Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 11:00 UTC−0.0028%/8h= −3.0% APRpaid last 24h −0.001%

Price spread now: Phoenix against Paradex−0.409%7-day average — · you buy dearer than you sell

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

Long on Paradex Short on Phoenix

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

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

Together, before fees—+ Points / potential airdropParadex: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Phoenix is 0.409% cheaper against Paradex than usual: you would sell low and buy high (−$41 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex CL-USD-PERP	90.440	0.0019	pay 0.0019% / 8h	4h 49m	$15K	$458	5x
Short	Phoenix WTIOIL	90.070	−0.0009	pay 0.0001% / 1h	49m 32s	$33K	$38K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Phoenix against Paradex. 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 ParadexbpFee PhoenixbpOrdersPrice spread, now −0.409%Rate

Funding earned: −$5.81
Price spread: −0.409% → 0.000%: −$40.94
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Phoenix: 3.5 bp × 2 orders: −$7
Net: −$57.75
Costs to cover: 0.110%
Break-even: never at this rate

Slippage unknown: Paradex: no order-book sample; 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 Paradex no order-book sample	—	—	—	—	—
Sell Phoenix no order-book sample	—	—	—	—	—

Paradex and 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 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	−0.0231%	1h	90.168	−0.301%	$386K	$2.0M	25x	as long as short
Aftermath Perps WTIUSD	−0.0155%	1h	89.966	−0.524%	$1K	$26K	5x	as long as short
tradeXYZ xyz:CL	−0.0135%	1h	90.337	−0.114%	$175.9M	$252.7M	20x	as long as short
GRVT CL_USDT_Perp	−0.0114%	4h	89.982	−0.506%	$68K	$645K	25x	as long as short
Bitget CLUSDT	−0.0094%	4h	90.324	−0.129%	$40.8M	$58.3M	100x	as long as short
Ondo Perps WTI-USD.P	−0.0081%	1h	90.300	−0.155%	$3.4M	$6.6M	20x	as long as short
Aster CLUSD1	−0.0077%	4h	90.350	−0.100%	$24.4M	$73.0M	20x	as long as short
Nado WTI-PERP	−0.0066%	1h	90.094	−0.383%	$890K	$707K	10x	as long as short
edgeX CLUSDC	−0.0058%	4h	89.990	−0.498%	$501K	$374K	30x	as long as short
Extended WTI-USD	−0.0056%	1h	90.480	+0.044%	$1.3M	$14.0M	10x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Binance CLUSDT	−0.0030%	4h	90.327	−0.125%	$246.7M	$1.23B	100x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0024%	1h	90.530	+0.099%	$428K	$1.5M	15x	as long as short
QFEX CL-USD	−0.0017%	1h	90.330	−0.122%	$2.2M	$3.0M	10x	as long as short
Gate CL_USDT	−0.0011%	8h	90.320	−0.133%	$23.9M	$55.9M	100x	as long as short
Phoenix WTIOILshort	−0.0009%	1h	90.070	−0.409%	$33K	$38K	20x
Variational Omni CL	−0.0005%	4h	89.971	−0.519%	$12.6M	$11.3M	—	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	90.221	−0.243%	$613	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	90.482	+0.046%	$9K	$4K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	90.359	−0.090%	$28.9M	$112.5M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	90.320	−0.133%	$40.5M	$139.1M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	90.410	−0.033%	$2.8M	$3.1M	20x	as long as short
Bullet WTIOIL-USD	0.0000%	1h	90.450	+0.011%	$18K	$234K	10x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	0.0000%	1h	90.400	−0.045%	$40K	$642K	15x	as long as short
Paradex CL-USD-PERPlong	+0.0019%	8h	90.440	long leg	$15K	$458	5x
Lighter WTI	+0.0032%	1h	90.449	+0.010%	$10.6M	$11.1M	20x	as long as short
Injective WTI/USDC PERP	+0.0033%	1h	90.137	−0.335%	$16K	$5K	30x	as long as short
StandX CL-USD	+0.0040%	1h	89.970	−0.520%	$694K	$2.7M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	90.270	−0.188%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	90.310	−0.144%	$1.7M	$1.5M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	90.282	−0.175%	$2.0M	$85K	20x	as long as short
Pacifica CL	+0.0100%	1h	90.458	+0.020%	$318K	$758K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	90.354	−0.095%	$6.9M	$3.2M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	90.020	−0.465%	$52K	$267K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	90.066	−0.414%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0158% / S +0.0008%	1h	90.510	+0.077%	$76K	—	111x	as long as short
BloFin CL-USDT	+0.0240%	4h	90.000	−0.487%	$3.9M	$1.0M	50x	as long as short