Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC+0.0187%/8h= +20.5% APRpaid last 24h 0.000%

Price spread now: Bybit against Ondo Perps+0.076%7-day average +0.048% · you sell dearer than you buy

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

Long on Ondo Perps Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−0.552%−$55 on $10k

Price spread, last 7 days−0.106%−$11 · spread now +0.076%, 7d avg +0.048%

Together, before fees−0.657%+ Points / potential airdropOndo Perps: Active · farm board−$66 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$6 a day on $10k at the current rate, and Bybit is 0.028% dearer against Ondo Perps than usual: you sell high and buy low: +$3 more if the spread goes back to its 7-day average of +0.048%. Mind the row above: over the last 7 days funding on this pair cost −0.552%, 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	Ondo Perps WTI-USD.P	91.840	−0.0187	get 0.0023% / 1h	32m 05s	$3.5M	$6.4M	20x
Short	Bybit CLUSDT	91.910	0	get 0.0000% / 8h	1h 32m	$25.3M	$97.5M	150x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit against Ondo Perps. 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 Ondo PerpsbpFee BybitbpOrdersPrice spread, now +0.076%Rate

Funding earned: $39.31
Price spread: +0.076% → +0.048%: $2.77
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: $26.08
Costs to cover: 0.160%
Break-even: 2.4 days

Slippage unknown: Ondo Perps: no order-book sample; Bybit: live order book, 2 min ago. 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 Ondo Perps no order-book sample	—	—	—	—	—
Sell Bybit live order book, 2 min ago	0.54 bp	6.4 bp −$6	7.8 bp −$78	18.5 bp −$1,849	112.5 bp −$56.2K

Ondo Perps: 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
Lighter WTI	−0.0320%	1h	91.866	+0.028%	$11.0M	$11.2M	20x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0294%	1h	91.920	+0.087%	$95K	$260K	15x	as long as short
Aftermath Perps WTIUSD	−0.0205%	1h	91.877	+0.040%	$2K	$30K	5x	as long as short
Nado WTI-PERP	−0.0193%	1h	91.983	+0.155%	$922K	$761K	10x	as long as short
Ondo Perps WTI-USD.Plong	−0.0187%	1h	91.840	long leg	$3.5M	$6.4M	20x
tradeXYZ xyz:CL	−0.0165%	1h	91.917	+0.084%	$184.9M	$284.0M	20x	as long as short
Bullet WTIOIL-USD	−0.0151%	1h	91.886	+0.050%	$19K	$240K	10x	as long as short
Paradex CL-USD-PERP	−0.0099%	8h	91.877	+0.040%	$15K	$367	5x	as long as short
GRVT CL_USDT_Perp	−0.0064%	4h	91.841	+0.001%	$58K	$726K	25x	as long as short
Aster CLUSD1	−0.0053%	4h	91.911	+0.077%	$23.9M	$78.5M	20x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended WTI-USD	−0.0040%	1h	91.960	+0.131%	$2.0M	$29.1M	10x	as long as short
ApeX Omni CLUSDT	−0.0035%	1h	91.930	+0.098%	$55K	$266K	50x	as long as short
Polymarket Perps WTIOIL-USD	−0.0024%	1h	91.897	+0.062%	$1.6M	$1.4M	20x	as long as short
dYdX WTI-USD	0.0000%	1h	91.939	+0.108%	$8K	$3K	5x	as long as short
Binance CLUSDT	0.0000%	4h	91.885	+0.049%	$245.3M	$1.12B	100x	as long as short
Bybit CLUSDTshort	0.0000%	8h	91.910	+0.076%	$25.3M	$97.5M	150x
OKX CL-USDT-SWAP	0.0000%	4h	91.900	+0.065%	$43.1M	$114.1M	50x	as long as short
QFEX CL-USD	0.0000%	1h	91.870	+0.033%	$2.4M	$2.5M	10x	as long as short
Gate CL_USDT	0.0000%	8h	91.840	0.000%	$21.2M	$59.0M	100x	as long as short
Bitget CLUSDT	0.0000%	4h	91.888	+0.052%	$42.0M	$56.9M	100x	as long as short
Variational Omni CL	0.0000%	4h	91.834	−0.006%	$13.4M	$13.6M	—	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	91.483	−0.389%	$4K	—	150x	as long as short
Phoenix WTIOIL	+0.0009%	1h	91.920	+0.087%	$37K	$99K	20x	as long as short
StandX CL-USD	+0.0013%	1h	91.860	+0.022%	$722K	$3.1M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	92.000	+0.174%	—	$243K	10x	as long as short
SoDEX CL-USD	+0.0050%	1h	91.905	+0.071%	$2.0M	$39K	20x	as long as short
edgeX CLUSDC	+0.0087%	4h	91.881	+0.044%	$528K	$342K	30x	as long as short
Pacifica CL	+0.0100%	1h	91.910	+0.076%	$330K	$575K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	91.915	+0.082%	$7.3M	$2.1M	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	91.872	+0.035%	$4K	—	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	+0.0112%	1h	91.720	−0.131%	$384K	$1.2M	15x	as long as short
Injective WTI/USDC PERP	+0.0172%	1h	100.99	+9.966%	$19K	$18K	30x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0203% / S −0.0127%	1h	91.885	+0.049%	$76K	—	29x	as long as short
BloFin CL-USDT	+0.0240%	4h	91.890	+0.054%	$4.0M	$1.5M	50x	as long as short
Kraken Futures PF_WTIOILUSD	+0.0451%	1h	91.902	+0.067%	$259K	$1.2M	25x	as long as short
RISEx CL/USDC	+0.0977%	1h	92.013	+0.188%	$3.2M	$2.8M	20x	as long as short