Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0036%/8h= −4.0% APRpaid last 24h −0.017%

Price spread now: Nado against OKX+0.037%7-day average −0.017% · 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−$14as in the Price arb table

costs, in and out, $10k−$200.198% of the position

Long on OKX Short on Nado

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)−0.039%−$4 on $10k

Price spread, last 7 days−0.097%−$10 · spread now +0.037%, 7d avg −0.017%

Together, before fees−0.137%+ Points / potential airdropNado: Active · farm board−$14 on $10k · with fees, hour by hour

The price spread pays, funding is against you. Nado is 0.054% dearer against OKX than usual: you sell high and buy low (spread +0.037% now, against its 7-day average of −0.017%): +$5 on $10k if it goes back. Holding the pair costs −$1 a day in funding at the current rate, which eats that in about 4.9 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CL-USDT-SWAP	92.790	−0.0012	get 0.0006% / 4h	2h 44m	$42.9M	$106.8M	50x
Short	Nado WTI-PERP	92.824	−0.0049	pay 0.0006% / 1h	44m 58s	$935K	$684K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Nado 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 NadobpOrdersPrice spread, now +0.037%Rate

Funding earned: −$7.64
Price spread: +0.037% → −0.017%: $5.35
Slippage, 4 orders: −$2.83
Fee OKX: 5 bp × 2 orders: −$10
Fee Nado: 3.5 bp × 2 orders: −$7
Net: −$22.12
Costs to cover: 0.198%
Break-even: never at this rate

Slippage from OKX: live order book, 4 min ago; Nado: live order book, 23 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	13.6 bp −$1,364	doesn't fit
Sell Nado live order book, 23 min ago	0.05 bp	4.7 bp −$5	9.2 bp −$92	29.7 bp −$2,974	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	−0.0612%	1h	92.730	−0.065%	$198K	$366K	15x	as long as short
Aster CLUSD1	−0.0337%	4h	92.800	+0.011%	$24.0M	$74.7M	20x	as long as short
GRVT CL_USDT_Perp	−0.0322%	4h	92.720	−0.075%	$50K	$632K	25x	as long as short
Binance CLUSDT	−0.0280%	4h	92.783	−0.008%	$244.7M	$1.00B	100x	as long as short
Variational Omni CL	−0.0272%	4h	92.751	−0.042%	$13.3M	$11.2M	—	as long as short
Gate CL_USDT	−0.0162%	8h	92.730	−0.065%	$20.9M	$52.9M	100x	as long as short
Ondo Perps WTI-USD.P	−0.0083%	1h	92.720	−0.075%	$3.5M	$5.8M	20x	as long as short
tradeXYZ xyz:CL	−0.0062%	1h	92.775	−0.016%	$185.4M	$225.0M	20x	as long as short
Nado WTI-PERPshort	−0.0049%	1h	92.824	+0.037%	$935K	$684K	10x
Coinbase International WTIOIL-PERP-INTX	−0.0048%	1h	92.030	−0.819%	$399K	$942K	15x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_WTIOILUSD	−0.0038%	1h	92.809	+0.020%	$275K	$883K	25x	as long as short
QFEX CL-USD	−0.0033%	1h	92.760	−0.032%	$2.5M	$1.7M	10x	as long as short
Extended WTI-USD	−0.0016%	1h	92.810	+0.022%	$2.1M	$25.1M	10x	as long as short
OKX CL-USDT-SWAPlong	−0.0012%	4h	92.790	long leg	$42.9M	$106.8M	50x
dYdX WTI-USD	0.0000%	1h	92.832	+0.045%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	92.810	+0.022%	$26.4M	$83.8M	150x	as long as short
Bitget CLUSDT	0.0000%	4h	92.773	−0.018%	$42.1M	$46.3M	100x	as long as short
Phoenix WTIOIL	0.0000%	1h	92.790	0.000%	$37K	$51K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	92.785	−0.005%	$18K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.346	−0.478%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0020%	8h	92.762	−0.030%	$16K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	92.786	−0.004%	$11.2M	$10.1M	20x	as long as short
RISEx CL/USDC	+0.0037%	1h	92.888	+0.105%	$3.3M	$2.7M	20x	as long as short
StandX CL-USD	+0.0040%	1h	92.340	−0.485%	$726K	$3.0M	40x	as long as short
edgeX CLUSDC	+0.0041%	4h	92.772	−0.019%	$533K	$300K	30x	as long as short
Vest CL-PERP	+0.0046%	1h	92.790	0.000%	—	$310K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	92.778	−0.013%	$1.6M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	92.782	−0.009%	$2.1M	$61K	20x	as long as short
Aftermath Perps WTIUSD	+0.0068%	1h	92.791	+0.001%	$2K	$28K	5x	as long as short
KuCoin CLUSDTM	+0.0072%	4h	92.833	+0.046%	$7.2M	$2.3M	50x	as long as short
Pacifica CL	+0.0100%	1h	92.785	−0.005%	$331K	$616K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	92.740	−0.054%	$56K	$265K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	92.749	−0.045%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0207% / S −0.0131%	1h	92.795	+0.005%	$78K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	101.93	+9.853%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0228%	4h	92.730	−0.065%	$4.0M	$1.2M	50x	as long as short