Funding arb · Price arb /

CL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 12:00 UTC−0.0020%/8h= −2.2% APRpaid last 24h −0.032%

Price spread now: Variational Omni against Paradex−0.200%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 Variational Omni

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 · Variational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$1 a day on $10k at the current rate, and Variational Omni is 0.200% cheaper against Paradex than usual: you would sell low and buy high (−$20 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	90.001	0.0020	pay 0.0020% / 8h	4h 50m	$15K	$458	5x
Short	Variational Omni CL	89.821	0	get 0.0000% / 4h	50m 55s	$12.6M	$11.3M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni 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 Variational OmnibpOrdersPrice spread, now −0.200%Rate

Funding earned: −$4.22
Price spread: −0.200% → 0.000%: −$20
Slippage, 4 orders: no order book: not counted
Fee Paradex: 2 bp × 2 orders: −$4
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$28.21
Costs to cover: 0.040%
Break-even: never at this rate

Slippage unknown: Paradex: 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 Paradex no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 1 min ago	2.29 bp	doesn't fit	3.1 bp −$31	8.4 bp −$839	doesn't fit

Paradex: 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	90.018	+0.019%	$307K	$1.9M	25x	as long as short
Deribit WTIOIL_USDC-PERPETUAL	−0.0194%	1h	90.010	+0.010%	$39K	$643K	15x	as long as short
Aftermath Perps WTIUSD	−0.0142%	1h	89.839	−0.180%	$1K	$26K	5x	as long as short
tradeXYZ xyz:CL	−0.0122%	1h	89.971	−0.034%	$173.8M	$248.4M	20x	as long as short
GRVT CL_USDT_Perp	−0.0108%	4h	89.900	−0.112%	$67K	$645K	25x	as long as short
Bitget CLUSDT	−0.0096%	4h	90.017	+0.018%	$40.7M	$56.6M	100x	as long as short
Ondo Perps WTI-USD.P	−0.0089%	1h	89.940	−0.068%	$3.4M	$6.5M	20x	as long as short
Aster CLUSD1	−0.0071%	4h	90.033	+0.035%	$24.4M	$72.4M	20x	as long as short
Nado WTI-PERP	−0.0064%	1h	90.073	+0.080%	$889K	$704K	10x	as long as short
Extended WTI-USD	−0.0048%	1h	90.030	+0.032%	$1.3M	$13.2M	10x	as long as short

Show all 36 exchanges

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
edgeX CLUSDC	−0.0048%	4h	89.892	−0.121%	$500K	$373K	30x	as long as short
Lighter WTI	−0.0032%	1h	89.930	−0.079%	$10.6M	$10.9M	20x	as long as short
Binance CLUSDT	−0.0027%	4h	90.030	+0.032%	$245.9M	$1.21B	100x	as long as short
Coinbase International WTIOIL-PERP-INTX	−0.0024%	1h	89.760	−0.268%	$416K	$1.5M	15x	as long as short
QFEX CL-USD	−0.0017%	1h	89.990	−0.012%	$2.2M	$2.9M	10x	as long as short
Gate CL_USDT	−0.0014%	8h	89.920	−0.090%	$24.0M	$54.8M	100x	as long as short
Phoenix WTIOIL	−0.0009%	1h	89.960	−0.046%	$33K	$38K	20x	as long as short
gTrade (Gains Network) WTI/USD	L −0.0001% / S +0.0036%	1h	89.661	−0.378%	$610	—	150x	as long as short
dYdX WTI-USD	0.0000%	1h	90.038	+0.041%	$9K	$4K	5x	as long as short
Bybit CLUSDT	0.0000%	8h	90.032	+0.034%	$29.1M	$110.1M	150x	as long as short
OKX CL-USDT-SWAP	0.0000%	4h	90.010	+0.010%	$40.4M	$135.2M	50x	as long as short
RISEx CL/USDC	0.0000%	1h	90.078	+0.085%	$2.8M	$3.1M	20x	as long as short
Variational Omni CLshort	0.0000%	4h	89.821	−0.200%	$12.6M	$11.3M	—
Bullet WTIOIL-USD	0.0000%	1h	89.995	−0.007%	$18K	$234K	10x	as long as short
Paradex CL-USD-PERPlong	+0.0020%	8h	90.001	long leg	$15K	$458	5x
Injective WTI/USDC PERP	+0.0033%	1h	90.137	+0.151%	$16K	$5K	30x	as long as short
StandX CL-USD	+0.0040%	1h	89.890	−0.124%	$693K	$2.7M	40x	as long as short
Vest CL-PERP	+0.0046%	1h	90.000	−0.001%	—	$313K	10x	as long as short
Polymarket Perps WTIOIL-USD	+0.0050%	1h	89.975	−0.029%	$1.6M	$1.4M	20x	as long as short
SoDEX CL-USD	+0.0050%	1h	89.984	−0.019%	$2.0M	$85K	20x	as long as short
Pacifica CL	+0.0100%	1h	90.020	+0.021%	$308K	$744K	10x	as long as short
KuCoin CLUSDTM	+0.0100%	4h	89.994	−0.008%	$6.8M	$3.1M	50x	as long as short
ApeX Omni CLUSDT	+0.0100%	1h	90.010	+0.010%	$52K	$267K	50x	as long as short
Aevo WTIOIL-PERP	+0.0104%	1h	89.988	−0.014%	$4K	—	10x	as long as short
GMX WTIOIL/USD [ETH-USDC]	L +0.0158% / S +0.0008%	1h	89.995	−0.007%	$76K	—	111x	as long as short
BloFin CL-USDT	+0.0240%	4h	90.000	−0.001%	$3.9M	$1.0M	50x	as long as short