Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC+0.0073%/8h= +8.0% APRpaid last 24h +0.006%

Price spread now: Coinbase International against OKX+0.215%7-day average −0.113% · you sell dearer than you buy

Net, funding: paid 7d − costs−$36as in the Funding arb table

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

costs, in and out, $10k−$260.262% of the position

Long on OKX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.103%−$10 on $10k

Price spread, last 4 days (all we have)−0.403%−$40 · spread now +0.215%, 7d avg −0.113%

Together, before fees−0.506%−$51 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 Coinbase International is 0.328% dearer against OKX than usual: you sell high and buy low: +$33 more if the spread goes back to its 7-day average of −0.113%. Mind the row above: over the last 7 days funding on this pair cost −0.103%, 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	92.960	−0.0057	get 0.0029% / 4h	3h 44m	$42.6M	$103.2M	50x
Short	Coinbase International WTIOIL-PERP-INTX	93.160	0.0016	get 0.0002% / 1h	44m 55s	$404K	$808K	15x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International 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 Coinbase InternationalbpOrdersPrice spread, now +0.215%Rate

Funding earned: $15.34
Price spread: +0.215% → −0.113%: $32.85
Slippage, 4 orders: −$6.16
Fee OKX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $22.04
Costs to cover: 0.262%
Break-even: from the start

Slippage from OKX: live order book, 4 min ago; Coinbase International: live order book, 28 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, 4 min ago	0.54 bp	5.7 bp −$6	7.0 bp −$70	14.0 bp −$1,403	doesn't fit
Sell Coinbase International live order book, 28 min ago	1.08 bp	8.2 bp −$8	9.8 bp −$98	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	−0.0610%	1h	92.950	−0.011%	$188K	$408K	15x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0313%	1h	93.005	+0.048%	$270K	$930K	25x	as long as short
Aster CLUSD1	−0.0238%	4h	92.939	−0.023%	$24.7M	$61.5M	20x	as long as short
GRVT CL_USDT_Perp	−0.0238%	4h	92.945	−0.017%	$74K	$614K	25x	as long as short
Binance CLUSDT	−0.0138%	4h	92.920	−0.043%	$246.2M	$929.4M	100x	as long as short
Variational Omni CL	−0.0120%	4h	92.980	+0.021%	$13.6M	$10.7M	—	as long as short
Gate CL_USDT	−0.0117%	8h	92.850	−0.118%	$23.4M	$49.0M	100x	as long as short
Nado WTI-PERP	−0.0110%	1h	93.038	+0.084%	$952K	$609K	10x	as long as short
Bitget CLUSDT	−0.0088%	4h	92.884	−0.082%	$42.0M	$41.7M	100x	as long as short
Aftermath Perps WTIUSD	−0.0074%	1h	92.992	+0.035%	$2K	$27K	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	−0.0057%	4h	92.960	long leg	$42.6M	$103.2M	50x
edgeX CLUSDC	−0.0046%	4h	92.938	−0.024%	$542K	$343K	30x	as long as short
tradeXYZ xyz:CL	−0.0042%	1h	92.926	−0.037%	$184.1M	$196.3M	20x	as long as short
QFEX CL-USD	−0.0026%	1h	92.960	0.000%	$2.3M	$2.5M	10x	as long as short
Ondo Perps WTI-USD.P	−0.0007%	1h	92.960	0.000%	$3.6M	$5.2M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.037	+0.083%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.927	−0.035%	$27.5M	$80.5M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.017	+0.061%	$3.0M	$2.8M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.978	+0.019%	$19K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.558	−0.432%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0008%	8h	92.961	+0.001%	$16K	$367	5x	as long as short
Phoenix WTIOIL	+0.0009%	1h	93.020	+0.065%	$37K	$39K	20x	as long as short
Coinbase International WTIOIL-PERP-INTXshort	+0.0016%	1h	93.160	+0.215%	$404K	$808K	15x
Lighter WTI	+0.0024%	1h	92.970	+0.011%	$11.3M	$8.7M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	92.940	−0.022%	$1.7M	$14.7M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.000	+0.043%	$733K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.990	+0.032%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.992	+0.034%	$1.6M	$1.2M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.975	+0.016%	$2.1M	$62K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.001	+0.044%	$347K	$586K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.917	−0.046%	$7.0M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.010	+0.054%	$54K	$267K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.950	−0.011%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0166% / S 0.0000%	1h	92.975	+0.016%	$85K	—	111x	as long as short
BloFin CL-USDT	+0.0182%	4h	92.980	+0.022%	$4.1M	$1.0M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.13	+9.869%	$19K	$5K	30x	as long as short