Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0018%/8h= +1.9% APRpaid last 24h 0.000%

Price spread now: Bybit against OKX+0.011%7-day average −0.016% · you sell dearer than you buy

Net, funding: paid 7d − costs−$44as in the Funding arb table

Net, price: spread back to 7d avg − costs−$21as in the Price arb table

costs, in and out, $10k−$240.236% of the position

Long on OKX Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.200%−$20 on $10k

Price spread, last 7 days−0.026%−$3 · spread now +0.011%, 7d avg −0.016%

Together, before fees−0.226%−$23 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$1 a day on $10k at the current rate, and Bybit is 0.027% dearer against OKX than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of −0.016%. Mind the row above: over the last 7 days funding on this pair cost −0.200%, so the current rate has only just turned in your favour.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CL-USDT-SWAP	92.740	−0.0018	get 0.0009% / 4h	2h 23m	$42.7M	$105.4M	50x
Short	Bybit CLUSDT	92.750	0	get 0.0000% / 8h	6h 23m	$26.8M	$82.6M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.011%Rate

Funding earned: $3.71
Price spread: +0.011% → −0.016%: $2.7
Slippage, 4 orders: −$2.59
Fee OKX: 5 bp × 2 orders: −$10
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$17.18
Costs to cover: 0.236%
Break-even: 39.4 days

Slippage from OKX: live order book, 6 min ago; Bybit: live order book, 1 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, 6 min ago	0.54 bp	5.5 bp −$6	6.9 bp −$69	13.1 bp −$1,307	doesn't fit
Sell Bybit live order book, 1 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	−0.0505%	1h	92.700	−0.043%	$198K	$365K	15x	as long as short
Aster CLUSD1	−0.0308%	4h	92.751	+0.012%	$23.9M	$73.5M	20x	as long as short
GRVT CL_USDT_Perp	−0.0266%	4h	92.740	0.000%	$53K	$631K	25x	as long as short
Binance CLUSDT	−0.0259%	4h	92.740	0.000%	$244.1M	$980.0M	100x	as long as short
Variational Omni CL	−0.0256%	4h	92.710	−0.033%	$13.3M	$11.1M	—	as long as short
Gate CL_USDT	−0.0124%	8h	92.680	−0.065%	$20.8M	$53.6M	100x	as long as short
Nado WTI-PERP	−0.0057%	1h	92.788	+0.052%	$965K	$677K	10x	as long as short
tradeXYZ xyz:CL	−0.0054%	1h	92.746	+0.006%	$184.3M	$220.4M	20x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.750	+0.011%	$402K	$946K	15x	as long as short
Ondo Perps WTI-USD.P	−0.0041%	1h	92.720	−0.022%	$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_WTIOILUSD	−0.0038%	1h	92.777	+0.040%	$270K	$877K	25x	as long as short
QFEX CL-USD	−0.0033%	1h	92.730	−0.011%	$2.5M	$1.7M	10x	as long as short
OKX CL-USDT-SWAPlong	−0.0018%	4h	92.740	long leg	$42.7M	$105.4M	50x
dYdX WTI-USD	0.0000%	1h	92.757	+0.019%	$8K	$3K	5x	as long as short
Bybit CLUSDTshort	0.0000%	8h	92.750	+0.011%	$26.8M	$82.6M	150x
Bitget CLUSDT	0.0000%	4h	92.739	−0.001%	$41.9M	$44.2M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.780	+0.043%	$37K	$51K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.738	−0.002%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.292	−0.483%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0027%	8h	92.719	−0.022%	$16K	$367	5x	as long as short
Aftermath Perps WTIUSD	+0.0027%	1h	92.787	+0.050%	$2K	$28K	5x	as long as short
Lighter WTI	+0.0032%	1h	92.742	+0.002%	$11.2M	$10.3M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.770	+0.032%	$2.1M	$24.7M	10x	as long as short
RISEx CL/USDC	+0.0037%	1h	92.859	+0.128%	$3.3M	$2.7M	20x	as long as short
edgeX CLUSDC	+0.0038%	4h	92.754	+0.015%	$533K	$297K	30x	as long as short
StandX CL-USD	+0.0040%	1h	92.340	−0.431%	$726K	$3.0M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.760	+0.022%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.746	+0.006%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.735	−0.005%	$2.1M	$61K	20x	as long as short
KuCoin CLUSDTM	+0.0074%	4h	92.753	+0.014%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.738	−0.002%	$331K	$618K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.720	−0.022%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.697	−0.046%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.735	−0.005%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.83	+9.805%	$19K	$11K	30x	as long as short