Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC−0.0450%/8h= −49.2% APRpaid last 24h −0.020%

Price spread now: Kraken Futures against OKX+0.045%7-day average +0.004% · you sell dearer than you buy

Net, funding: paid 7d − costs−$56as in the Funding arb table

Net, price: spread back to 7d avg − costs−$28as in the Price arb table

costs, in and out, $10k−$320.321% of the position

Long on OKX Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 7 days−0.239%−$24 on $10k

Price spread, last 3 days (all we have)−0.122%−$12 · spread now +0.045%, 7d avg +0.004%

Together, before fees−0.361%−$36 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Kraken Futures is 0.041% dearer against OKX than usual: you sell high and buy low (spread +0.045% now, against its 7-day average of +0.004%): +$4 on $10k if it goes back. Holding the pair costs −$13 a day in funding at the current rate, which eats that in about 7 hours. At the pace of the last 7 days (−0.239% in total) that is about 29 hours.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.239% in total (about -12.5% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CL-USDT-SWAP	92.180	0	get 0.0000% / 4h	19m 51s	$43.0M	$112.8M	50x
Short	Kraken Futures PF_WTIOILUSD	92.221	−0.0450	pay 0.0056% / 1h	19m 51s	$273K	$1.2M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures 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 Kraken FuturesbpOrdersPrice spread, now +0.045%Rate

Funding earned: −$94.4
Price spread: +0.045% → +0.004%: $4.1
Slippage, 4 orders: −$12.13
Fee OKX: 5 bp × 2 orders: −$10
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$122.43
Costs to cover: 0.321%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Kraken Futures: live order book, 4 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	5.5 bp −$6	6.7 bp −$67	13.3 bp −$1,329	doesn't fit
Sell Kraken Futures live order book, 4 min ago	3.04 bp	8.5 bp −$9	20.6 bp −$206	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
Kraken Futures PF_WTIOILUSDshort	−0.0450%	1h	92.221	+0.045%	$273K	$1.2M	25x
GRVT CL_USDT_Perp	−0.0316%	4h	92.191	+0.012%	$58K	$702K	25x	as long as short
Aster CLUSD1	−0.0268%	4h	92.220	+0.043%	$24.0M	$77.6M	20x	as long as short
Binance CLUSDT	−0.0185%	4h	92.195	+0.017%	$244.5M	$1.09B	100x	as long as short
Variational Omni CL	−0.0168%	4h	92.173	−0.008%	$13.3M	$12.7M	—	as long as short
Nado WTI-PERP	−0.0136%	1h	92.231	+0.056%	$925K	$737K	10x	as long as short
Lighter WTI	−0.0072%	1h	92.180	0.000%	$11.2M	$10.9M	20x	as long as short
Paradex CL-USD-PERP	−0.0061%	8h	92.165	−0.017%	$15K	$367	5x	as long as short
QFEX CL-USD	−0.0054%	1h	92.180	0.000%	$2.4M	$2.3M	10x	as long as short
tradeXYZ xyz:CL	−0.0050%	1h	92.205	+0.027%	$186.4M	$275.0M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Ondo Perps WTI-USD.P	−0.0046%	1h	92.160	−0.022%	$3.5M	$6.3M	20x	as long as short
Gate CL_USDT	−0.0032%	8h	92.130	−0.054%	$21.3M	$58.0M	100x	as long as short
Pacifica CL	−0.0020%	1h	92.192	+0.013%	$333K	$576K	10x	as long as short
dYdX WTI-USD	0.0000%	1h	92.274	+0.102%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.212	+0.035%	$25.9M	$94.2M	150x	as long as short
OKX CL-USDT-SWAPlong	0.0000%	4h	92.180	long leg	$43.0M	$112.8M	50x
RISEx CL/USDC	0.0000%	1h	92.304	+0.134%	$3.3M	$2.7M	20x	as long as short
Bitget CLUSDT	0.0000%	4h	92.187	+0.008%	$42.0M	$51.6M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.230	+0.054%	$37K	$101K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.197	+0.018%	$19K	$241K	10x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	0.0000%	1h	92.220	+0.043%	$96K	$189K	15x	as long as short
Coinbase International WTIOIL-PERP-INTX	0.0000%	1h	92.030	−0.163%	$399K	$963K	15x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.759	−0.457%	$5K	—	150x	as long as short
Extended WTI-USD	+0.0032%	1h	92.235	+0.060%	$2.0M	$26.7M	10x	as long as short
StandX CL-USD	+0.0040%	1h	92.190	+0.011%	$721K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.220	+0.043%	—	$308K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.186	+0.007%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.193	+0.014%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0062%	4h	92.213	+0.036%	$530K	$325K	30x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	92.217	+0.040%	$7.1M	$2.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.190	+0.011%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.177	−0.003%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0205% / S −0.0130%	1h	92.195	+0.016%	$77K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.18	+9.765%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0240%	4h	92.200	+0.022%	$4.0M	$1.4M	50x	as long as short
Aftermath Perps WTIUSD	+0.0311%	1h	92.207	+0.030%	$2K	$29K	5x	as long as short