Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC+0.0033%/8h= +3.7% APRpaid last 24h +0.003%

Price spread now: Phoenix against OKX−0.097%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on OKX Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 7 days+0.182%+$18 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Phoenix is 0.097% cheaper against OKX than usual: you would sell low and buy high (spread −0.097% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$10 on $10k: about 9.6 days of funding at the current rate (+$1 a day). At the pace of the last 7 days (+0.182% in total) that is about 3.7 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX CL-USDT-SWAP	93.140	−0.0042	get 0.0021% / 4h	3h 51m	$42.6M	$102.5M	50x
Short	Phoenix WTIOIL	93.050	−0.0009	pay 0.0001% / 1h	51m 00s	$37K	$41K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix 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 PhoenixbpOrdersPrice spread, now −0.097%Rate

Funding earned: $7.02
Price spread: −0.097% → 0.000%: −$9.66
Slippage, 4 orders: no order book: not counted
Fee OKX: 5 bp × 2 orders: −$10
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$19.64
Costs to cover: 0.170%
Break-even: 26.6 days

Slippage unknown: OKX: live order book, 3 min ago; Phoenix: no order-book sample. Net counts fees only.

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, 3 min ago	0.54 bp	6.4 bp −$6	7.2 bp −$72	13.9 bp −$1,394	doesn't fit
Sell Phoenix no order-book sample	—	—	—	—	—

Phoenix: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

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	−0.0287%	1h	93.120	−0.021%	$199K	$370K	15x	as long as short
Aster CLUSD1	−0.0266%	4h	93.154	+0.015%	$24.1M	$66.6M	20x	as long as short
GRVT CL_USDT_Perp	−0.0238%	4h	93.007	−0.143%	$54K	$658K	25x	as long as short
Binance CLUSDT	−0.0175%	4h	93.130	−0.011%	$245.0M	$942.7M	100x	as long as short
Variational Omni CL	−0.0167%	4h	93.119	−0.023%	$13.5M	$10.7M	—	as long as short
Bitget CLUSDT	−0.0126%	4h	93.111	−0.031%	$42.0M	$43.3M	100x	as long as short
Nado WTI-PERP	−0.0119%	1h	93.109	−0.033%	$964K	$645K	10x	as long as short
Aftermath Perps WTIUSD	−0.0109%	1h	93.045	−0.102%	$2K	$27K	5x	as long as short
Ondo Perps WTI-USD.P	−0.0096%	1h	93.060	−0.086%	$3.5M	$5.3M	20x	as long as short
edgeX CLUSDC	−0.0077%	4h	93.022	−0.127%	$526K	$303K	30x	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	−0.0061%	1h	93.154	+0.015%	$268K	$935K	25x	as long as short
Gate CL_USDT	−0.0046%	8h	93.080	−0.064%	$20.9M	$50.7M	100x	as long as short
OKX CL-USDT-SWAPlong	−0.0042%	4h	93.140	long leg	$42.6M	$102.5M	50x
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	93.190	+0.054%	$401K	$928K	15x	as long as short
QFEX CL-USD	−0.0033%	1h	93.110	−0.032%	$2.3M	$1.8M	10x	as long as short
KuCoin CLUSDTM	−0.0020%	4h	93.146	+0.006%	$7.1M	$2.4M	50x	as long as short
Phoenix WTIOILshort	−0.0009%	1h	93.050	−0.097%	$37K	$41K	20x
tradeXYZ xyz:CL	−0.0002%	1h	93.133	−0.008%	$184.7M	$218.7M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	93.030	−0.118%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.150	+0.011%	$26.5M	$80.4M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.206	+0.071%	$3.1M	$2.9M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.142	+0.002%	$19K	$242K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	92.687	−0.486%	$5K	—	150x	as long as short
Paradex CL-USD-PERP	+0.0011%	8h	93.116	−0.025%	$16K	$367	5x	as long as short
Lighter WTI	+0.0024%	1h	93.137	−0.003%	$11.2M	$10.3M	20x	as long as short
Extended WTI-USD	+0.0032%	1h	93.170	+0.032%	$2.0M	$19.7M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.050	−0.097%	$735K	$2.9M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.120	−0.021%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.138	−0.002%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.137	−0.003%	$2.1M	$60K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.087	−0.057%	$330K	$622K	10x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.120	−0.021%	$56K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.095	−0.049%	$4K	—	10x	as long as short
BloFin CL-USDT	+0.0196%	4h	93.070	−0.075%	$4.0M	$996K	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0219% / S −0.0146%	1h	93.135	−0.005%	$81K	—	111x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.17	+9.691%	$19K	$11K	30x	as long as short