20x	as long as short
Ondo Perps WTI-USD.P	−0.0022%	1h	92.860	−0.022%	$3.6M	$5.3M	20x	as long as short
Lighter WTI	−0.0016%	1h	92.878	−0.002%	$11.2M	$9.2M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0016%	1h	93.540	+0.711%	$405K	$810K	15x	as long as short
Paradex CL-USD-PERP	0.0000%	8h	92.870	−0.011%	$16K	$367	5x	as long as short
dYdX WTI-USD	0.0000%	1h	92.986	+0.114%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.910	+0.032%	$26.7M	$79.5M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	92.939	+0.064%	$3.0M	$2.9M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.030	+0.161%	$37K	$40K	20x	as long as short
Bullet WTIOIL-USDshort	0.0000%	1h	92.933	+0.057%	$18K	$240K	10x
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.496	−0.413%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0032%	1h	92.930	+0.054%	$1.9M	$15.1M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.040	+0.172%	$737K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.930	+0.054%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.919	+0.042%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.938	+0.062%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	92.913	+0.036%	$347K	$592K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.913	+0.036%	$7.0M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.010	+0.140%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.919	+0.041%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0160%	4h	92.950	+0.075%	$4.1M	$982K	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.45	+10.304%	$19K	$11K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0244% / S −0.0169%	1h	92.935	+0.059%	$78K	—	111x	as long as short