Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC−0.0024%/8h= −2.6% APRpaid last 24h −0.015%

Price spread now: Variational Omni against Ondo Perps+0.009%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 Variational Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)−0.108%−$11 on $10k

Price spread, last 7 days+0.050%+$5 · spread now +0.009%, 7d avg +0.048%

Together, before fees−0.058%+ Points / potential airdropOndo Perps: Active · Variational Omni: Active · farm board−$6 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.038% cheaper against Ondo Perps than usual: you would sell low and buy high (−$4 if the spread goes back to its 7-day average of +0.048%). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Ondo Perps WTI-USD.P	93.670	−0.0112	get 0.0014% / 1h	33m 00s	$3.5M	$5.3M	20x
Short	Variational Omni CL	93.679	−0.0136	pay 0.0068% / 4h	1h 33m	$13.5M	$10.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now +0.009%Rate

Funding earned: −$5.04
Price spread: +0.009% → +0.048%: −$3.84
Slippage, 4 orders: no order book: not counted
Fee Ondo Perps: 2.5 bp × 2 orders: −$5
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$13.88
Costs to cover: 0.050%
Break-even: never at this rate

Slippage unknown: Ondo Perps: no order-book sample; Variational Omni: RFQ quote, 1 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 Variational Omni RFQ quote, 1 min ago	2.26 bp	doesn't fit	2.3 bp −$23	5.2 bp −$522	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 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	−0.0497%	1h	93.700	+0.032%	$197K	$383K	15x	as long as short
Aster CLUSD1	−0.0270%	4h	93.711	+0.044%	$24.6M	$65.3M	20x	as long as short
GRVT CL_USDT_Perp	−0.0252%	4h	93.731	+0.065%	$58K	$629K	25x	as long as short
Binance CLUSDT	−0.0147%	4h	93.700	+0.032%	$247.3M	$920.0M	100x	as long as short
Aftermath Perps WTIUSD	−0.0142%	1h	93.709	+0.042%	$2K	$26K	5x	as long as short
Kraken Futures PF_WTIOILUSD	−0.0137%	1h	93.713	+0.046%	$283K	$960K	25x	as long as short
Variational Omni CLshort	−0.0136%	4h	93.679	+0.009%	$13.5M	$10.6M	—
Ondo Perps WTI-USD.Plong	−0.0112%	1h	93.670	long leg	$3.5M	$5.3M	20x
Gate CL_USDT	−0.0104%	8h	93.620	−0.053%	$22.4M	$49.1M	100x	as long as short
Bitget CLUSDT	−0.0100%	4h	93.682	+0.013%	$42.3M	$42.1M	100x	as long as short

Show all 36 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CLUSDC	−0.0098%	4h	93.745	+0.080%	$527K	$306K	30x	as long as short
tradeXYZ xyz:CL	−0.0069%	1h	93.684	+0.015%	$185.1M	$206.7M	20x	as long as short
Nado WTI-PERP	−0.0058%	1h	93.737	+0.071%	$966K	$624K	10x	as long as short
QFEX CL-USD	−0.0023%	1h	93.670	0.000%	$2.3M	$2.5M	10x	as long as short
OKX CL-USDT-SWAP	−0.0016%	4h	93.700	+0.032%	$42.6M	$101.6M	50x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0008%	1h	93.500	−0.181%	$404K	$916K	15x	as long as short
dYdX WTI-USD	0.0000%	1h	93.733	+0.067%	$8K	$3K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	93.700	+0.032%	$27.0M	$79.0M	150x	as long as short
RISEx CL/USDC	0.0000%	1h	93.743	+0.078%	$3.1M	$2.8M	20x	as long as short
Phoenix WTIOIL	0.0000%	1h	93.760	+0.096%	$37K	$39K	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	93.731	+0.065%	$19K	$240K	10x	as long as short
gTrade (Gains Network) WTI/USD	L 0.0000% / S +0.0036%	1h	93.235	−0.464%	$5K	—	150x	as long as short
Lighter WTI	+0.0016%	1h	93.684	+0.015%	$11.3M	$9.6M	20x	as long as short
Paradex CL-USD-PERP	+0.0026%	8h	93.680	+0.011%	$16K	$367	5x	as long as short
Extended WTI-USD	+0.0032%	1h	93.730	+0.064%	$2.0M	$15.8M	10x	as long as short
StandX CL-USD	+0.0040%	1h	93.680	+0.011%	$742K	$2.8M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	93.720	+0.053%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	93.717	+0.050%	$1.7M	$1.3M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	93.689	+0.020%	$2.1M	$61K	20x	as long as short
Pacifica CL	+0.0100%	1h	93.696	+0.028%	$333K	$575K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	93.697	+0.029%	$7.1M	$2.4M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	93.790	+0.128%	$54K	$266K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	93.691	+0.022%	$4K	—	10x	as long as short
Injective WTI/USDC PERP	+0.0220%	1h	102.97	+9.932%	$19K	$11K	30x	as long as short
BloFin CL-USDT	+0.0224%	4h	93.730	+0.064%	$4.0M	$978K	50x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0245% / S −0.0178%	1h	93.695	+0.027%	$84K	—	111x	as long as short