Funding arb · Price arb /

CL

RWAall CL markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC+0.0190%/8h= +20.8% APRpaid last 24h +0.034%

Price spread now: KuCoin against Ondo Perps−0.068%7-day average +0.071% · you buy dearer than you sell

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

Long on Ondo Perps Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.021%+$2 on $10k

Price spread, last 7 days−0.434%−$43 · spread now −0.068%, 7d avg +0.071%

Together, before fees−0.413%+ Points / potential airdropOndo Perps: Active · farm board−$41 on $10k · with fees, hour by hour

Funding pays, the price is against you. KuCoin is 0.140% cheaper against Ondo Perps than usual: you would sell low and buy high (spread −0.068% now, against its 7-day average of +0.071%). If the spread goes back, that is −$14 on $10k: about 2.4 days of funding at the current rate (+$6 a day). At the pace of the last 7 days (+0.021% in total) that is about 46 days.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid 0.021% in total (about 1.1% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made; yellow are the hours one leg has not settled yet: what the other leg paid, plus the unsettled leg at its current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps WTI-USD.P	89.490	−0.0090	get 0.0011% / 1h	48m 05s	$3.4M	$6.2M	20x
Short	KuCoin CLUSDTM	89.429	0.0100	get 0.0050% / 4h	1h 48m	$6.9M	$3.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin 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 KuCoinbpOrdersPrice spread, now −0.068%Rate

Funding earned: $39.98
Price spread: −0.068% → +0.071%: −$13.95
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee KuCoin: 6 bp × 2 orders: −$12
Net: $9.03
Costs to cover: 0.170%
Break-even: 5.4 days

Slippage unknown: Ondo Perps: no order-book sample; KuCoin: live order book, 3 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 KuCoin live order book, 3 min ago	2.02 bp	10.5 bp −$10	doesn't fit	doesn't fit	doesn't fit

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 exchanges

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_WTIOILUSD	−0.0342%	1h	89.448	−0.047%	$319K	$1.8M	25x	as long as short
Aster CLUSD1	−0.0136%	4h	89.471	−0.021%	$24.3M	$71.5M	20x	as long as short
Bitget CLUSDT	−0.0112%	4h	89.400	−0.101%	$40.7M	$57.0M	100x	as long as short
GRVT CL_USDT_Perp	−0.0110%	4h	89.529	+0.044%	$66K	$632K	25x	as long as short
Ondo Perps WTI-USD.Plong	−0.0090%	1h	89.490	long leg	$3.4M	$6.2M	20x
Binance CLUSDT	−0.0086%	4h	89.446	−0.049%	$240.8M	$1.21B	100x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0085%	1h	89.410	−0.089%	$42K	$654K	15x	as long as short
tradeXYZ xyz:CL	−0.0080%	1h	89.374	−0.130%	$167.1M	$244.3M	20x	as long as short
Variational Omni CL	−0.0066%	4h	89.342	−0.165%	$12.6M	$11.3M	—	as long as short
Gate CL_USDT	−0.0065%	8h	89.330	−0.179%	$23.0M	$53.8M	100x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aftermath Perps WTIUSD	−0.0063%	1h	89.487	−0.004%	$1K	$26K	5x	as long as short
Extended WTI-USD	−0.0056%	1h	89.440	−0.056%	$1.3M	$14.5M	10x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0040%	1h	89.320	−0.190%	$408K	$1.5M	15x	as long as short
edgeX CLUSDC	−0.0037%	4h	89.403	−0.098%	$494K	$384K	30x	as long as short
QFEX CL-USD	−0.0025%	1h	89.450	−0.045%	$2.2M	$2.8M	10x	as long as short
Nado WTI-PERP	−0.0024%	1h	89.486	−0.004%	$872K	$689K	10x	as long as short
OKX CL-USDT-SWAP	−0.0023%	4h	89.380	−0.123%	$39.8M	$132.7M	50x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.066	−0.474%	$606	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	89.540	+0.056%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	89.423	−0.075%	$26.9M	$109.1M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	89.547	+0.064%	$2.8M	$3.1M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	89.380	−0.123%	$32K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	89.417	−0.082%	$17K	$237K	10x	as long as short
Paradex CL-USD-PERP	+0.0014%	8h	89.480	−0.011%	$15K	$367	5x	as long as short
Lighter WTI	+0.0032%	1h	89.413	−0.086%	$10.5M	$10.4M	20x	as long as short
StandX CL-USD	+0.0040%	1h	89.420	−0.078%	$690K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	89.410	−0.089%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	89.423	−0.075%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	89.430	−0.067%	$2.0M	$84K	20x	as long as short
Pacifica CL	+0.0100%	1h	89.494	+0.005%	$300K	$737K	10x	as long as short
KuCoin CLUSDTMshort	+0.0100%	4h	89.429	−0.068%	$6.9M	$3.0M	50x
ApeX Omni CLUSDT	+0.0100%	1h	89.320	−0.190%	$52K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	89.405	−0.095%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0165% / S −0.0004%	1h	89.405	−0.095%	$77K	—	111x	as long as short
BloFin CL-USDT	+0.0215%	4h	89.410	−0.089%	$3.9M	$1.1M	50x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	90.137	+0.723%	$16K	$5K	30x	as long as short